Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
We are happy to present you with the latest installment in our series of industry deep dives, following our Foodtech, Industrial Tech, Wellbeing, Digital Health, Future of Work, Fintech and Artificial Intelligence reports.
In our newest report, we take a look at the Mobility ecosystem, focusing on the global 2020 funding outlook, the industry's growth over the last decade, and how leaders like Uber, Grab, Citymapper and others are reshaping the way people and goods move around the world.
At White Star Capital, we approach mobility through four main subsectors: urban mobility, travel and hospitality, delivery and logistics, and long-distance transportation. Our portfolio includes startups such as Tier Mobility, a micro-mobility operator providing last-mile transportation to urban populations, including e-scooters and e-mopeds (the company just raised $250m in Series C funding); MindSay, a SaaS company developing an AI-powered assistant that helps companies in large B2C-oriented industries, such as travel and retail, optimize customer support and increase customer conversion; and Unacast, a proximity and location data platform that helps data-driven industries understand the physical world the same way we understand the online world.
White Star Capital Germany Venture Capital Landscape 2020JeandeLencquesaing
We are pleased to publish the second edition of our German Venture Capital report and hope you will enjoy reading it. 2019 was a year where Germany has really played to its strengths and cemented its position as one of the European leaders in tech venture capital, and we are more excited than ever about the development of this ecosystem.
Our report unpacks the current progress and outlook for the German ecosystem using our ecosystem model to highlight Germany’s unique positioning in an increasingly global playing field for startups.
So what did we find?
- Germany had a record year in VC reaching $5.7bn in funding with 49% yoy growth, the second best funded country in Europe
- Germany leverages its global industrial leadership to retain its place as the top destination for European mobility VC investment in 2019, reaching $1.3bn in funding, representing 26% of total funding. Its corporate strengths also drive investments in fintech and B2B software, representing 23% and 20% of total funding, respectively.
- Corporate Venture Capital plays a key role and participates in 58% of the total funding, the highest level worldwide. Next47 (Siemens), IFB Hamburg, Bosch are some of the most active German CVCs. As LPs (investors in VCs), corporates represent 28% of total German VC funds raised, the highest level in Europe, further boosting the local ecosystem
In addition to sharing our excitement about Germany and expressing our belief that the ecosystem is stronger than ever we look at robust business networks, the continued government support via entities such as KfW and the vibrant founder community.
White Star Capital has made landmark investments in Germany and seen many of the findings play out with our portfolio companies. Tier has raised Series B in 2019 led by international investors such as Mubadala, Goodwater and ourselves, while Clark has benefited from a large domestic market for insurance.
White Star Capital - Canadian Venture Capital Landscape 2018Sanjay Zimmermann
In this second edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few additional topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we look at a few new topics. We examine a few subsectors, larger round dynamics, VCCI and regional programs. We are also pleased to further explore one of Canada's key strengths: it's diversity and talent. Finally, we end with an updated deep dive on VC's and other investors making up the space.
White Star Capital - German Venture Capital Landscape 2018Sanjay Zimmermann
In this report, we aim to share our enthusiasm on the German tech and Venture Capital ecosystem from the perspective of an international VC fund.
We aim to share our excitement about Germany and express our belief that the ecosystem is gaining momentum. We also look at a few particularities that make the German market unique such as its decentralization, the impact of Rocket Internet on talent, differences in deal terms and media for equity. Finally, we end with a deep dive on VC’s and other investors making up the ecosystem.
At White Star Capital, we made our first major investment in Germany by co-leading Clark’s Series B round earlier this year. We are proud of the progress of the company so far and are looking forward backing many more.
We hope you enjoy reading this report!
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
We are happy to present you with the latest installment in our series of industry deep dives, following our Foodtech, Industrial Tech, Wellbeing, Digital Health, Future of Work, Fintech and Artificial Intelligence reports.
In our newest report, we take a look at the Mobility ecosystem, focusing on the global 2020 funding outlook, the industry's growth over the last decade, and how leaders like Uber, Grab, Citymapper and others are reshaping the way people and goods move around the world.
At White Star Capital, we approach mobility through four main subsectors: urban mobility, travel and hospitality, delivery and logistics, and long-distance transportation. Our portfolio includes startups such as Tier Mobility, a micro-mobility operator providing last-mile transportation to urban populations, including e-scooters and e-mopeds (the company just raised $250m in Series C funding); MindSay, a SaaS company developing an AI-powered assistant that helps companies in large B2C-oriented industries, such as travel and retail, optimize customer support and increase customer conversion; and Unacast, a proximity and location data platform that helps data-driven industries understand the physical world the same way we understand the online world.
White Star Capital Germany Venture Capital Landscape 2020JeandeLencquesaing
We are pleased to publish the second edition of our German Venture Capital report and hope you will enjoy reading it. 2019 was a year where Germany has really played to its strengths and cemented its position as one of the European leaders in tech venture capital, and we are more excited than ever about the development of this ecosystem.
Our report unpacks the current progress and outlook for the German ecosystem using our ecosystem model to highlight Germany’s unique positioning in an increasingly global playing field for startups.
So what did we find?
- Germany had a record year in VC reaching $5.7bn in funding with 49% yoy growth, the second best funded country in Europe
- Germany leverages its global industrial leadership to retain its place as the top destination for European mobility VC investment in 2019, reaching $1.3bn in funding, representing 26% of total funding. Its corporate strengths also drive investments in fintech and B2B software, representing 23% and 20% of total funding, respectively.
- Corporate Venture Capital plays a key role and participates in 58% of the total funding, the highest level worldwide. Next47 (Siemens), IFB Hamburg, Bosch are some of the most active German CVCs. As LPs (investors in VCs), corporates represent 28% of total German VC funds raised, the highest level in Europe, further boosting the local ecosystem
In addition to sharing our excitement about Germany and expressing our belief that the ecosystem is stronger than ever we look at robust business networks, the continued government support via entities such as KfW and the vibrant founder community.
White Star Capital has made landmark investments in Germany and seen many of the findings play out with our portfolio companies. Tier has raised Series B in 2019 led by international investors such as Mubadala, Goodwater and ourselves, while Clark has benefited from a large domestic market for insurance.
White Star Capital - Canadian Venture Capital Landscape 2018Sanjay Zimmermann
In this second edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few additional topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we look at a few new topics. We examine a few subsectors, larger round dynamics, VCCI and regional programs. We are also pleased to further explore one of Canada's key strengths: it's diversity and talent. Finally, we end with an updated deep dive on VC's and other investors making up the space.
White Star Capital - German Venture Capital Landscape 2018Sanjay Zimmermann
In this report, we aim to share our enthusiasm on the German tech and Venture Capital ecosystem from the perspective of an international VC fund.
We aim to share our excitement about Germany and express our belief that the ecosystem is gaining momentum. We also look at a few particularities that make the German market unique such as its decentralization, the impact of Rocket Internet on talent, differences in deal terms and media for equity. Finally, we end with a deep dive on VC’s and other investors making up the ecosystem.
At White Star Capital, we made our first major investment in Germany by co-leading Clark’s Series B round earlier this year. We are proud of the progress of the company so far and are looking forward backing many more.
We hope you enjoy reading this report!
Although decision making has become increasingly decentralised, selecting the right location for a European headquarters is a critical step on the journey to becoming a global business.
Even if you are currently working with a distributed team and have no plans to invest in a physical office right away, you still need to think about where your customers are, where the talent you need is concentrated, and where you can best access markets and opportunities for long term growth.
State of the Startup & Venture Capital Landscape in DACH, 2018 Edition (corre...Mathias Ockenfels
Our annual update of the State of the Startup & Venture Capital Landscape in Germany, Austria and Switzerland (DACH) - 2018 Edition by Speedinvest x (www.speedinvest.com/x) and Frontline Ventures (www.frontline.vc) - more on www.ockenrock.com - First correction of previously uploaded version see: https://www.slideshare.net/mathiasockenfels/state-of-the-startup-venture-capital-landscape-in-dach-2018edition - more on this see: https://medium.com/speedinvest/state-of-the-startup-venture-capital-landscape-in-dach-2018-edition-e0193abe26bd
Dealroom - Q3 2018 investment update for Europe & IsraelElad Ratson
Dealroom.co provides an investment update for Europe & Israel, including major investments, exits, industry trends, country comparisons and much more. In the third quarter of 2018, €6.1 billion was invested, including four rounds valued $1 billion or more.
Accel 2021 Euroscape: On the path to global dominance?Philippe Botteri
The European and Israeli cloud ecosystem is accelerating as never before. Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year. These are just some of the SaaS milestones Europe and Israel have hit over the last year, so now seems like the right time to as: "are Europe and Israel on the path to global SaaS dominace?" Take a look at the insights in our 2021 Euroscape and see what the data says!
To join the mailing list or receive a PDF copy, comment “send me the PDF” (and leave your email) or “join the mailing list”.
The largest Insurtech company in the world isn’t in San Fransisco or Silicon Valley — but in Shanghai. As a matter of fact, Zhongan has more customers than any other insurance company in the world. Zhongan was founded in 2013 and 4 years later, went public.
The average company in our cohort has a market cap of $6.5b, founded 9 years ago, and is growing at 65% YoY. What makes these companies so successful?
It may surprise you to learn:
FinTechs are some of the fastest growing listed companies, as PurpleBricks grows @ 150% YoY, ZhongAn @ 84%, Quidan @ 70%, and RedFin @ 43% YoY.
Zhongan — arguably the worlds most successful InsurTech business, has an average gross written premium of $1.97
Chinese entrepreneurs are building $10b FinTech businesses in the span of 4–5 years. ZhongAn (insurance) began trading in in 2014 and Quidan (short term lending) in 2015.
Square generated $452m in revenues in their last quarter, as they grow 21% YoY. Its market cap is now $20b.
Subprime lending is out of favour as shares of Quidian drop 40% since the IPO. Elevate completed its IPO at 50% of its expected valuation range.
Valuations for lending companies vary greatly as LendingClub trades at 2.3x their quarterly revenue run rate, Qudian @ 3.8x, Elevate @ .4x, and Credible @ 16x (pro-forma at IPO).
Find this, and much more in our 47-page slide deck.
The defining asset of every leading technology company is talent. At Balderton, our job is to provide capital to support European technology companies to attract and retain world leading talent and get the best out of them. As a result, we’re fortunate to have learnt a lot about what it takes to identify, attract and retain people from the teams we work with.
In this report, we’ve set out to identify where people working in European technology companies come from, what experience they have, and what they expect in their roles. We did this by profiling almost 15,000 employees in over 1,000 venture-backed companies in Europe, and by working closely with a select group of recently backed start-ups.
Next Station: Europe: How Europe´s tech startup ecosystems are evolvingAxon Partners Group
“Next Station: Europe” reflects our view about the current state of the European tech ecosystem as well as the great potential we still foresee for the upcoming years. Our optimism is supported by the data and analysis presented throughout the report along with the insights provided by key players of the tech European industry regarding different relevant topics covered in this document.
There were 87 investment deals with Ukrainian innovative companies in 2016 , which is 32% more than in 2015 - such a data was presented by the Ukrainian Venture Capital and Private Equity Association (UVCA) in its annual market overview. The overview has gathered information on venture, private equity and angel investment deals - their total volume is accounted in 88 mln. USD in 2016. The amount of investments over the past 5 years growth to 400 mln. At the same time, the volume of investment deals decreased on 33% since 2015 (including 13 undisclosed deals), but still is higher than in 2014 at 125%. The reason is few deals in 2015 amounted in dozens of millions.
Distinguishing feature of the market in 2016 is the prevalence of seed-stage deals. Thereby among all deals 73 were made at the seed-stage with the average amount of ticket over 500K USD. So we can expect that these initially invested companies will attract bigger investments in future.
The average ticket amount (on all stages) has grown up to 1M USD in 2016.
Israel has the well deserved name of startup nation. The question however is can it also become a scaleup powerhouse. The purpose of this report is exactly that subject: taking the pulse of the Israeli scaleup ecosystem.
With this report we want to provide a comprehensive review of investment in scaleups and high-growth technology companies in Israel. Our aim is to provide data-driven guidance, insights and inspiration to stakeholders in the Israeli scaleup ecosystem.
White Star Capital Eastern US Venture Capital Landscape 2019White Star Capital
Following in the footsteps of the reports that we have published on Canada, UK, Germany, France, Japan, and South Korea, we are delighted to share our newest report covering the NYC and US East Coast Venture Capital ecosystem. This report focuses not only on NYC but also includes Boston, which has been a long term power in the East Coast’s VC ecosystem, as well as emerging states including Florida, Georgia, North Carolina, Virginia, and the District of Columbia, each of which have had at least two companies raise mega-rounds of $100m or more.
State Of European FinTech: Current Trends & Prediction 2017Innovate Finance
A report by Magister Advisors and Innovate Finance shows that capital invested into $20 million + rounds have increased at a compound annual growth rate of 75% since 2013.
Although decision making has become increasingly decentralised, selecting the right location for a European headquarters is a critical step on the journey to becoming a global business.
Even if you are currently working with a distributed team and have no plans to invest in a physical office right away, you still need to think about where your customers are, where the talent you need is concentrated, and where you can best access markets and opportunities for long term growth.
State of the Startup & Venture Capital Landscape in DACH, 2018 Edition (corre...Mathias Ockenfels
Our annual update of the State of the Startup & Venture Capital Landscape in Germany, Austria and Switzerland (DACH) - 2018 Edition by Speedinvest x (www.speedinvest.com/x) and Frontline Ventures (www.frontline.vc) - more on www.ockenrock.com - First correction of previously uploaded version see: https://www.slideshare.net/mathiasockenfels/state-of-the-startup-venture-capital-landscape-in-dach-2018edition - more on this see: https://medium.com/speedinvest/state-of-the-startup-venture-capital-landscape-in-dach-2018-edition-e0193abe26bd
Dealroom - Q3 2018 investment update for Europe & IsraelElad Ratson
Dealroom.co provides an investment update for Europe & Israel, including major investments, exits, industry trends, country comparisons and much more. In the third quarter of 2018, €6.1 billion was invested, including four rounds valued $1 billion or more.
Accel 2021 Euroscape: On the path to global dominance?Philippe Botteri
The European and Israeli cloud ecosystem is accelerating as never before. Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year. These are just some of the SaaS milestones Europe and Israel have hit over the last year, so now seems like the right time to as: "are Europe and Israel on the path to global SaaS dominace?" Take a look at the insights in our 2021 Euroscape and see what the data says!
To join the mailing list or receive a PDF copy, comment “send me the PDF” (and leave your email) or “join the mailing list”.
The largest Insurtech company in the world isn’t in San Fransisco or Silicon Valley — but in Shanghai. As a matter of fact, Zhongan has more customers than any other insurance company in the world. Zhongan was founded in 2013 and 4 years later, went public.
The average company in our cohort has a market cap of $6.5b, founded 9 years ago, and is growing at 65% YoY. What makes these companies so successful?
It may surprise you to learn:
FinTechs are some of the fastest growing listed companies, as PurpleBricks grows @ 150% YoY, ZhongAn @ 84%, Quidan @ 70%, and RedFin @ 43% YoY.
Zhongan — arguably the worlds most successful InsurTech business, has an average gross written premium of $1.97
Chinese entrepreneurs are building $10b FinTech businesses in the span of 4–5 years. ZhongAn (insurance) began trading in in 2014 and Quidan (short term lending) in 2015.
Square generated $452m in revenues in their last quarter, as they grow 21% YoY. Its market cap is now $20b.
Subprime lending is out of favour as shares of Quidian drop 40% since the IPO. Elevate completed its IPO at 50% of its expected valuation range.
Valuations for lending companies vary greatly as LendingClub trades at 2.3x their quarterly revenue run rate, Qudian @ 3.8x, Elevate @ .4x, and Credible @ 16x (pro-forma at IPO).
Find this, and much more in our 47-page slide deck.
The defining asset of every leading technology company is talent. At Balderton, our job is to provide capital to support European technology companies to attract and retain world leading talent and get the best out of them. As a result, we’re fortunate to have learnt a lot about what it takes to identify, attract and retain people from the teams we work with.
In this report, we’ve set out to identify where people working in European technology companies come from, what experience they have, and what they expect in their roles. We did this by profiling almost 15,000 employees in over 1,000 venture-backed companies in Europe, and by working closely with a select group of recently backed start-ups.
Next Station: Europe: How Europe´s tech startup ecosystems are evolvingAxon Partners Group
“Next Station: Europe” reflects our view about the current state of the European tech ecosystem as well as the great potential we still foresee for the upcoming years. Our optimism is supported by the data and analysis presented throughout the report along with the insights provided by key players of the tech European industry regarding different relevant topics covered in this document.
There were 87 investment deals with Ukrainian innovative companies in 2016 , which is 32% more than in 2015 - such a data was presented by the Ukrainian Venture Capital and Private Equity Association (UVCA) in its annual market overview. The overview has gathered information on venture, private equity and angel investment deals - their total volume is accounted in 88 mln. USD in 2016. The amount of investments over the past 5 years growth to 400 mln. At the same time, the volume of investment deals decreased on 33% since 2015 (including 13 undisclosed deals), but still is higher than in 2014 at 125%. The reason is few deals in 2015 amounted in dozens of millions.
Distinguishing feature of the market in 2016 is the prevalence of seed-stage deals. Thereby among all deals 73 were made at the seed-stage with the average amount of ticket over 500K USD. So we can expect that these initially invested companies will attract bigger investments in future.
The average ticket amount (on all stages) has grown up to 1M USD in 2016.
Israel has the well deserved name of startup nation. The question however is can it also become a scaleup powerhouse. The purpose of this report is exactly that subject: taking the pulse of the Israeli scaleup ecosystem.
With this report we want to provide a comprehensive review of investment in scaleups and high-growth technology companies in Israel. Our aim is to provide data-driven guidance, insights and inspiration to stakeholders in the Israeli scaleup ecosystem.
White Star Capital Eastern US Venture Capital Landscape 2019White Star Capital
Following in the footsteps of the reports that we have published on Canada, UK, Germany, France, Japan, and South Korea, we are delighted to share our newest report covering the NYC and US East Coast Venture Capital ecosystem. This report focuses not only on NYC but also includes Boston, which has been a long term power in the East Coast’s VC ecosystem, as well as emerging states including Florida, Georgia, North Carolina, Virginia, and the District of Columbia, each of which have had at least two companies raise mega-rounds of $100m or more.
State Of European FinTech: Current Trends & Prediction 2017Innovate Finance
A report by Magister Advisors and Innovate Finance shows that capital invested into $20 million + rounds have increased at a compound annual growth rate of 75% since 2013.
White Star Capital Canadian Venture Capital Landscape 2019White Star Capital
In this third edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few new topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we examine larger round dynamics, the continuation of the VCCI program, the rise of narwhals, and funding activity by state and region. We have also explored one of Canada's key strengths: its diversity and increased immigration influx. Finally, we end with an updated deep dive on VCs and other investors.
In this updated edition of our report, we share our continued excitement for the South Korean technology and venture capital ecosystem. With more global investors turning their attention to Korean startups today, we're excited to continue strengthening our presence in the country. The report includes the latest South Korean startup funding data and perspectives from some of the country's leading VCs.
Industrifonden's Swedish Tech Funding Report Q1-Q2 2017 provides an analysis of the venture investment activity in Swedish private tech companies during the first six months of 2017.
As London Tech Week begins, new figures prepared by Dealroom and Tech Nation for the Government’s Digital Economy Council illustrate the extent to which the UK is outpacing other European countries such as Germany and France.
Innovate Finance’s 2017 VC FinTech investment landscape provides investors, startups and the wider FinTech ecosystem the data to understand trends and capital flows as the FinTech market evolves. Overall figures suggest that the UK has had its best year on record and was a global leader in terms of capital invested and deal volume, second only to the US.
Transparency is one of our core values at Seedcamp and we are no strangers to how tough the fundraising process can be. In a continued spirit of openness and to show how - like with startups - our own story and proposition moves on, we're sharing the deck we used to raise our heavily-oversubscribed Seedcamp Fund V.
Read more about our plans to invest in and support the next generation of exceptional European talent on our blog: https://seedcamp.com/news/
Winning in Growth Cities is an annual report which examines global commercial real estate investment activity, assessing cities by their success at attracting capital.
Get the full report at http://cushwk.co/wigc
Finch Capital in partnership with Dealroom released a
detailed data analytical report titled ‘The State of European FinTech, 2019 edition’, and reveals the drivers behind the strong value creation, the investors and the buyers of the fintech over the last five years.
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Software Delivery At the Speed of AI: Inflectra Invests In AI-Powered QualityInflectra
In this insightful webinar, Inflectra explores how artificial intelligence (AI) is transforming software development and testing. Discover how AI-powered tools are revolutionizing every stage of the software development lifecycle (SDLC), from design and prototyping to testing, deployment, and monitoring.
Learn about:
• The Future of Testing: How AI is shifting testing towards verification, analysis, and higher-level skills, while reducing repetitive tasks.
• Test Automation: How AI-powered test case generation, optimization, and self-healing tests are making testing more efficient and effective.
• Visual Testing: Explore the emerging capabilities of AI in visual testing and how it's set to revolutionize UI verification.
• Inflectra's AI Solutions: See demonstrations of Inflectra's cutting-edge AI tools like the ChatGPT plugin and Azure Open AI platform, designed to streamline your testing process.
Whether you're a developer, tester, or QA professional, this webinar will give you valuable insights into how AI is shaping the future of software delivery.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Securing your Kubernetes cluster_ a step-by-step guide to success !KatiaHIMEUR1
Today, after several years of existence, an extremely active community and an ultra-dynamic ecosystem, Kubernetes has established itself as the de facto standard in container orchestration. Thanks to a wide range of managed services, it has never been so easy to set up a ready-to-use Kubernetes cluster.
However, this ease of use means that the subject of security in Kubernetes is often left for later, or even neglected. This exposes companies to significant risks.
In this talk, I'll show you step-by-step how to secure your Kubernetes cluster for greater peace of mind and reliability.
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Generating a custom Ruby SDK for your web service or Rails API using Smithyg2nightmarescribd
Have you ever wanted a Ruby client API to communicate with your web service? Smithy is a protocol-agnostic language for defining services and SDKs. Smithy Ruby is an implementation of Smithy that generates a Ruby SDK using a Smithy model. In this talk, we will explore Smithy and Smithy Ruby to learn how to generate custom feature-rich SDKs that can communicate with any web service, such as a Rails JSON API.
Connector Corner: Automate dynamic content and events by pushing a buttonDianaGray10
Here is something new! In our next Connector Corner webinar, we will demonstrate how you can use a single workflow to:
Create a campaign using Mailchimp with merge tags/fields
Send an interactive Slack channel message (using buttons)
Have the message received by managers and peers along with a test email for review
But there’s more:
In a second workflow supporting the same use case, you’ll see:
Your campaign sent to target colleagues for approval
If the “Approve” button is clicked, a Jira/Zendesk ticket is created for the marketing design team
But—if the “Reject” button is pushed, colleagues will be alerted via Slack message
Join us to learn more about this new, human-in-the-loop capability, brought to you by Integration Service connectors.
And...
Speakers:
Akshay Agnihotri, Product Manager
Charlie Greenberg, Host
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
Do you want to learn how to model and simulate an electrical network from scratch in under an hour?
Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
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- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
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Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
Neuro-symbolic is not enough, we need neuro-*semantic*
Diving into the Nordic and Baltic 2020 Venture Capital Landscape
1. Nordic and Baltic Venture
Capital Landscape
From the eyes of an
international investor
2020
2. Eric Martineau-
Fortin
Managing Partner
Mitchell Gorodokin
Principal (Paris)
“The macro-economic conditions of the
Nordic and Baltic regions have always
attracted top talent and fostered
innovation. We are excited to see that
the rest of the international community
is getting more involved in Northern
European startups that are ready to
scale to the rest of the world.”
“Having relocated from the New York
office to Paris, I saw the added
emphasis that international investors
have placed on Western Europe over
the last couple of years. I see the same
excitement and activity brewing in the
Northern European ecosystem, and
we’re very excited to be involved.”
“In this first edition of our report, we aim to share our passion
and enthusiasm for the Nordic and Baltic venture capital ecosystems.
We at White Star Capital have been investing in the Nordics,
leading rounds in promising companies such as Unacast in
Norway and Safello in Sweden. We’ve seen incredible growth
in the region, and are excited that the high-end talent from the
region is getting the institutional support it needs to create global
leaders.
The Nordics and Baltics have already fostered the development of
several unicorns and high-profile exits. We are now seeing the
executives of those companies launch their next projects. We at
White Star Capital are excited to support these amazing teams on
their journey to becoming the next global champions.”
Matthieu Lattes
General Partner
(Paris)
“There are a number of aspects about the Northern European
ecosystem that has allowed it to become one of the world’s
fastest growing regions.
Northern Europe has long been known for its world-leading
education and research institutions. The region also has one
of the most forward-thinking digital strategies and internet
penetration rates in the world. There is a long-standing tradition
of openness to globalization that resonates strongly with White
Star’s core investment thesis. The smaller populations in the region
force founders to think globally from day 1, and we are looking
forward to supporting the next generation of international leaders
coming out of the region.
In this report, we explore the benefits of the Nordic Model, the
growth drivers of the ecosystem, and the opportunities available for
international investors."
Nicholas Stocks
General Partner (London)
“Northern Europe has established
itself as a leading innovation hub with
its commitment to digitization and
globalization. We are excited to see
other foreign investors entering the
region to help foster talent and
innovation as they grow to become
world leaders.”
Pauline Studer
Associate (Paris)
3. SECTION 1 Nordic and Baltic Venture Capital: An Overview
SECTION 2 Ecosystem: Brimming With the Right
Characteristics
SECTION 3 Talent: Unmet Demand for High-Skilled Labor
SECTION 4 Government: The Nordic Model and Public
Initiatives
SECTION 5 Capital: Angels, Foreign/Domestic VCs, and
Corporate Venture Capital
SECTION 6 Looking Forward
PAGE 4-14
PAGE 15-18
PAGE 19-21
PAGE 22-26
PAGE 27-34
PAGE 35-37
3
5. The Nordic and Baltic Venture Capital Ecosystems
in the Spotlight!
5
(1) https://blog.dealroom.co/wp-content/uploads/2018/09/BBQ-vLong.pdf
(2) World Economic Forum Global Competitiveness Report 2018
(3) https://www.doingbusiness.org/content/dam/doingBusiness/media/Annual-Reports/English/DB2018-Full-Report.pdf
(4) https://www.haendlerbund.de/de/downloads/ecommerce-europe/european-ecommerce-report-2018.pdf
Nordic and Baltic Venture Capital: An Overview
3rd
Nordic* rank In Europe for
number of unicorns1
4th
largest source of venture
capital in Europe (behind UK,
Germany, and France)1
207%
3Y increase in VC funding
(2017-2019)
2413
3Y total number of VC deals
(2017-2019)
Top 12
Finland, Norway, Sweden
and Denmark top 12 in world
for competitiveness and
Macro-environment2
Top 15
All Nordic* countries top 15
in the world for innovation2
Top 20
Estonia, Latvia, Lithuania
ranked top 20 out of 186
countries in Ease of Doing
Business.3
1st
Northern Europe** has
highest internet penetration
rate in Europe.4
Note**: Northern Europe includes Denmark, Finland,
Norway, Sweden, Iceland, Estonia, Latvia, Lithuania
Note*: Nordics include Denmark, Finland, Norway, Sweden, Iceland
Source: CB Insights
6. $0.0bn
$0.5bn
$1.0bn
$1.5bn
$2.0bn
$2.5bn
2017
2018
2019
Record VC funding in 2018 and 2019 more evenly
distributed than in the past
Nordic and Baltic Venture Capital: An Overview
6
Record funding in 2019 includes larger, follow-on rounds from 2017 and
2018
Deal Volume and Value
Deal Volume
Source: CB Insights. Pitchbook
(1) Nordic and Baltic countries included: Sweden, Denmark, Finland, Norway, Estonia, Lithuania, Iceland,
Latvia
• The Nordic region is emerging as a top-tier tech hub, with 2019 amassing a
record funding for a second consecutive year
• 2017’s record deal volume included > 75% seed deals, which are enjoying
bigger Series A and B follow-on rounds in 2018 (40%) and 2019 (45%)
• Sweden continues to dominate Nordic market share, as it has for the last
decade, but growth has shifted to Denmark and Finland
• Swedish deal volume rivals that of France and Germany, but deal value still lags
far behind
$0.3bn $0.3bn $0.6bn $0.5bn $0.9bn $0.9bn
$1.9bn
$1.2bn $1.5bn
$2.5bn
$4.6bn
38 78 100
162
230
291
416
685
796
713
904
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Deal Value Deal Volume
7. 52%
(26)%
36%
+20.7%
7%
+3%
4%
2%
1%
+0%
1%
+0%
58%
(13)%
31%
+10%
11%
+11%
0%
(4)%
0%
(4)%
0%
+0%
The Nordic VC ecosystem is maturing past Seed
Nordic and Baltic Venture Capital: An Overview
Source: CBInsights
7
Seed/Angel
share of deals
Series A
share of deals
Series B
share of deals
Series C
share of deals
Series D
share of deals
Series E
share of deals
54%
+26%
18%
(25)%
18%
+4%
9%
(5)%
0%
+0%
0%
+0%
59%
(22)%
21%
+7%
11%
+7%
9%
+9%
0%
+0%
0%
+0%
86%
+13%
14%
(4)%
0%
(9)%
0%
+0%
0%
+0%
0%
+0%
60%
(9)%
21%
(4)%
17%
+12%
2%
+0%
0%
+0%
0%
+0%
+[xx]%
Difference in
share of deals
from 16-18
Share of Deals by Stage Type (2018)
High-quality investment opportunities are driving activity towards growth
in Series A and B rounds
8. Nordic valuations spike to record highs on the backs
of megarounds from big winners
Nordic and Baltic Venture Capital: An Overview
Source: Pitchbook
8
Series A and B pre-money valuations have grown at 23% and 37%
CAGRs, respectively, since 2010
Seed
Series A
Series B
Evolution of Median Pre-Money Valuations in Nordics and Baltics
Average Pre-Money Valuations* (2010 – 2019)
Alongside Sweden, Denmark and Estonia have the fastest growing valuations in
the region
*
**
Notes: * Valuations for 2012 $13m Trustpilot and $33m iZettle Series B rounds not disclosed
** Includes $444m Series B valuation for Pleo and $230m Series B valuation for Chainalysis
Notes: * Valuations represent the 10-year average of median pre-money valuations for the given period
** Does not include $100m HMD Series A round at $900m pre-money valuation
$4m $4m $4m $4m $4m $4m $4m $4m
$21m $24m
$5m**
$23m
$4m $15m
$1m
$12m
$41m
$102m
$26m
$48m
$6m
$50m
$7m
$18m
$0m
$50m
$100m
$150m
$200m
$250m
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Seed Series A Series B
9. Round sizes in Denmark are outpacing the rest of
the Nordics
Nordic and Baltic Venture Capital: An Overview
Source: CB Insights
Median deal sizes in the rest of the region remain lower than Anglo-
saxon markets
9
2017-2019 Median Deal Size of Early-Stage Rounds
$1m
$10m
$35m
$1m
$5m
$12m
$2m
$5m
N/A
$1m
$2m
$15m
$2m
$7m
N/A
Note: Iceland, Lithuania, and Latvia not included due to insufficient data
$2m
$8m
$14m
$2m
$7m
$11m
$[xx]m 2019 Median Round Size
$0m $5m $10m $15m $20m
Series B
Series A
Seed
$0m $5m $10m $15m $20m $25m $30m $35m $40m
Series B
Series A
Seed
$0m $2m $4m $6m $8m $10m $12m $14m $16m
Series B
Series A
Seed
$0m $1m $2m $3m $4m $5m $6m $7m $8m
Series B
Series A
Seed
$0m $5m $10m $15m $20m
Series B
Series A
Seed
$0m $2m $4m $6m $8m $10m $12m
Series B
Series A
Seed
$0m $2m $4m $6m $8m $10m $12m $14m $16m
Series B
Series A
Seed
10. Northern Europe has created some of Europe’s
most valuable companies, with more in the pipeline
Nordic and Baltic Venture Capital: An Overview
Source: CB Insights
With largest Nordic deals exiting now, a generation of early employees
are raising A and B rounds for their next projects
Biggest Rounds by Country (2015-2019)
$175m
Series B (2018)
$174m
Seed (2018)
$100m
Series C (2018)
$130m
Series C (2019)
$1bn
CD (2016)
$460m
Growth (2019)
$500m
CD (2018)
$159m
Series C (2019)
Note: Latest round only shown for each company
$600m
Corp. Rd.(2019)
$90m
Series C (2018)
$55m
Series E (2019)
$56m
Series C (2019)
$250m
Series E (2018)
$41m
Series C (2018)
$36m
Series B (2016)
$200m
Growth (2019)
$25m
Series C (2016)
$25m
Series A (2017)
$25m
Series A (2019)
$21m
Series A (2018)
$18m
Series B (2018)
$30m
Series C
(2015)
$16m
Series C (2019)
$8m
Seed (2018)
$292m
Growth (2019)
$60m
Series C (2018)
$40m
Series A (2019)
$60m
Series B (2018)
$59m
Series D (2018)
$7m
Series B (2016)
$11m
Series B (2019)
$6m
Series A (2018)
$500m
$100m
$50m
$20m
12. Nordic countries are also home of potential unicorns
The Nordics are now home to 17 unicorns1…
$8bn+
Capital Raised by
Nordic Unicorns
5
Number of New
Nordic Unicorns
since 2018
35%
of Nordic Unicorns
in Gaming
12
Source: Dealroom
(1) Unicorn defined as a venture-backed company with a valuation of US$1bn+.
Nordic and Baltic Venture Capital: An Overview
That are worth a combined $90B, 3rd most for any region in Europe
$5.5bn
$1.5bn
Finland 1
Denmark 4
Estonia 4
$8.0bn
$3.5bn
$2.0bn
Sweden 8
$6.2bn
$1.0bn
$30bn
$1.3bn
$1.1bn
$6.0bn
$2.2bn
$12bn
$3.3bn
$1.3bn
$8.5bn
$1.1bn
13. The Nordic region has the highest concentration of
VC invested per capita in Europe
13
Source: dealroom.com
0.3m
Nordic and Baltic Venture Capital: An Overview
10m
6m
5m
6m
82m
67m
65m 17m
1.3m
2m
2.8m
5m
47m
61m
Nordic
Countries
Rest of Europe
$5
$21
$36
$37
$42
$56
$58
$60
$60
$67
$78
$88
$114
$122
$169
Latvia
Lithuania
Spain
Netherlands
Belgium
Norway
Portugal
France
Germany
Iceland
Denmark
Finland
United Kingdom
Sweden
Estonia
VC Invested per Capita (2018)
Estonia, however, is the runaway leader in Europe
Baltic
Countries
16. Ecosystem
16
The White Star Capital model for a Venture
Capital ecosystem
Market
Naturally occurring,
uncontrollable aspects of the
landscape
Key Characteristics
• Technological adoption
• Digital penetration
• Size and growth
• Tailwinds or
headwinds
Talent
The abundance of strong
founders and employees
and the underlying initiatives
supporting them
Key Characteristics
• Education
• Major
corporates
Government
Controllable,
human-led aspects
of the landscape
Key Characteristics
• Tax incentives
• Government led
incubators and hubs
• Regulation
Capital
Financing
available in the
market
Key Characteristics
• Angel investors
• Presence of funds across
sectors and stages
• Access to international
funding
At White Star Capital, we believe there are 4 key constituents to the VC
ecosystem
17. Health
Education and Skills
Institutions
Infrastructure
Tech Readiness
Macroeconomic
Context
Business Dynamism
Innovation Capacity
Product of Market
Efficiency
Labor Market
Functioning
Financial Market
Development
Market Size
Denmark
Estonia
Finland
Iceland
Latvia
Lithuania
Norway
Sweden
The region is highly skilled, digitalized, and supported,
but lags in market size and buyer sophistication
17
Source: World Economic Forum Global Competitiveness Report 2018: http://www3.weforum.org/docs/GCR2017-
2018/05FullReport/TheGlobalCompetitivenessReport2017%E2%80%932018.pdf
Ecosystem
Market
• Nordic market lags
in size
• Sweden ranked:
40th/137
• Norway,
Denmark ranked
50th, 56th
• ”Nordic Model”
places emphasis on
global, open and
efficient markets
• Denmark ranked
3rd/137 in labor
market function
Talent
• Highly skilled and
educated workforce
• Denmark and
Iceland education
and skills ranked
1st and 2nd out of
137
• However, skills are
highly specialized in
ICT, region has a
severe talent
shortage of general
software
developers
Government
• Sweden, Norway,
Estonia tied for 1st
for Macro
Environment
• Finland, Norway,
Sweden, Denmark
rank top 10 in
Institutional Support
(Social Capital,
Public Sector Perf.)
• Finland, Norway,
Sweden, Denmark,
Iceland rank top 11
in Tech. Readiness
Capital
• Denmark, Finland,
Norway, Sweden
top 10 business
dynamism
(readiness to launch
a business)
• However,
innovation capacity
(buyer
sophistication,
availability of
engineers) lags
behind
18. Sweden, Norway, Finland
Top 10
In financial market
development1
Advanced financial market
English
Fluently spoken by
69%
of Nordics**2
Great accessibility
Top 15
In the world for their Human
Development Index3
High spending power*
150%
Growth in proportion of
foreign-born Nordic
population in last 20 years5
Growing foreign-born
population
The 8 Northern European
countries are
Top 17
most economically free
country in Europe6
Openness to innovation
Northern European demographics are brimming
with the right characteristics…
18
(1) World Economic Forum Global Competitiveness Report 2018
(2) https://www.ef.se/epi/ , https://www.europelanguagejobs.com/blog/english-who-speaks-it-best.php
(3) https://en.wikipedia.org/wiki/List_of_countries_by_Human_Development_Index
(4) https://www.export.gov/apex/article2?id=Sweden-Market-Overview
(5) https://norden.diva-portal.org/smash/get/diva2:1180256/FULLTEXT01.pdf
(6) https://www.heritage.org/index/ranking
Ecosystem: Market
Note*: The HDI is a composite statistic included in a United
Nations Human Development Report ranking countries based on
life expectancy, education, and income per capita.
12th
Nordics** comprise 12th largest
combined market in the world4
Regional strength
Note**: Nordics defined as Sweden, Norway, Finland,
Denmark, Iceland
20. Nordic universities produce internationally
successful talent
Ecosystem: Talent
Source:
(1) https://www.ef.se/epi/ (2) https://www.oecd.org/pisa/pisa-2015-results-in-focus-FR.pdf
20
Sweden, Finland, Denmark getting very good results relative to their
population size and GDP
Selected Nordic Unicorn Founders who studied at the most
prestigious Nordic universities
Daniel Ek
Co-founder
Kim Dikert
Co-founder
Fredrik Hjelm
Founder
Sebastian
Siemiatkowski
Co-founder
Jacob de Geer
Founder & CEO
Miki Kuusi
Co-founder
Sweden is the
non-English
speaking
country that
speaks English
best1
Finnish
education
system is
the 5th most
successful in
the world2
Free tuition
fees in most of
Nordic countries
with a large
government
funding
Most Scandinavian Universities maintain strong industry
connections :
21. Demand for high-skilled talent in Nordic countries
leads to labor shortage
21
Source:
(1) Hays Global Skills Index 2016
Ecosystem: Talent
Educational reforms and international talent are needed to lift share of
population capable of performing high-skill tasks
(2) 2018 Global Talent Competitiveness Index
(3) https://www.lifeinnorway.net/norways-workforce-shortage-increases/
(4) http://skillspanorama.cedefop.europa.eu/en/analytical_highlights/skills-anticipation-finland
Highest job
polarization in
Europe:
1st in share of
both high- and
low- skill jobs
Norwegian
companies report
labor shortage of
60,000 in 2018
Over 1/3 of
healthcare
companies
reported unmet
labor needs
Increase of multi-national
ICT firms, tech start-ups,
and R&D institutions
created very high
demand for skilled
labor.
Undersupply of
graduates and demand
for experienced recruits
creates ICT, Healthcare,
and Education talent
shortages
Half of total jobs will
need high qualification
level by 2030.
Ageing population,
gradual decrease in
the labor force.
Mismatch of 15K
software developers
by 2020.
7
4
6
5
x
Global Talent Competitive Index
Ranking for Most Competitive
Talent Pools
2%
4%
2% 2%
11%
8% 8%
7%
4%
EU28 Finland Sweden Denmark Norway
Science educated people unemployment General unemployment
Unemployment for science and engineering
educated and for total population
23. Government: The Nordic Model and Public Initiatives
23
The Nordic Model combines economic efficiency with social
cohesion
Characteristics of the Nordic Model
Comprehensive
welfare state with
emphasis on
publicly provided
social service
High public/private
spending on human
capital and R&D
Set of strong labor
market institutions
including unions
and wage
coordination
Mutually
supportive
interaction of risk
sharing and
globalization
• Globalization provides
opportunity to increase
returns to factors of
production.
• Nordic model targets growth-enhancing
technical change, free trade, and open
markets.
• Globalization allows higher incomes with
winners and losers, risk sharing provides
protection for losers.
• Welfare compensation mechanisms
provide social protection to compensate
entrepreneurial risk-taking
• High level of trust, absence of corruption
help maintain public backing and viability of
large public sector.
• The Nordic Model is vulnerable to changes in employment
and demographics.
• Ageing population base increases the size of the
passive population (retirees), while decreasing
the size of active population (workers).
• Combination of ageing populations and an ambitious
welfare state can strain public finances, particularly
if globalization increases mobility of jobs and
labor.
• Openness to market
liberalization helped
transformation towards
knowledge-intensive
economy.
• Working age
population of Finland
will decline from
66.5% to 57.5% by
2040.
Benefits of the Nordic Model
Challenges of the Nordic Model
• Share of those over
65 will increase
from 16% to 26%
of population.
Source: https://economics.mit.edu/files/5726
24. 24
Government: The Nordic Model and Public Initiatives
Northern Europe has placed a high emphasis on
public initiatives and institutions
Sweden’s innovation agency.
Annual budget of €310m.
15302 innovative projects were
funded since its creation in 2001.1
It funds research and competence
development at Sweden’s university
colleges integrating private business
actors.
It has now invested around €900m in
over 2500 projects2
Source:
(1) Vinnova
(2) http://www.kks.se/om-oss/in-english/
(3) http://beta.business-sweden.se/grow-globally/our-offer/
(4) https://almi.se/en/almi-invest/about-almi-invest/
(5) https://vf.dk/en/objectives-and-strategy/
(6) InnovationfundofDenmark
Publicly owned and managed venture
capital fund which offer grants to
innovative projects.
3044 projects funded since 20146
Developed a start-up grant program
which ensure an income for start-up
founders to incite them to launch their
project and to take more risks8
Estonia offers e-Residency which
enables worldwide digital
entrepreneurs to start and manage
an EU-based company online11
Business Sweden help Swedish
companies to develop internationally
Operating in 50+ countries, 700
companies are supported per year3
It is Sweden’s most active startup
investor. This public fund has funded
660 startups since 2009 and
manage about €300m4
(7)Business Finland
(8) https://tem.fi/en/start-up-grants
(9) InnovationNorway
(10) Research Council’s of Norway
(11) https://e-resident.gov.ee/
(12) https://www.nmi.is/en/about-innovation-center-iceland
Danish state’s investment fund.
Has invested €3.3b in more than
7,900 small and medium-sized
enterprises
since 19925
Finances business research and
development projects, and public
research at universities.
Annual budget of €500m7
Offers help to Entrepreneurs with
expertise and grants, from €5k to
€70k. They also back-up the
international development in more
than 30 countries9
The Research Council of Norway,
promotes research and innovation.
Has invested €10b in 33k projects
since 200410
Innovation Center Iceland assists
entrepreneurs operating as an
Incubator which offer support and
grants12
25. Government goal to have 10M e-Estonians by 2025, 10x country
population
Estonia, in particular, has become a leading digital
republic
2002
2001
2000
e-Governance
2007
2008
2014
1997
e-Tax
Estonia is the first country to offer e-Residency, a government-issued digital identity and status that provides
access to Estonia’s transparent digital business environment
Co-invests alongside Abu Dhabi’s sovereign wealth fund Mubadala and CDC International Capital
Invests exclusively in the 12 winners of the Global Innovation Competition (CMI). Check size ranges from
€2 to €20m
Digital ID
Allows the nation’s various public and private sector e-service information systems to link up and
function in harmony.
Public Safety
Invests in fast-growing innovative startups with high capital requirements (check size
between €10m and €30m)
The fund size increased to €1bn in 2017
Blockchain
e-Residency is a transnational digital identity program that can provide anyone,
anywhere with the opportunity to succeed as an entrepreneur. Like citizens and
residents of Estonia, e-residents receive a government-issued digital ID and full access
to Estonia’s public e-services.
e-Residency
Government: The Nordic Model and Public Initiatives
X-Road
98% of residents own an ID card, the key to accessing digital services.
40,000
People
150
Countries
6000
Companies
Granted e-Residency in Estonia Since the creation of program in
December 2014:
Looking forward: Estonia is building the most advanced e-society
in the world
The e-State is committed to moving basic government services into
full digital mode
Source: https://e-estonia.com/solutions/e-governance/
New Digital Nation
Industry 4.0
Healthcare 4.0
Cybersecurity Reporting 3.0
Intelligent
Transportation
Data Embassy
Cross-border
data
exchange
Digital
Transformation in
Education
Real-Time
Economy
26. The large discrepancy between corporate and personal
tax rates in the Nordics incentivizes entrepreneurship
Government: The Nordic Model and Public Initiatives
26
The Nordic’s relatively low corporate tax rates, combined with the
welfare state safety net, encourages risk-sharing
Source:
“Estonia’s e-governance provides you
smooth, hassle-free location independent
access to all public services. Interlinked
with the private sector service providers, it
minimizes the time spent talking to the
government. And time is everything in the
startup field.”
-Viljar Lubi Deputy Secretary General,
Economic Development, Ministry of
Economic Affairs and Communications for
Estonia
“Higher education is free in Western
Denmark. Without the burden of student
loan debt, entrepreneurs have the financial
freedom to pursue something interesting
and innovative, bootstrap their businesses,
and spend time in local incubators.”
- Mikkel Fledelius Jensen Managing
Director at Game Hub Denmark
“In Scandinavia, there is a ‘flexicurity’
system… that although your company
might fail, you will still have access to the
welfare state. Consequently, the downside
of becoming an entrepreneur is lower in
the region than in other parts of the world.
You don’t have to risk your entire future –
you will still have food on the table even if
you fail.”
0%
10%
20%
30%
40%
50%
60%
70%
Sweden Finland Norway Denmark USA UK France
Corporate vs. Highest Personal Income Tax Rates, 2019
Corporate Personal
- Svein Berg, Managing Director
of Nordic Innovation.
28. As the ecosystem matures and exits mount, the
angel community has grown
Capital: Angel Investors
Sources: Linkedin, Crunchbase, CB Insights, Pitchbook
28
Selected Angel Investors
Angel Investor Activity (% of total
deals)
Ali Omar
Med Group Oy (Co-founder)
Jonas Nordlander
Avito (Co-founder)
Niklas Eklund
Infogate (Co-founder)
Taavet Hinrikus
TransferWise (Co-founder)
David Helgason
Unity (Founder)
Sean Percival
Whereby (CMO)
Hampus Jakobsson
Brisk (Founder)
Net Jacobsson
Sparklabs Global Venture (Co-
founder)
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
2014 2015 2016 2017 2018 H1 2019
Europe Nordics
29. 17
9
7 6 5 5 5 5 5
1
International investment is flowing into the Nordic
region
Capital: International Investors
Source: Pitchbook
29
International CVCs are increasing their investments in Nordic-based start-ups
$-
$100m
$200m
$300m
$400m
$500m
$600m
$700m
2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 2019
Seed Series A Series B Series C+
Seed
Spotify raised $526m in 2015
International VC investment volume in the Nordics
International VC deals in the Nordics
30. 6
4 4 4
3 3 3 3 3
11
6 6
4 4 4 4 4 4
International investment is flowing into the Nordic
region
Source: Pitchbook
30
Series A
Series B
Series C+
7
5
4 4 4
3 3 3
1
International VC investments in the Nordics
Capital: International Investors
31. Nordic-based CVC investments have more than
doubled in the last five years
31
Source:
Percentage of CVC deals with Nordic-based CVCs, by country
[xx]
%
% of total CVC deals over the last 5 years that involved Nordic based CVCs
5%
10%
15%
20%
25%
2014 2015 2016 2017 2018 H1 2019
Europe Nordics
Corporate investment as % of total investment ($)
88 83
32
26
10 5
0 0
50% 65% 69% 0%50%34% 0%0%
Number of CVC deals
Capital: Corporate Venture Capital
32. Selected Nordic-Based CVCs
Capital: Corporate Venture Capital
32
Maersk
H&M Nordea
Source: Pitchbook
Schibsted Novo Holdings
Lundbeck
Volvo Ericsson
Oslo, Norway
Number of Investments
69
Hellerup, Denmark
Portfolio companies :
368
Stockholm, Sweden
Portfolio companies :
11
Copenhagen, Denmark
Portfolio companies
31
Helsinki, Finland
Portfolio companies :
12
Copenhagen, Denmark
Portfolio companies :
15
Gothenberg, Sweden
Portfolio companies :
55
Stockholm, Sweden
Portfolio companies :
25
CVCs in Nordics are spread across a variety of
industries
33. 10
9
8 8
7
6
5 5
4
3
5 5
VC Funds of funds CVC
14 14 13
7 7 7 6 5 5 5
12
VC Funds of funds
25
22 20
16 15 13 13 13 11 10
14
10
VC CVC Funds of funds
74 72
49 46
39 33 30 28
10
2327
VC Inc / Acc CVC
Most Active Nordic VCs
Capital: Nordic VCs
Source: pitchbook
33
• Seed
• Series A
• Series B
• Series C+
35. Growth capital often comes from abroad –
typically in relation to international expansion
Looking Forward
35
Corporates and international investors are driving a lot of investment
at larger deal stages
Source: CBInsightsc
% of Seed Start-Ups That Raise
$15m+, $50m+ and $100m+
24%
35%
21%
13% 12%
10%
9%
3%
8%9%
20%
8%
2% 1% 2%
1% 1%
3%3%
13%
4%
1% 0% 1% 1% 1%
3%
USA China Europe Sweden Norway Denmark Finland Estonia Iceland
Raised >$15m+ Raised >$50m+ Raised >$100m+
% of Start-ups Funded by
International VCs, by Country
76%
60% 60% 60%
57% 56%
53%
42%
Note: International VCs defined as having HQ outside of the Nordics