Tracxn - Geo - Nordics Tech

TRACXN MONTHLY REPORT
DECEMBER 2020
NORDICS TECH

Nordics Tech - December 2020 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Contents
2
Nordics Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 8
Top Funded Business Models - last 1 year 10
New Analyst Picks 11
IPOs 14
Acquisitions 15
Recent News 17

Nordics Tech Snapshot – December 2020
Nordics Tech: Snapshot – December 2020
Note : "Investors" refers to "Institutional Investors" only
3
$419M
16 2
Overall Geo Stats
16
1259
2827
Funding Rounds $ Invested Analyst Picks
Minervax
Upgraded to
SOONICORN
New Investors
Alcur
ABN AMRO Venture
Capital
Series A+ rounds Active Investors IPOs
Re:newcell
BioInvent
Acquisitions
TimeEdit#@
Seavus#@
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Stockholm
(10 Rounds, $246M)
Helsinki
(4 Rounds, $14.7M)
Copenhagen
(2 Rounds, $13.8M)
Espoo
(2 Rounds, $3.7M)
$107M - Series C
Voi (2018, Stockholm, $302M)
$103M - Series E
Tink (2012, Stockholm, $311M)
$57.6M - Series B
Minervax (2010, Hellerup, $60.9M)
$24.4M - Series B
GreenHydrogen (2007, Kolding, $24.4M)
Creandum
(2 Investments)
Industrifonden
(2 Investments)
EQT Ventures
(2 Investments)
Superhero Capital
(2 Investments)
Road Transport Tech
Voi
Online Rental
Electric Vehicles
Banking Tech
Tink
Market Size
Companies Covered 13,227
Funded Companies 5,236
Total Funding $32.5B
Funding in last 12 months $5.3B
Top Exits
IPOs 324
Acquisitions 1,142
Company Stage
Unicorns 4
Soonicorns 70
Minicorns 379
Editor Picks 1,533
Series A+ 1,176
Series C+ 258
Acqui-Hires 5
Deadpooled 982
Top Cities
Stockholm (1,085 Rounds, $10.5B)
Copenhagen (582 Rounds, $3.4B)
Top Investors
Almi Invest (263 Investments)
Business Finland (102 Investments)

Investment Snapshot
Investment Snapshot of Nordics Tech as of December 2020
Nordics Tech: Investment Snapshot
4
# Rounds$ Funding
Investment Trend Top Investments (December 2020)*
Voi
(2018, Stockholm, $302M)
$107M - Series C Raine Group
Tink
(2012, Stockholm, $311M)
$103M - Series E PayPal
Minervax
(2010, Hellerup, $60.9M)
$57.6M - Series B REPAIR Impact Fund
GreenHydrogen
(2007, Kolding, $24.4M)
$24.4M - Series B A.P. Moller Holding
Outpost24
(2000, Karlskrona, $23.8M)
$23.8M - Series B Swedbank Robur
Ultimate
(2014, Tampere, $28.1M)
$20.0M - Series A OMERS Ventures
Estrid
(2019, Stockholm, $17.7M)
$17.7M - Series B Mattias Miksche
Klevu
(2013, Helsinki, $17.9M)
$12.0M - Series B Alfvén & Didrikson
Contractbook
(2015, Copenhagen, $13.3M)
$9.4M - Series A Bessemer Venture Partners
Blue World Technologies
(2018, Aalborg, $7.8M)
$7.8M - Series A
Single Technologies
(2012, Stockholm, $7.6M)
$6.0M - Series A Jens von Bahr
*Shows only the lead Investors

List of Funding Rounds (1/3)
List of Funding Rounds in Nordics Tech in December 2020
Nordics Tech: List of Funding Rounds
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE
5
LATE STAGE
$103.0M - Series E
Tink (2012, Stockholm, $311.1M)
Open banking API solutions
Eurazeo, Dawn Capital, HEARTCORE, PayPal, Opera
Tech Ventures, and 4 more
LATE STAGE
$106.7M - Series C
Voi (2018, Stockholm, $302.0M)
App-based platform offering electric-kick scooter
rental services
Raine Group, VNV Global, Balderton Capital, Project A,
Creandum, and 2 more
EARLY STAGE
$1.5M - Series A
Boksi (2018, Helsinki, $2.7M)
Influencer marketing platform
Trind VC, Robin Bade
EARLY STAGE
$3.9M - Series A
Curb Food (2020, Stockholm, $3.9M)
Internet first restaurants offering multiple food
products
EQT Ventures
EARLY STAGE
$4.3M - Series A
Elias (2013, Stockholm, $5.5M)
Music provider for gaming industry
GP BULLHOUND
EARLY STAGE
$4.4M - Series A
Dreamdata (2018, Copenhagen, $4.9M)
Account-based marketing attribution platform for B2B
companies
Crowberry Capital, InReach Ventures, Seedcamp,
Futuristic, PreSeed Ventures
EARLY STAGE
$6.0M - Series A
Single Technologies (2012, Stockholm, $7.6M)
Developer of a technology platform for single-molecule
imaging
, Jens von Bahr, Andreas Ehn
EARLY STAGE
$7.8M - Series A
Blue World Technologies (2018, Aalborg, $7.8M)
Developer of methanol based fuel cell
EARLY STAGE
$9.4M - Series A
Contractbook (2015, Copenhagen, $13.3M)
Cloud-based legal contract management solutions
proivder
Bessemer Venture Partners, Gradient Ventures

6
EARLY STAGE
$12.0M - Series B
Klevu (2013, Helsinki, $17.9M)
Provider of on-site search and navigation platform for
e-commerce industries
Alfvén & Didrikson, Evli Growth Partners, , Jonas
Dromberg
EARLY STAGE
$17.7M - Series B
Estrid (2019, Stockholm, $17.7M)
Internet-first brand offering hair removal product for
women
Mattias Miksche, Josefin Landgard, Johan Blomqvist
EARLY STAGE
$20.0M - Series A
Ultimate (2014, Tampere, $28.1M)
Provider of customer support and engagement chatbot
for non-English markets
OMERS Ventures, HV Capital, Felicis Ventures, Maki.vc
EARLY STAGE
$23.8M - Series B
Outpost24 (2000, Karlskrona, $23.8M)
Vulnerability assessment and management solution for
enterprise
Swedbank Robur, Alcur
EARLY STAGE
$24.4M - Series B
GreenHydrogen (2007, Kolding, $24.4M)
Developer of on-site hydrogen production solutions
A.P. Moller Holding, Nordic Alpha Partners
EARLY STAGE
$57.6M - Series B
Minervax (2010, Hellerup, $60.9M)
Prophylactic vaccine against Group B Streptococcus
(GBS) infection
REPAIR Impact Fund, Sanofi Ventures, Wellington
Partners Venture Capital, Adjuvant Capital,
Industrifonden, and 2 more
EARLY STAGE
Series A
Selma Finance (2016, Helsinki)
Robo advisor & investment management platform
SEED STAGE
$690.0K - Seed
Panprices (2018, Stockholm, $690.0K)
Online price comparison platform for multi-category
products
Provider Venture Partners, Propel, David Brudö, Johan
Hernmarck, Fredrik Cardelius
SEED STAGE
$1.2M - Seed
Globus (2017, Oslo, $1.2M)
Provider of an AI and SaaS based staffing and
recruitment management solutions for healthcare
industry

7
SEED STAGE
$1.2M - Seed
Port 6 (2020, Espoo, $1.2M)
Provider of AI-based wearables for extended reality
applications
Superangel, Superhero Capital, Peep Vain, Timo Rein,
Urmas Purde, and 1 more
SEED STAGE
$1.2M - Seed
Rundit (2015, Helsinki, $1.9M)
Revenue-based crowdfunding & lending platform
LPEA, Pierre Weimerskirch
SEED STAGE
$1.4M - Seed
AlexisHR (2018, Stockholm, $1.4M)
HRMS software for small and medium businesses
Alliance Venture
SEED STAGE
$1.8M - Seed
Kive (, Stockholm, $1.8M)
AI-based digital asset management platform for
creators
EQT Ventures, Creandum
SEED STAGE
$2.0M - Seed
ooono (2017, Brondby Strand, $2.0M)
Provider of a user-based wireless device that provides
traffic information
SEED STAGE
$2.4M - Seed
ReceiptHero (2016, Tampere, $2.4M)
Receipt digitization solutions for businesses
Lifeline Ventures, Superhero Capital, Vidici Ventures
SEED STAGE
$2.4M - Seed
Occtoo (2019, Malmo, $2.4M)
Cloud-based APIs to create personalized customer
interactions
42 Capital, Industrifonden
SEED STAGE
$2.5M - Seed
Surrogate (2018, Espoo, $4.5M)
Developer of online games
Supernode Global, PROfounders Capital Partners,
Brighteye Ventures, Business Finland
SEED STAGE
Seed
Yodiwo (2015, Stockholm)
Cloud Platform for Internet of Things
Brookstreet Equity Partners

New Investors (1/2)
List of New Investors in Nordics Tech in December 2020
Nordics Tech: List of New Investors
8
Investor Company Info Round Amount Round Name
Alcur
2 portfolio companies | Alcur | Absolutavkastande aktiefonder
Outpost24
Vulnerability assessment and management solution for enterprise
$23.75M Series B
ABN AMRO Venture Capital
2 portfolio companies | Corporate backed VC arm investing in multiple sectors
Tink
$103M Series E
Brookstreet Equity Partners
3 portfolio companies | Private equity firm focused on investing in SME's
Yodiwo
Undisclosed Seed
Superangel
17 portfolio companies | VC firm investing in early-stage startups
Port 6
Provider of AI-based wearables for extended reality applications
$1.21M Seed
REPAIR Impact Fund
6 portfolio companies | Venture capital fund focused on solutions targeting
resistant micro-organisms
Minervax
Prophylactic vaccine against Group B Streptococcus (GBS) infection
$57.56M Series B
rothesay.com
1 portfolio companies |
Single Technologies
Developer of a technology platform for single-molecule imaging
$6.04M Series A
LPEA
1 portfolio companies | Home - LPEA
Rundit
$1.21M Seed
Supernode Global
1 portfolio companies | Supernode Global
Surrogate
$2.50M Seed
Provider Venture Partners
1 portfolio companies | Tech focused stage agonistic VC firm investing in
Sweden
Panprices
Online price comparison platform for multi-category products
$690K Seed
Sanofi Ventures
51 portfolio companies | Life-Sciences focused Early stage Corporate VC Firm
investing in the US
Minervax
$57.56M Series B

New Investors (2/2)
List of New Investors in Nordics Tech in December 2020
Nordics Tech: List of New Investors
9
Investor Company Info Round Amount Round Name
BNP Paribas
94 portfolio companies | Commercial bank
Tink
$103M Series E
jpholding.se
1 portfolio companies | Jerry Pruttz
Klevu
Provider of on-site search and navigation platform for e-commerce
industries
$12.00M Series B
Adjuvant Capital
9 portfolio companies | PE and provider of life science sector focused
investment management services
Minervax
$57.56M Series B
tx.group
3 portfolio companies | uniting platforms - tx.group
Selma Finance
Undisclosed Series A
Eurazeo
34 portfolio companies | Private equity investment firm
Tink
$103M Series E
A.P. Moller Holding
1 portfolio companies | Investment holding company
GreenHydrogen
Developer of on-site hydrogen production solutions
$24.39M Series B

Top Funded Business Models - last 1 year
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1
year.
10
Rank Business Model $ Funding # Rounds Top Funding Round
1 ▲1 Internet First Direct Lender Purchase Financing $850M 4 Klarna | $650M | Series G
2 ▼-1 Lithium Ion Batteries $600M 1 Northvolt | $600M | Series C
3 ▲231 Accounts Payable and Receivable Management Solutions $240M 1 Tradeshift | $240M | Series F
4 ▲1 Open Banking Aggregation APIs $206M 3 Tink | $103M | Series E
5 --
Food Tech > Novel Foods > Food Products > Dairy
Substitute > Plant Based
$204M 2 Oatly | $200M | Series C
6 ▼-2 Free Float Electric Kick Scooter Rentals $136M 2 Voi | $107M | Series C
7 ▼-4 Online Food Delivery $119M 2 Wolt | $110M | Series D
8 ▲150 Direct Home Buying $117M 1 Kodit.io | $117M | Series B
9 --
Alternative Lending > Online Lenders > Consumer Loans >
Personal Loans > Marketplace > P2P
$115M 1 Lendify Sweden | $115M | Series D
10 -- Satellite Imagery Data for GIS $87.0M 1 ICEYE | $87.0M | Series C

New Analyst Picks (1/3)
Interesting Companies identified by Analysts in Nordics Tech in December 2020
Nordics Tech: Analyst Picks
11
Upgraded to SOONICORN
Minervax (2010, Hellerup, $57.6M, Series B)
Prophylactic vaccine against Group B Streptococcus
(GBS) infection
Wellington Partners Venture Capital, REPAIR Impact
Fund, Novo A/S and 7 other Investors
Upgraded to MINICORN
Dreamdata (2018, Copenhagen, $4.4M, Series A)
Account-based marketing attribution platform for B2B
companies
The Nordic Web, Crowberry Capital, Futuristic and 4
other Investors
Upgraded to MINICORN
Estrid (2019, Stockholm, $17.7M, Series B)
Internet-first brand offering hair removal product for
women
Johan Blomqvist,Josefin Landgard,Mattias Mikscheand
Added to Editor's Pick
Surrogate (2018, Espoo, $2.5M, Seed)
Supernode Global, PROfounders Capital Partners,
Initial Capital and 2 other Investors
Injeq (2010, Tampere, $2.4M, Seed)
Developer of a medical needle used for lumbar
puncture
Mightifier (2015, Helsinki, $250K, Seed)
Social & emotional learning for children
xEdu,CHMG Capital,Courage Ventures Fundsand
Single Technologies (2012, Stockholm, $6.0M,
Series A)
Developer of a technology platform for single-molecule
imaging
Almi Invest, Jens von Bahr, and 2 other Investors

12
Iamip (2013, Stockholm, $983K, Seed)
Cloud-based patent analytics and management
software provider
ACACIA,Senovoand
ReceiptHero (2016, Tampere, $2.4M, Seed)
Receipt digitization solutions for businesses
Lifeline Ventures,Superhero Capital,Vidici Venturesand
Rundit (2015, Helsinki, $1.2M, Seed)
LPEA,Pierre Weimerskirchand
Shopbox (2011, Copenhagen, $2.3M, Series A)
Integrated m-POS solution provider to merchants
Seed Capital,Zenith Groupand
Feedtrail (2015, Espoo, $800K, Seed)
Feedback management platform for healthcare
professionals
Cedars-Sinai Accelerator, Early Light Ventures, Knox
Singleton and 4 other Investors
Selma Finance (2016, Helsinki, Undisclosed, Series
A)
Yolean (2014, Gothenburg, $226K, Seed)
Visual planning and knowledge management solutions
Chalmers Ventures,Almi Invest,Vinnovaand
Yodiwo (2015, Stockholm, Undisclosed, Seed)
Brookstreet Equity Partnersand
Prediktor (1995, Fredrikstad, $2.8M, Seed)
Offering IoT solutions for industries to increase
efficiency, sustainability and operational scalability
Idekapital,MP Pensjonand
Port 6 (2020, Espoo, $1.2M, Seed)
Provider of AI-based wearables for extended reality
applications
Superangel, Urmas Purde, Charlotta Björnberg-Paul
and 3 other Investors
Benify (2004, Stockholm, Unfunded)
Online benefits marketplace for employees
EG7 (2013, Stockholm, Unfunded)
Holding company of game developers and publishers

13
Detectivio (2016, Gothenburg, Unfunded)
Provider of an AI-based automated health screening
tool for community health management
Sahlgrenska Science Parkand
Invivopower (2019, Molndal, Unfunded)
Developer of a medical device for the treatment of
heart disease
Sahlgrenska Science Parkand
Incendium (2009, Thisted, Unfunded)
Provider of live streaming solutions
NeoDynamics (2020, Lidingoe, Unfunded)
Provider of a medical device for screening breast
cancer
Cardeon Futuring Financeand
SEMINE (2016, Lysaker, Unfunded)
AI-driven accounting process automation for
businesses
Kistefosand
Vainu (2013, Tuusula, Unfunded)
Cloud-based account based marketing solutions
provider
Zaragsoft (2016, Uppsala, Unfunded)
Text search and editing solutions provider
Uppsala Innovation Centreand
I-CONIC (2019, Stockholm, Unfunded)
Provider of a real-time generation of 3D models
Uppsala Innovation Centreand
SoftDREAM (, Boras, Unfunded)
Software tools to control and monitor additive
manufacturing processes

IPO Date Company IPO Mcap Exchange Ticker
02 Dec 2020
Re:newcell (2012, Stockholm, $5.4M)
Recycler of cellulosic materials into biodegradable fibres
LON:0A5U
14 Dec 2020
BioInvent (1997, Lund, )
Developer of antibody-based drugs for the treatment of cancer
LON:0H22
IPOs
List of IPOs in Nordics Tech in December 2020
Nordics Tech: IPOs
14

Acquisitions (1/2)
List of Acquisitions in Nordics Tech in December 2020
Nordics Tech: Acquisitions
15
Acq. Date Company Acquirer Deal Size
01 Dec 2020
TimeEdit(2004, Gothenburg)
Provider of academic scheduling and planning tools
Monterro
02 Dec 2020
Seavus(2008, Malmoe)
IT solutions and services
ARICOMA Group
02 Dec 2020
Physiotools(1987, Tampere)
Subscription based online fitness training
Physitrack
03 Dec 2020
Porterbuddy(, Oslo)
Providing delivery solutions to logistics and ecommerce
companies
Canica
09 Dec 2020
Fidelix(2002, Vantaa)
Smart building automation and indoor climate control
Assemblin
11 Dec 2020
Sensa(2002, Reykjavik)
Data center and colocation services
Crayon $25.5M
13 Dec 2020
Nordic Nest(2002, Kalmar)
Online retailer offering multi-category home improvements
products
wearebhg.com
15 Dec 2020
SteelSeries(2001, Copenhagen)
Offline private label of gaming peripherals such as keyboards,
controllers, headsets, mice etc
KontrolFreek
18 Dec 2020
MainManager(1999, Reykjavik)
Computer aided facility management software
View Software
21 Dec 2020
Nordcloud(2011, Helsinki, $23.7M)
Cloud advisory, automation, and management services
IBM

Acquisitions (2/2)
List of Acquisitions in Nordics Tech in December 2020
Nordics Tech: Acquisitions
16
Acq. Date Company Acquirer Deal Size
21 Dec 2020
Apprope(2012, Stockholm)
Independent game development studio specializing in word
games
MAG Interactive
30 Dec 2021
Nordic IoT Networks(2018, Kungsbacka)
Provider of LoRa network for IoT connectivity
Netmore Group

Recent News (1/2)
Recent News in Nordics Tech in December 2020
Nordics Tech:News
17
Exit News
.
● eBay planning sale of classifieds arm to Norwegian firm New York Post
.
● IBM buys Finnish hybrid cloud firm European Business Press
.
● Nordic Semiconductor expands into Wi-Fi by acquiring the entire Wi-Fi
development team, core Wi-Fi expertise, ... CNW
.
● KontrolFreek, Pioneer of Performance Gaming Gear, Acquired by SteelSeries,
the Global Leader in Gaming Peripherals Business Wire
.
● Embracer Group goes on spending spree – picks up 4A Games for $36m
amongst eight acquisitions MCV
.
● Sinch receives competition approval for the acquisition of Wavy GlobeNewswire
.
● Telenor Maritime agrees to acquire KNL Networks Telecompaper
.
● Everfuel Acquires DHF to Strengthen Position as the Leading Hydrogen Fuel
Company in ScandinaviaFuelCellsWorks
.
Fund News
.
● Google's Former CEO Schmidt Invests In New $111 Million EU Tech Fund
● Sinch AB (publ): Changes to management team GlobeNewswire
.
● DNA appoints Stromberg to succeed Karppinen as CFO in February Telecompaper
.
● fuboTV Names Former Spotify and Axios Product Head Mike Berkley as Chief
Product Officer Business Wire
.
● LIDDS AB (publ) announces the appointment of Nina Herne as CEO GlobeNewswire
.
● Behavioral Biometrics Specialist Names New CFO and Board Chairman
FindBiometrics
.
● Nokia’s Head of Global services Sanjay Goel leaves PageOne
.
Company News
.
● Spotify to Launch in South Korea in the First Half of 2021 IndianWeb2
.
● Spotify expands to Russia and 12 other countries Financial Post
.
● Now Flipkart launches Nokia ACs in India TechRadar

Recent News (2/2)
Recent News in Nordics Tech in December 2020
Nordics Tech:News
18
● Occlutech's Atrial Flow Regulator (AFR) Receives U.S. FDA Breakthrough
Device Designation CNW
.
● Albireo Submits for U.S. FDA and EMA Product Approval of Once-Daily
Odevixibat for PFIC GlobeNewswire
.
● Immunicum AB (publ) receives Fast Track Designation from the FDA for
ilixadencel for the treatment of GIST GlobeNewswire
.
● Immunicum AB (publ) Receives FDA Orphan Drug Designation for Ilixadencel
as a Treatment for Hepatocellular Car... GlobeNewswire
.
● The Food and Drug Administration (FDA) grants IO Biotech breakthrough
therapy designation for IO102 and IO103 ... pipelinereview.com

Explore more on Tracxn
Explore more about Nordics Tech on Tracxn Platform
Nordics Tech: Explore more on Tracxn Platform
19
Companies
Recent Companies Covered
Funded Companies
Editor's Pick
Soonicorn Club
SaaS Companies in Nordics
AI Companies in Nordics
Fintech Companies Nordics
Consumer Digital in Nordics
Company Due Diligence
Detailed profile of Northvolt
Competitors of Klarna
Cap Tables of Tradeshift
Investment Activity
Recent Investments
Investment Trend of last 10 years
Mega Investments Rounds
Investors
Most Active Investors
Most Active Angel Investors
Unicorn Investors
Exits
IPO'd Companies
Recent Acquisitions
Most Active Acquirers
Recent Acquihires
News & Events
Recent News
News on People
News on Unicorns
Upcoming Events
Library
Recent Reports
Tracxn Blog
Global Sector Landscape

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