Tracxn - Monthly Report - Nordics Tech - August 2021

TRACXN MONTHLY REPORT
AUGUST 2021
NORDICS TECH

Nordics Tech - August 2021 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 15
Acquisitions 16
Recent News 18

Nordics Tech Snapshot – August 2021
Nordics Tech: Snapshot – August 2021
Note : "Investors" refers to "Institutional Investors" only
3
$468M
12 1
Overall Geo Stats
13
14
46
39
23
Funding Rounds $ Invested Analyst Picks
Gelato Upgraded to
UNICORN
New Investors
Redpoint Ventures
Union Square Ventures
Series A+ rounds Active Investors IPOs
Acast
Acquisitions
Futureplay Games#@
Coinify#@
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Stockholm
(7 Rounds, $71.6M)
Oslo
(4 Rounds, $258M)
Copenhagen
(4 Rounds, $96.3M)
Bromma
(1 Rounds, $711K)
$240M - Series D
Gelato (2007, Oslo, $240M)
$62M - Series B
Leapwork (2015, Copenhagen, $73.3M)
$45M - Series C
Voi (2018, Stockholm, $349M)
$23.5M - Series A
EpiEndo Pharmaceuticals (2014,
Reykjavik, $29.9M)
Insight Partners
(2 Investments)
European Union
(2 Investments)
Salesforce
(1 Investments)
Redpoint Ventures
(1 Investments)
E-Commerce Enablers
Gelato
Brands Tech
Software Testing Tools
Leapwork
Robotic Process Automation
Market Size
Companies Covered 15,033
Funded Companies 5,372
Total Funding $45.2B
Funding in last 12 months $15.0B
Top Exits
IPOs 284
Acquisitions 1,171
Company Stage
Unicorns 7
Soonicorns 77
Minicorns 457
Editor Picks 1,882
Series A+ 1,210
Series C+ 236
Acqui-Hires 5
Deadpooled 962
Top Cities
Stockholm (1,168 Rounds, $16.7B)
Copenhagen (1,127 Rounds, $11.9B)
Top Investors
Almi Invest (273 Investments)
Accelerace (149 Investments)

Investment Snapshot
Investment Snapshot of Nordics Tech as of August 2021
Nordics Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (August 2021)*
Gelato
(2007, Oslo, $240M)
$240M - Series D Insight Partners
Leapwork
(2015, Copenhagen, $73.3M)
$62.0M - Series B KKR
Voi
(2018, Stockholm, $349M)
$45.0M - Series C Raine Group
EpiEndo Pharmaceuticals
(2014, Reykjavik, $29.9M)
$23.5M - Series A Flerie Invest
BLAST Premier
(2016, Copenhagen, $217M)
$16.3M - Series A
Uizard
(2017, Copenhagen, $18.6M)
$15.0M - Series A Insight Partners
memmo
(2019, Stockholm, $24.2M)
$12.0M - Series A Luxor Capital Group
Flow Neuroscience
(2016, Malmo, $11.9M)
$9.3M - Series A Khosla Ventures
Cavai
(2018, Oslo, $9.0M)
$9.0M - Series A Idekapital
Dune Analytics
(2018, Oslo, $10.0M)
$8.0M - Series A Union Square Ventures
Nomono
(2019, Trondheim, $9.2M)
$6.4M - Seed
*Shows only the lead Investors

List of Funding Rounds (1/3)
List of Funding Rounds in Nordics Tech in August 2021
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
$45.0M - Series C
Voi (2018, Stockholm, $349.0M)
App-based platform offering electric-kick scooter rental
services
Raine Group, VNV Global
LATE STAGE
$240.0M - Series D
Gelato (2007, Oslo, $240.0M)
SaaS solution for on-demand printing
Insight Partners, SoftBank Vision Fund, SEB, Dawn
Capital, Goldman Sachs Asset Management, and 3
more
EARLY STAGE
$4.8M - Series A
Invoier (2018, Stockholm, $4.8M)
Online lending platform for trade financing
European Union
EARLY STAGE
$5.8M - Series A
Kavall (2021, Stockholm, $5.8M)
Online platform offering multi-category grocery
supplies
Vostok New Ventures, Inbox Capital, Fredrik
Jung-Abbou, Samir Bachkani
EARLY STAGE
$8.0M - Series A
Dune Analytics (2018, Oslo, $10.0M)
Ethereum-based analytics for cryptocurrencies
Union Square Ventures, Dragonfly Capital, Redpoint
Ventures, Multicoin Capital
EARLY STAGE
$9.0M - Series A
Cavai (2018, Oslo, $9.0M)
Developer of conversational advertising solutions for
brands and agencies
Investinor, Idekapital, FirstPartyCapital
EARLY STAGE
$9.3M - Series A
Flow Neuroscience (2016, Malmo, $11.9M)
Provider of a wearable device for stress and anxiety
management
Khosla Ventures, Zühlke,
EARLY STAGE
$12.0M - Series A
memmo (2019, Stockholm, $24.2M)
Online platform to get personalised video messages
from celebrities
Left Lane Capital, Luxor Capital Group, FJ Labs, Spencer
Rascoff, Maria Raga Frances, and 8 more
EARLY STAGE
$15.0M - Series A
Uizard (2017, Copenhagen, $18.6M)
Cloud-based solutions for converting design to code
Insight Partners, LDV Capital, AV8 Ventures,
Byfounders, Mariano Suarez Battan

6
EARLY STAGE
$16.3M - Series A
BLAST Premier (2016, Copenhagen, $216.5M)
Esports league organizer
EARLY STAGE
$23.5M - Series A
EpiEndo Pharmaceuticals (2014, Reykjavik,
$29.9M)
Developer of proprietary therapies for treating chronic
respiratory diseases
Flerie Invest, ABC Ventures, , European Union
EARLY STAGE
$62.0M - Series B
Leapwork (2015, Copenhagen, $73.3M)
Platform for automated testing and robotic process
automation
KKR, Salesforce, Headline, DN Capital
SEED STAGE
$343.3K - Seed
Stepler (2020, Karlstad, $343.3K)
Reward-based mobile app for tracking exercises
Almi Invest
SEED STAGE
$710.7K - Seed
Briqpay (2020, Bromma, $2.3M)
Provider of B2B software solutions to manage sales
eEquity, 31 Atlantic, Christian Leone, Charlie
Chanaratsopon
SEED STAGE
$801.0K - Angel
Nenda (2019, Stockholm, $801.0K)
B2B video streaming platform provider
Manfred Aronsson, casper biorner
SEED STAGE
$876.3K - Seed
Melt&Marble (2021, Gothenburg, $876.3K)
Platform offering plant-based meat alternative
products
Nordic FoodTech VC, Chalmers Ventures, Purple Orange
Ventures
SEED STAGE
$1.5M - Seed
Equality Check (2018, Oslo, $1.5M)
Online platform offering anonymous reviews about
workplace
Alliance Venture, Antler
SEED STAGE
$1.5M - Seed
BYON8 (2015, Stockholm, $2.0M)
AI-based medical diagnostic software
PeopleVentures

7
SEED STAGE
$1.7M - Seed
PocketLaw (2000, Stockholm, $4.2M)
Cloud based law management software provider
Christoffer Norman, Adrian Brummer, Ludvig Thureson,
Cristina Stenbeck, Susanna Campbell, and 1 more
SEED STAGE
$3.0M - Seed
Develop Diverse (2017, Copenhagen, $3.3M)
AI-based recruitment platform
Seed Capital, Michael Halbye
SEED STAGE
$6.4M - Seed
Nomono (2019, Trondheim, $9.2M)
AI enables software and hardware solutions for music
recording
SEED STAGE
Seed
VentriJect (2018, Hellerup)
Provider of non-wearable device and app for
monitoring cardiorespiratory fitness
Investo Capital
SEED STAGE
Seed
Medicortex Finland (2014, Turku)
Diagnostic and treatment tools for Neurodegenerative
disorders
Dividend Sweden

New Investors (1/2)
List of New Investors in Nordics Tech in August 2021
Nordics Tech: List of New Investors
8
Investor Company Info Round Amount Round Name
Redpoint Ventures
538 portfolio companies | US focused seed, early and growth stage VC firm
Dune Analytics
$8.00M Series A
Union Square Ventures
304 portfolio companies | VC firm investing globally
Dune Analytics
$8.00M Series A
SoftBank Group Corp
75 portfolio companies | Diversified conglomerate operating across multiple
sectors
Gelato
$240M Series D
Salesforce
71 portfolio companies | Cloud based CRM and social collaboration solutions for
enterprises
Leapwork
Platform for automated testing and robotic process automation
$62.00M Series B
Headline
8 portfolio companies | Venture capital firm investing in multiple sectors
Leapwork
Platform for automated testing and robotic process automation
$62.00M Series B
Zühlke
5 portfolio companies | Venture capital firm investing in tech sectors
Flow Neuroscience
Provider of a wearable device for stress and anxiety management
$9.30M Series A
Dragonfly Capital
29 portfolio companies | Venture capital fund focused on multiple sectors
Dune Analytics
$8.00M Series A
Goldman Sachs Asset Management
27 portfolio companies | Investment bank & investment management firm
Gelato
$240M Series D
Multicoin Capital
35 portfolio companies | Cryptocurrency hedge fund
Dune Analytics
$8.00M Series A
PeopleVentures
1 portfolio companies | Venture capital firm focused on early stage companies
BYON8
AI-based medical diagnostic software
$1.50M Seed

New Investors (2/2)
List of New Investors in Nordics Tech in August 2021
Nordics Tech: List of New Investors
9
Investor Company Info Round Amount Round Name
css.ch
3 portfolio companies | Provider of health and P&C insurance services
Flow Neuroscience
Provider of a wearable device for stress and anxiety management
$9.30M Series A
Dividend Sweden
1 portfolio companies | Provider of working capital loan services
Medicortex Finland
Diagnostic and treatment tools for Neurodegenerative disorders
Undisclosed Seed
ABC Ventures
1 portfolio companies | ABC Ventures - 360° Growth Solutions through
Advertising, Business Strategies and Development, Coaching and Consultancy
EpiEndo Pharmaceuticals
Developer of proprietary therapies for treating chronic respiratory
diseases
$23.49M Series A

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 ▲108 Lithium Ion Batteries $3.4B 2 Northvolt | $2.8B | Unattributed
2 ▲4 Internet First Point of Sale Financing $2.3B 6 Klarna | $1.0B | Series H
3 -- Electric Car Manufacturers $550M 1 Polestar | $550M | Unattributed
4 ▲5 Food Ordering Platforms $544M 2 Wolt | $536M | Series E
5 ▲134 Music Licensing Marketplace $450M 1 Epidemic Sound | $450M | Series D
6 ▼-2 Web Based Platform for Doctor Consultation $418M 4 KRY | $317M | Series D
7 ▲12 Drugs for Multiple Cancer Types $306M 7 IO Biotech | $155M | Series B
8 -- Internet First Banks with Partner Bank's License $297M 2 Lunar | $249M | Series D
9 ▲28 Alkaline Electrolyzers $229M 2 GreenHydrogen | $229M | Series C
10 ▲162 Digital Twin Modelling Software $225M 2 Cognite | $150M | Series B

New Analyst Picks (1/4)
Interesting Companies identified by Analysts in Nordics Tech in August 2021
Nordics Tech: Analyst Picks
11
Upgraded to UNICORN
Gelato (2007, Oslo, Undisclosed, Unattributed)
Tellef Thorleifsson, SEB, SoftBank Group Corp and 5
other Investors
Upgraded to MINICORN
Dune Analytics (2018, Oslo, $2.0M, Seed)
Redpoint Ventures, Multicoin Capital, Union Square
Ventures and 1 other Investors
Cavai (2018, Oslo, $9.0M, Series A)
Developer of conversational advertising solutions for
brands and agencies
FirstPartyCapital, Idekapital, Investinor and 1 other
Investors
PocketLaw (2000, Stockholm, $1.7M, Seed)
Cloud based law management software provider
Johan Andersson, Christoffer Norman, Susanna
Campbell and 3 other Investors
Equality Check (2018, Oslo, Undisclosed, Seed)
Online platform offering anonymous reviews about
workplace
Alliance Venture,Antler,Unconventional Venturesand
Invoier (2018, Stockholm, $4.8M, Series A)
Online lending platform for trade financing
European Unionand

12
Added to Editor's Pick
FOREO (2013, Stockholm, Unfunded)
Brand of grooming and makeup accessories
Grace.health (2017, Stockholm, $50.0K, Seed)
App for tracking women's health
Pluscap,Vostok New Ventures,Fast Track Malmoand
Revonte (2018, Tampere, $2.0M, Seed)
Developer of smart electric bicycles
Maki.vc,Butterfly Ventures,New Factoryand
Zliide (2015, Aarhus, $346K, Seed)
Omni-commerce shopping cart and self-checkout
software solutions
PreSeed Ventures, Nordic Eye, Seed Capital and 2 other
Investors
Alva Labs (2017, Stockholm, $1.2M, Seed)
AI-based psychometric assessment platform
Almi Invest,Johan Blomqvist,Quinary Investmentand
Klinik Healthcare Solutions (2013, Helsinki, $2.7M,
Series A)
AI-based decision support platform for healthcare
professionals
Pathena,Athensmed,Gorilla Capitaland
Proper (2019, Copenhagen, $4.6M, Seed)
Tech-first rental agency for commercial and residential
real estate properties
2150, Seed Capital, PreSeed Ventures and 5 other
Investors
Hack your closet (2019, , $440K, Seed)
Online platform offering pre-owned personalized
fashion apparel
Pale Blue Dot, J12 Ventures, Seedcamp and 1 other
Investors
Formulate (2015, Stockholm, Undisclosed, Seed)
AI-based in-store analytics solutions for offline retailers
Industrifonden,henQ,J12 Venturesand
Safeture (2009, Lund, Unfunded)
Online workplace safety management software for
enterprises
Tillit (2020, Oslo, $3.0M, Seed)
Provider of checkout solution for B2B businesses
Visionaries, Sequoia Capital, nFront Ventures and 2
other Investors
Depict.ai (2019, Stockholm, $150K, Seed)
Provider of AI-based product recommendation
platform for businesses
EQT Ventures, Initialized Capital, Northzone and 4 other
Investors

13
Betolar (2013, Kannonkoski, $2.4M, Seed)
Provider of geopolymer-based low carbon construction
materials
Valve Ventures,Voima Ventures,Taaleriand
Globus (2017, Oslo, $1.2M, Seed)
Provider of an AI and SaaS based staffing and
recruitment management solutions for healthcare
industry
StartupLab,Norway Health Techand
Briqpay (2020, Bromma, $731K, Seed)
Provider of B2B software solutions to manage sales
Christian Leone, Charlie Chanaratsopon, Fredrik Hjelm
and 3 other Investors
InfoTiles (2016, Stavanger, $1.6M, PE)
Data solutions for enterprises
Lyse,ProVenture Managementand
Elton (2021, Oslo, Unfunded)
App-based platform to find nearby electric vehicle
charging stations
Arcane (2019, Oslo, Unfunded)
Financial solutions for Bitcoin and digital assets
Tjuvholmen Groupand
CO2HERO (2019, Copenhagen, Unfunded)
Provider of solutions to calculate and offset the carbon
footprint
Laakkeeni (2014, Turku, Unfunded)
Digital drug database and learning tool for healthcare
providers
LeaseCloud (2017, Stockholm, $1.7M, Seed)
Provider of digital leasing for e-commerce
Spintop Venturesand
Profoto (1995, Sundbyberg, Unfunded)
App-controlled photography lighting products provider
VENZO Secure (2015, Copenhagen, Unfunded)
Provider of AI and cloud-based integrated video
analytics systems
On-Time (2013, Jyvaskyla, Unfunded)
Provider of omnichannel customer engagement
platform
Founders' Edgeand

14
AWM Network (2014, Copenhagen, Unfunded)
Provider of customer acquisition platform
RO-Buddy (2017, Viby, Unfunded)
Provider of an arm-based welding robot system
Nornir (2006, Oslo, Unfunded)
Provider of IoT development kits
Ariadna Tech (2013, Lahti, Unfunded)
Provider of a GPS-based underwater navigation
solution
UPM Formi (2012, Lahti, Unfunded)
Manufacturer of cellulose fibre-based biocomposites
Intect (2015, Herlev, Unfunded)
Payroll management system for enterprises
Nutracheck (2021, Unfunded)
Mobile-based app for counting calories & tracking
nutritional intake
Smart Diet Planner (2021, Reykjavik, Unfunded)
AI-assisted nutritional planning & diet management
app for the users
BAUX AB (2013, Stockholm, Unfunded)
Manufacturer of acoustic products

IPO Date Company IPO Mcap Exchange Ticker
25 Aug 2021
Acast (2014, Stockholm, $84.6M)
App based podcast aggregator
LON:0A9Z
IPOs
List of IPOs in Nordics Tech in August 2021
Nordics Tech: IPOs
15

Acquisitions (1/2)
List of Acquisitions in Nordics Tech in August 2021
Nordics Tech: Acquisitions
16
Acq. Date Company Acquirer Deal Size
02 Aug 2021
Futureplay Games(2015, Helsinki, $2.9M)
Mobile game development studio
Plarium
02 Aug 2021
Coinify(2014, Copenhagen, $17.0M)
Crypto-based payment solution for consumers and businesses
Voyager $85.0M
03 Aug 2021
SellmerDiers(2017, Aarhus)
Online platform for donor management
Medicover $16.3M
05 Aug 2021
Slipgate Studios(2010, Aalborg)
Independent game development studio
Saber Interactive
05 Aug 2021
Easy Trigger Games(2016, Trollhattan)
Developer of casual video games
Coffee Stain Studios
05 Aug 2021
Ghost Ship Games(2016, Copenhagen, $0.1M)
Core game developer based in Denmark
Coffee Stain Studios
10 Aug 2021
Printix(2014, Herlev)
Cloud-based print management platform
Kofax
11 Aug 2021
GeoGuessr(2013, Stockholm)
Online game-based platform to explore tourist attractions
Gemini
12 Aug 2021
NodeGraph(2016, Gothenburg)
Cloud-based data intelligence and decision support platform
QlikTech
16 Aug 2021
eSite(2019, Espoo)
Provider of a virtual reality solution for construction applications
Dovre Group

Acquisitions (2/2)
List of Acquisitions in Nordics Tech in August 2021
Nordics Tech: Acquisitions
17
Acq. Date Company Acquirer Deal Size
16 Aug 2021
Galleon Embedded Computing(2009, Oslo)
NAS devices, data recorder systems, and servers
16 Aug 2021
Umbraco(2002, Odense, $0.3M)
Content management platform
Monterro
18 Aug 2021
Allabolag.se(2008, Stockholm)
Cloud-based platform for private market data
John Mattson
24 Aug 2021
Abios(2013, Stockholm)
Sweden based video aggregator platform for eSports tournaments
Kambi $30.9M

Recent News (1/2)
Recent News in Nordics Tech in August 2021
Nordics Tech:News
18
Exit News
.
● Angry Birds' maker Rovio plans IPO to spur growth, M&A Reuters
.
● Swedish autopilot technology company Veoneer: will start merger talks with
Qualcomm 36Kr
.
● Magna Buys ADAS Supplier Veoneer For $3.8 Billion Carandbike
.
● Klarna acquires Stockholm’s influencer marketing platform APPRL as social
shopping surges Silicon Canals
.
● Broadridge Acquires Innovative Post-trade Solutions Business Financial IT
.
● Qlik Acquires Nodegraph To Enhance End-to-end Analytics Data Pipelines With
Interactive Data Lineage And Drive... GlobeNewswire
.
● Israel’s Simbionix Sold for $305 Million Jewish Business News
.
● Embracer enters into an agreement to acquire CrazyLabs PR Newswire
.
People News
.
● deWiz chooses Laszlo Varga as Chief Executive Officer Business Wire
.
● Niclas Södergård new Managing Director of Bank of Åland Plc’s subsidiary
Crosskey Banking Solutions Ab Ltd GlobeNewswire
.
● Saxo Strengthens Communications and Marketing Functions with Two London
Hires Finance Magnates
● Truecaller hires Xiaomi veteran in key role IOL
.
● Saxo Bank Selects Camilla Dahl Hansen as Chief Saxo Experience Officer Finance
Magnates
.
● Tomra names Tove Andersen chief executive Plastics in Packaging
.
● SimCorp appoints new CEO Institutional Asset Manager
.
● Vamp appoints new CEO to lead it through "next phase" AdNews
.
Company News
.
● Swedish Internet Vikings Launches Into The U.s. With Igaming Hosting In West
Virginia HostingJournalist
.
● Occlutech Receives Major Conditional Approval from FDA for PFO Study
(OCCLUFLEX) in the United States PR Newswire
.
● Klarna launches in Poland Ecommerce News
.
● Finland's Most Popular Math Learning Platform Eduten Launched in India
newsvoir.com

Recent News (2/2)
Recent News in Nordics Tech in August 2021
Nordics Tech:News
19
● International music streaming app Moodagent enters India BestMediaInfo
.
● EV charging app Monta expands into UK to boost chargepoint availability Current
News
.
● Calliditas Receives FDA Fast Track Designation for setanaxib in PBC PR Newswire
.
Regulatory News
.
● Norway still considering to intervene against DNB’s acquisition of Sbanken
poandpo.com

Explore more on Tracxn
Explore more about Nordics Tech on Tracxn Platform
Nordics Tech: Explore more on Tracxn Platform
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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 Tradeshift
Competitors of Epidemic Sound
Cap Tables of Lunar
Investment Activity
Recent Investments
Investment Trend of last 10 years
Mega Investments Rounds
Investors
Most Active Investors
Most Active Angel Investors
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Exits
IPO'd Companies
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News & Events
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Tracxn - Monthly Report - Nordics Tech - August 2021

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Tracxn - Monthly Report - Nordics Tech - August 2021