Nordic Venture Capital report 2018

Oct 22, 2018 | Publisher: Techcelerate Ventures | Category: Finance |  | Collection: Investments | Views: 11 | Likes: 1

Nordic Venture Capital report by Dealroom.co for 24 - 25 September 2018 1 Brought to you by... Global database providing business intelligence about promising companies and venture capital investment trends Dealroom's clients include world-leading Silicon Valley firms, VC and buyout firms, multinationals and governments Dealroom data has been featured in The Economist, The New York Times, The Financial Times, the BBC, Bloomberg, CNBC and other renowned publications Dealroom's software, database and bespoke research help to stay at the forefront of innovation and identify growth & strategic opportunities TechBBQ is a two-day international tech-startup summit by and for the startup community Every year a dedicated team works tirelessly to link entrepreneurs with the world, providing startup ecosystems with cutting edge insights, business opportunities and network In 2017 the summit outgrew itself for the fourth year in a row. More than 4000 local and international heroic startups and scaleups, tech talents, innovative minds, visionary corporates, prominent investors and pioneering speakers participated Key insights (1/2) 3 The Nordic region has rapidly emerged as top-tier tech hub in Europe Twelve unicorns created, with a combined value of $69 billion; ranking 3rd in Europe by this metric By venture capital investment, the region is Europe's fourth a top-tier hub alongside the UK, Germany and France The region is #1 in Europe by venture capital invested per capita The Nordics: top-tier European tech hub Denmark: on track for a record year in 2018 Copenhagen is the Nordics second largest tech hub by number of venture rounds since 2012 In Denmark, 2018 is on track to be a record year in terms of venture capital investment The previous record was 2015 but 2018 is more distributed among medium sized deals Key insights (2/2) 4 Relative to Europe, the Nordics are strong in Gaming, Energy, Telecom and slightly underweighted Deep Tech Denmark's strengths relative to Europe are in SaaS, Gaming, Biotech, Marketing, Food Tech In recent years, Denmark has strongly caught up in Deep Tech investments (as share of total investment activity) Denmark: strong in SaaS, Food Tech, Deep Tech International investment in Danish startups increasing International investment in Danish startups is increasing from 30% to 60% of total Cross-border investment within Nordics is limited Corporate involvement in the Nordics (incl. Denmark) has been lagging, but is catching up with the rest of Europe Denmark benefits from a highly active angel investor community Scope and methodology Source: Dealroom.co 5 Scope Data methodology This report covers companies in Europe & Israel with a focus on the Nordic region (Sweden, Norway, Finland, Iceland, Denmark) and Denmark Company location is generally based on today's HQ. For high profile companies the country of origin is also taken into account For many charts the most recent calendar year 2017 was chosen, but longer time periods are shown for some charts Investment refers to venture capital investment rounds and excludes debt, lending capital, grants and ICOs Secondary rounds, buyouts, M&A and IPOs are treated as exit transactions (excluded from funding data, but included in exit data) Much of the data used in this report is freely accessible via Dealroom.co For more information please contact support@dealroom.co Dealroom's proprietary database and software aggregate data from multiple sources Data is verified and curated with an extensive manual process, augmented by data processing News-flow Web scraping Data feeds Contributors Dealroom database Data aggregation Insights publishing Processing (AI & data science) SaaS & API Custom research Partnerships 1. The rise of Nordic tech 2. The Danish tech ecosystem 3. Industry focus relative to Europe 4. Sources of capital and cross-border flows Additional information Contents 1 2 3 5 8 10 11 12 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 The Nordics have created twelve unicorns since the early 2000s, with a combined value of $69 billion 7 Source: Dealroom.co. Note: year of becoming a unicorn. The Nordics have created some of Europe's most valuable companies; strong pipeline of promising potential unicorns 8 Sweden Denmark Norway Finland $25B $10B $5B $2B $1B $500M $250M Source: Dealroom.co. $372 $250 $126 $122 $114 $88 $78 $67 $60 $60 $58 $56 $42 $37 $36 $36 $20 $18 $5 $2 $0 Israel USA Ireland Sweden United Kingdom Finland Denmark Iceland France Germany Portugal Norway Belgium Netherlands Europe (excl. Israel) Spain Austria Asia Italy Russia Turkey With 6 million people, startup investment per capital is 2x higher in Denmark versus the European average 9 Source: Dealroom.co. Venture capital investment per capita (based on 2018E) 6M 5M 10M 6M 27M = combined population of Nordics 65M 67M 47M 82M 61M 150M 79M 5M 17M 0.3M The Nordics rapidly emerged alongside France as major European tech hub, after the UK and Germany 10 Source: Dealroom.co. Note: 2018E is based on Jan-August data, annualized by multiplying with 12/8 = 1.5x. The number of rounds in Germany is significantly lower due to different market dynamics: typically larger seed rounds and a more informal pre-seed landscape with far less reporting disclosure. $ 1.8B $ 3.0B $ 4.9B $ 4.5B $ 8.0B $ 7.4B $ 1.0B $ 2.3B $ 3.2B $ 2.1B $ 3.3B $ 4.9B $ 0.8B $ 1.1B $ 1.9B $ 2.8B $ 2.8B $ 4.0B $ 1.0B $ 1.2B $ 2.2B $ 2.2B $ 2.3B $ 2.5B 200 400 600 800 1,000 1,200 $ 2.0B $ 4.0B $ 6.0B $ 8.0B $ 10.0B 2013 2014 2015 2016 2017 2018E 2013 2014 2015 2016 2017 2018E 2013 2014 2015 2016 2017 2018E 2013 2014 2015 2016 2017 2018E United Kingdom Germany France Nordics Investment ($M) Number of rounds Partially driven by record fundraising by Nordic venture capital funds 11 INVESTOR LAST FUND SIZE STAGE FOCUS LOCATION EQT Ventures Data-driven multi-stage venture capital fund 566M May 2016 Series A, B, C Stockholm Northzone European VC focused on tech companies 350M Sep 2016 Series A, B, Early VC Stockholm Verdane Capital Active in the consumer internet, software, energy and advanced industrial sectors 295M Mar 2018 Multi-stage Oslo Equinor international energy company with operations in 37 countries $ 200M Feb 2016 Series B Stavanger Creandum Backing the companies of tomorrow 180M Feb 2016 Series A Hellerup Via Venture Premier Private Equity Partner for Ambitious Northern European Companies $ 150M July 2016 Education, Health Stockholm Inventure Leading early-stage venture capital company in the Nordics and Baltics 136M July 2016 Seed, Series A, B Helsinki Monterro Investing in and developing software companies 112M July 2016 Early VC, Buyouts Stockholm Sunstone Subsidiary of Almi Group 112M Nov 2017 Seed, Series A, B Stockholm Seed Capital Venture capital fund investing in medical and other technology companies 110M May 2016 Seed, Series A Kongens Lyngby Source: Dealroom.co. 1. The rise of Nordic tech 2. The Danish tech ecosystem 3. Industry focus relative to Europe 4. Sources of capital and cross-border flows Additional information Contents 1,191 420 340 181 132 116 63 58 50 49 43 43 41 36 29 23 23 21 15 14 14 14 13 13 12 9 9 8 5 Stockholm Copenhagen Helsinki Oslo Malm Gothenburg Aarhus Lund Espoo Reykjavik Linkping Tampere Oulu Uppsala Ume Helsingfors Bergen Odense Turku Helsingborg Solna Vsters Trondheim Frederiksberg Lule Jnkping Aalborg Goteburg Karlstad Copenhagen is the second largest tech hub in the Nordics by number of venture rounds since 2012 Venture capital rounds in since 2012 13 "After punching above its weight for a decade and producing billion dollar company after billion dollar company, VCs from around the world have truly clocked on to the Nordic opportunity in the last few years. When you consider some of the region's biggest tech successes are only just beginning to exit now, meaning a generation of early employees will be starting their own companies, I don't expect the investments to be slowing down anytime soon" Neil Murray Founder of The Nordic Web Ventures Source: Dealroom.co. $ 269M 2015: $ 456M $ 300M $ 100M $ 200M $ 300M $ 400M $ 500M Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2015 2016 2017 2018 In Denmark, 2018 is on track to match/surpass 2015, the previous record (which was driven by a few big rounds) 14 Source: Dealroom.co. Venture capital investment in Denmark ($ M) LARGEST ROUNDS OF 2018 INDUSTRY ROUND 2018 NMD Pharma Molecule drug discovery company Health 38.0M SERIES A March Planday Workforce scheduling solution Enterprise software 35.0M SERIES C August Area9 Personalized, adaptive online learning modules Education $ 30.0M LATE VC January Peakon Measures and evaluates employees' engagement and satisfaction Jobs recruitment $ 22.0M LATE VC February Vivino The wine app Food $ 20.0M SERIES C February Blackwood Seven Predictive media analytics Marketing; Enterprise software 16.8M GROWTH EQUITY May Templafy Easy way for companies to manage their templates Enterprise software $ 17.2M SERIES B February OnRobot Manufactures easy to program robotic equipment Robotics $ 15.6M GROWTH EQUITY July Pleo Employee spending management solution Fintech 13.0M SERIES A May $ 21M $ 49M $ 67M $ 97M $ 95M $ 139M $ 66M $ 43M $ 164M $ 80M $ 63M $ 145M $ 85M $ 107M $ 225M $ 64M $ 74M $ 165M $ 172M $ 198M $ 456M $ 241M $ 232M $ 449M $ 100M $ 200M $ 300M $ 400M $ 500M 2013 2014 2015 2016 2017 2018E All other rounds Top 10 largest rounds Top 3 largest rounds The previous record, 2015 was more driven by a handful of big rounds, whereas 2018 is more distributed 15 Symphogen (41M) Vitrolife ($20M) Unisense FertiliTech ($20M) Ascendis Pharma ($60M) Trustpilot ($25M) Minervax ($22M) Symphogen (68M) Trustpilot ($74M) Neas Energy (DKK 500M) Vivino ($25M) Samlino (20M) MBL A/S (15M) ViaBill (40M) Orphazyme (14M) LogPoint (14M) NMD Pharma (38M) Planday (35M) Area9 ($30M Venture capital investment in Denmark (in $ millions) Source: Dealroom.co. Note: 2018E is based on Jan-August data, annualized by multiplying with 12/8 = 1.5x. Sharp rise of rounds in 2015 and 2016 was driven mostly by early stage rounds below $2 million (also in France) 16 Rounds above $2M in size Annual number of venture rounds 100 200 300 400 500 2013 2014 2015 2016 2017 United Kingdom France Germany Nordics 200 400 600 800 1,000 1,200 2013 2014 2015 2016 2017 2018E United Kingdom France Germany Nordics Source: Dealroom.co. Note: 2018E is based on Jan-August data, annualized by multiplying with 12/8 = 1.5x. The number of rounds in Germany is significantly lower due to different market dynamics: typically larger seed rounds and a more informal pre-seed landscape with far less reporting disclosure. Round sizes in Denmark are catching up to the rest of Europe and the Nordics 17 Source: Dealroom.co. $ 0.8M $ 0.8M $ 0.6M $ 0.0M $ 0.2M $ 0.4M $ 0.6M $ 0.8M $ 1.0M 2015 2016 2017 2018 Denmark Europe Nordics (excl. Denmark) $ 10.1M $ 5.9M $ 5.8M $ 0.0M $ 2.0M $ 4.0M $ 6.0M $ 8.0M $ 10.0M $ 12.0M 2015 2016 2017 2018 Denmark Europe Nordics (excl. Denmark) $ 12.2M $ 15.0M $ 18.0M 0 2 4 6 8 10 12 14 16 18 20 2015 2016 2017 2018 Denmark Europe Nordics (excl. Denmark) Seed round sizes (median) Series A round sizes (median) Series B round sizes (median) 1. The rise of Nordic tech 2. The Danish tech ecosystem 3. Industry focus relative to Europe 4. Sources of capital and cross-border flows Additional information Contents Nordics are strong in Gaming, Energy, Telecom and slightly underweighted Deep Tech, relative to Europe 19 Source: Dealroom.co Note: based on 2016 - August 2018. $B amount invested in Europe 2016-2018 $B amount invested in Nordics 2016-2018 By industry vertical Business model By keyword 21% 19% 18% 11% 9% 6% 6% 6% 6% 5% 5% 4% 3% 3% 2% 2% 2% 35% 23% 19% 13% 8% 24% 14% 5% 2% 2% 19% 16% 14% 10% 7% 5% 4% 3% 8% 5% 1% 4% 6% 8% 2% 3% 1% 29% 20% 11% 12% 5% 17% 7% 4% 2% 1% 21% 19% 18% 11% 9% 6% 6% 6% 6% 5% 5% 4% 3% 3% 2% 2% 2% 35% 23% 19% 13% 8% 24% 14% 5% 2% 2% 20% 28% 19% 16% 4% 13% 7% 2% 3% 10% 2% 0% 0% 5% 1% 0% 3% 16% 16% 13% 4% 18% 10% 1% 2% 2% Denmark's strengths relative to Europe are in SaaS, Gaming, Biotech, Marketing, Food Tech 20 Source: Dealroom.co Note: based on 2016-2018. $B amount invested in Europe 2016-2018 $B amount invested in Denmark 2016-2018 By industry vertical Business model By keyword Denmark is relatively strong in Gaming and Food Tech 21 Source: Dealroom.co. 1% 2% 3% 4% 5% 6% 7% 8% 2015 2016 2017 2018 Denmark Nordics Europe Gaming SELECTED GAMING COMPANIES DATE ROUND RFRSH Entertainment eSports media marketing strategies Jun 2017 7.2 m EARLY VC Reto-Moto Innovative online entertainment software Dec 2017 $ 5.0 m EARLY VC Flashbulb Games Small startup studio with big ambitions Jan 2017 1.3 m EARLY VC Fantastic, yes Mobile gaming studio Jan 2018 1.0 m SEED Triband Cultural trends on gaming industry Jun 2016 DKK 3.0 m SEED Food Tech SELECTED FOOD TECH COMPANIES DATE ROUND Simple Feast Online cookbook platform Aug 2018 $ 12.0 m EARLY VC OrderYoyo Restaurant ordering system Apr 2018 5.4 m SERIES A Too Good To Go Food waste reduction Jul 2018 $ 4.7 m EARLY VC Winefamily A digital wine club Jun 2018 $ 3.2 m - Chabber Temporary employment Mar 2018 DKK 1.0 m EARLY VC 2% 4% 6% 8% 10% 12% 14% 42% 44% 50% Denmark Nordics Europe Food tech rounds as % of total rounds per region Gaming rounds as % of total rounds per region 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 2015 2016 2017 2018 Denmark Nordics Europe Denmark is rapidly catching up on Deep Tech and remains strong in Biotech 22 Source: Dealroom.co. 5% 10% 15% 20% 25% 30% 35% 2015 2016 2017 2018 Denmark Nordics Europe Deep Tech DEEP TECH COMPANIES DATE ROUND Coinify Digital currencies solutions Jan 2018 $ 4.8 m SERIES A Undo AI-driven insurance May 2018 DKK 25.0 m EARLY VC 2021.AI Next generation AI platform Mar 2018 $ 3.0 m SEED Forecast Resource and project management Mar 2018 $ 2.9 m SEED First Agenda Meeting software Jan 2018 DKK 18.0 m EARLY VC Deep tech rounds as % of total per region Biotech Biotech tech rounds as % of total per region SELECTED BIOTECH COMPANIES DATE ROUND Symphogen Develops antibodies for cancer treatments Oct 2015 67.5 m CONVERTIBLE NMD Pharma Molecule drug discovery company Mar 2018 38.0M SERIES A Orphazyme Treatment of rare and genetic diseases Jan 2017 14.0 m LATE VC RSP Systems Blood glucose monitoring Jun 2018 6.5 m SERIES B Acesion Pharma Treatment of atrial fibrillation Jan 2016 $ 6.0 m EARLY VC Selected Marketplaces and Software 23 Source: Dealroom.co. Software SELECTED SAAS COMPANIES DATE ROUND Planday Workforce scheduling solution Aug 2018 35.0 m SERIES C Peakon Measures and evaluates employees' engagement and satisfaction Feb 2018 $ 22.0 m LATE VC Blackwood Seven Predictive media analytics May 2018 16.8 m GROWTH EQUITY Templafy Easy way for companies to manage their templates Feb 2018 $ 17.2 m SERIES B Cardlay Card and expenses management Jan 2018 $ 5.0 m EARLY VC Marketplaces 10% 20% 30% 40% 50% 60% 2015 2016 2017 2018 Denmark Nordics Europe SELECTED MARKETPLACES DATE ROUND Vivino The wine app Jan 2016 $ 25.0 m SERIES B Samlino Vi sammenligner, du sparer! Aug 2016 20.0 m LATE VC Winefamily A digital wine club Jun 2018 $ 3.2 m - Boatflex Boat rental platform Mar 2017 700 k SEED The 2nd Edit Marketplace for pre-owned luxury and designer fashion Jul 2017 300 k EARLY VC 5% 10% 15% 20% 25% 2015 2016 2017 2018 Denmark Nordics Europe Marketplaces rounds as % of total per region Software rounds as % of total per region 1. The rise of Nordic tech 2. The Danish tech ecosystem 3. Industry focus relative to Europe 4. Sources of capital and cross-border flows Additional information Contents Over 50% of investments into Danish startups are now coming from international investors Source: Dealroom.co. 25 Number of investments into Denmark by source INVESTOR LOCATION DANISH INVESTMENTS Balderton Capital London Simple Feast, Peakon, Vivino, Opbeat Index Ventures London Autobutler, Egalet, Trustpilot Y Combinator Mountain View Peergrade, Soundbox Eurostart SME Programme Belgium Powerweave, Combat Stroke, Seaborg Technologies Impact Accelarator Madrid Familio, Absolute Zero, Freesense Aps, Sentio Simulations Seier Capital Switzerland Nustay, Saxo Bank Summit Partners Boston OnRobot, Siteimprove, Welltec International Dawn Capital London Templafy, Miinto, Autobutler 50 54 65 65 72 87 112 134 2014 2015 2016 2017 Denmark Nordics Europe USA = cross border investments = domestic investments (2016-2018) Cross-border investment within Nordics is limited. Sweden is the biggest cross-border contributor Source: Dealroom.co 26 37 15 22 22 27 20 2 3 3 3 7 2 x 281 109 734 163 x Sources: investors from Sweden Denmark Norway Finland Sweden 163 22 3 3 Denmark 22 734 20 37 Norway 2 27 109 2 Finland 3 15 7 281 Uses: companies from Corporate involvement has been lagging, but is catching up with the rest of Europe Source: Dealroom.co. 27 5% 10% 15% 20% 25% 30% 2014 2015 2016 2017 2018 Denmark Europe Nordics NAME CORPRORATE ROUND DATE INDUSTRY NMD Pharma Help Type 1 diabetes Roche Venture Fund 38.0 m SERIES A Mar 2018 Health IO biotech Disruptive immune therapies for cancer Novo Nordisk 11.0 m SERIES A Jan 2016 Health GoMore Ride-sharing and car rental services Macif 5.0 m EARLY VC Jul 2017 Travel, Transportation Lunar Way Digital banking for millennials Nykredit 4.5 m EARLY VC May 2017 Fintech Hungry Group Online food ordering network Delivery Hero 3.9 m EARLY VC Mar 2017 Food Spiir Budget management Danske Bank 3.3 m LATE VC May 2018 Fintech GenieBelt Construction industry software Solar 2.0 m ERLY VC Sep 2016 Enterprise Software Washa Clean clothes delivery Berndsen 400 k SEED Jan 2017 Home Corporate investment as % of total investment ($) Selected corporate investors in the Nordics Source: Dealroom.co. 28 CORPORATE NOTABLE INVESTMENTS ACTIVITY CITY MARKET CAP (1) PREFERRED ROUND Schibsted Organized in Online Classifieds, media houses and Schibsted Growth Bynk, Compricer AB, MB Diffusion Oslo $ 65.9 B Acquisition Kinnevik Pre-eminent European internet investor Rocket Internet, Zalando, Dafiti, Global Fashion Group, Quikr, Betterment, Livongo Health, Linio Stockholm $ 79.6 B SERIES C Nokia Hardware Manufacturer (Mobile Phones) OboPay, WiThings, Space-Time Insight, Skyhook Espoo $29.5 B Acquisition Ericsson Provider of technology and services to telecom operators Mirantis, Menlo Security, Envivio, Skorpios Technologies Stockholm $ 26 B Series B H&M Retail-clothing company Wrapp, Sellpy, Ivyrevel, PinMeTo Stockholm Sek 213 B Early VC Lundbeck Global pharmaceutical company Benevolent AI, Prexton Therapeutics, Naurex, Proximagen Copenhagen $75 B Late VC Nordea Bank Banking, asset solutions and insurance R3, TactoTek, Tink, Wrapp Stockholm $ 35.9 B VC Novo Ventures Investing in life science companies at all stages Harmony Biosciences, Procept BioRobotics, Merus, Crispr Therapeutics Bagsvaerd (DK) SERIES B Swedish Energy Agency Government agency for national energy policy issues NorthVolt, Sol Voltaics, PowerCell Sweden Eskilstuna Early VC Handelsbanken Swedish bank providing universal banking services Crunchfish, Frisq, MyFc. Greather Than, Storytel Stockholm $ 24 B Early VC Ikea Designs and sells ready-to-assemble furniture AeroFarms, Aledia, TaskRabbit, Matsmart Skane County No preference Pontos Group Private Equity Investments and Real Estate Development Hintsa Performance, Blueprint Genetics Helsinki No preference Scania Corporate venture capital fund Sennder, Swed-Weld Sdertalje (Sweden) Early VC Bonnier Helping decision makers in various industries Swiftr, Dorunner, Auranest Stockholm Early VC Denmark has a highly active angel investor community Source: Dealroom.co. 29 NAME ANGEL INVESTOR ROUND Labster Life science education with VR David Helgason $ 10.0 m SERIES A Lix Technologies Online textbooks Tommy Ahlers; Anders Holch Povlsen; David Helgason $ 5.4 m SERIES A Tattoodo Tattoo designs marketplace Nikolaj Coster-Waldau; Christian Stadil; Daniel Agger; Jan Bech Andersen $ 4.9 m EARLY VC Tonsser Football social platform Arthur Kosten 2.5 m SERIES A Conferize Social space for conferences Lars Kolind; Allan Sgaard Larsen 2.2 m EARLY VC Veo.co Recording and steaming solutions David Fellah; Per Zachariassen; Henrik Hancke; Kasper Wedendahl 2.0 m SEED Nordsense Smart waste system Peter Jensen; Henrik Rosendahl; Juha Christensen; Klaus Oestermann $ 2.1 m SEED Dixa Cloud-based customer service platform Preben Damgaard DKK 11.0 m EARLY VC Angel investments as % of total investments (#) 5% 10% 15% 20% 25% 30% 35% 40% 2014 2015 2016 2017 2018 Denmark Europe Nordics Selected top angel investors in Nordics Source: Dealroom.co. 30 ANGEL INVESTOR NOTABLE INVESTMENTS Industry Focus LOCATION Country Focus Niklas Zennstrm Co-founder of Skype and founder of Atomico Skype, Rovio, MessageBird Telecom, Enterprise Software London UK/Sweden Anil Hansjee Investor and Corporate Innovation Leader, digital media and fintech industries Zattikka, Fon, Booking Bug Enterprise Software, Gaming Stockholm UK Jonas Nordlander Internet Entrepreneur Klarna, Lendify, Apotea.se Fintech, Food Stockholm Sweden Tommy Ahlers Minister for Higher Education and Science Peakon, Drivr, Lix Technologies Enterprise Software Copenhagen Denmark Mattias Weinhandl Hockey star and Angel investor Betalo, Linkura, MediCheck AB Health Linkping Sweden Morten Lund founded or co-invested in more than 100 high-tech start ups in the last 15 years Okast, Itembase Enterprise Software Copenhagen USA Sophia Bendz Executive in Residence at Atomico DigiExam, Karma, Bokio Education, Health Stockholm Sweden Risto Siilasma Chairman of the board of Nokia Blyk, Small Giant Games, Eneva Gaming, Security Espoo Finland Ilkka Paananen Serial entrepreneur & CEO of Supercell GoEuro, Wolt, Grand Cru Gaming Helsinki Finland Victor Henning Angel investor, advisor, or board member at several hardware and education startups AirDog, CareerFoundry, Vayu No preference Oslo USA Sebastian Siemiatkowski Chairman of the board of Nokia Klarna, GoEuro, BudBee Fintech, Transportation Stockholm Sweden David Helgason Co-founder of Nordic Makers VC and CEO of Unity Technologies Bitmovin, Labster, Teatime Gaming, Education, Media Copenhagen Nordics 1. The rise of Nordic tech 2. The Danish tech ecosystem 3. Industry focus relative to Europe 4. Sources of capital and cross-border flows Additional information Contents The largest Nordic rounds in 2018 so far Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 32 NAME INVESTORS INDUSTRY LOCATION LAST ROUND VALUATION HMD Global Markets mobile phones under the Nokia brand Foxconn Technology Group, Ginko Ventures, DMJ Asia Investment Opportunity Telecom Finland $ 100 m Late VC $ 400 m - $ 600 m Kry Connects patients with doctors for video consultations Accel Partners, Creandum, Index Ventures, Project A Ventures Health Sweden $ 66 m Series B $ 264 m - $ 396 m NA-KD E-commerce shop for women's clothes Northzone, Partech, Eequity, FJ Labs Fashion Sweden $ 45 m Series B $ 180 m - $ 270 m NMD Pharma Online insurance for entrepreneurs and SMEs Novo Ventures, INKEF Capital, Lundbeckfonden Ventures, Roche Venture Fund Health Denmark 38 m Series A 152 m - 228 m Small Giant Games Independent game developer Creandum, PROfounders Capital, EQT Ventures, Spintop Ventures Gaming Finland $ 41 m Series B $ 164 m - $ 246 m Iceye Develops micro-satellites used to capture images from space Draper Esprit, Promus Ventures, Draper Associates, Draper Nexus, Seraphim Capital, Tesi, Space Angels Media Finland $ 34 m Series B $ 136 m - $ 204 m Qapital Transforms money saving to a fun and rewarding task SEB Pension och Frskring AB, Swedbank Robur, Norron, Athanase Fintech Sweden SEK 250 m Early VC SEK 1 b - SEK 2 b Area9 Personalized, adaptive online learning modules for schoolchildren, students, and professionals Danish Growth Fund Education Denmark $ 30 m Late VC $ 120 m - $ 180 m DBT Capital Corporate loans to expansive small and medium-sized companies stersjstiftelsen Fintech Sweden SEK 200 m Early VC SEK 800 m - SEK 1 b TactoTek Injection-Molded Structural Electronics Conor Venture Partners, Faurecia, Ascend Capital Partners, Nanogate, Plastic Omnium Semiconductor Finland $ 23 m Series B $ 92 m - $ 138 m The largest Nordic tech exits & acquisitions in 2017- 2018 so far Source: Dealroom.co NAME ACQUIROR SELLER VC BACKED INDUSTRY LOCATION ROUND Bambora Sweden's largest payments company Ingenico Group Fintech Stockholm Sweden 1.5b ACQUISITION Trustly Payments system for online shops Nordic Capital Azrieli Group Bank Leumi Fintech Stockholm Sweden $ 866 m ACQUISITION Basefarm Specialises in operational and IT-related services on the net Orange Enterprise Software Oslo Norway 350 m ACQUISITION Banking Circle Enabling global payments and settlements EQT Partners Saxo Bank Fintech Hellerup Denmark $ 300 m ACQUISITION Abax Developer and supplier of car logbooks Investcorp Internet of Things Larvik Norway $ 165 m ACQUISITION Avalanche Studios Video games developer Nordisk Film Games Martin Walfisz Egmont Gaming Stockholm Sweden 115 m ACQUISITION Happy Socks Manufacturer and retailer of socks and underwear Palamon Capital Partners Fashion Stockholm Sweden $ 85.4 m ACQUISITION Sneakersnstuff Sneakers web shop FSN Capital Fashion Stockholm Sweden 50 m ACQUISITION Trade Extensions Software provider for strategic sourcing and optimization projects Coupa Software Enterprise Software Uppsala Sweden 41 m ACQUISITION Movimento Group Network tools for vehicle knowledge management Delphi Industrifonden, Eqvitec, Verdane Capital Transportation Gothenburg Sweden $ 40 m ACQUISITION 33 Premium Access | Custom Research | Ecosystem Solutions | API yoram@dealroom.co Identify promising companies before everyone else does

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The Nordic region has rapidly emerged as top-tier tech hub in Europe ■ Twelve unicorns created, with a combined value of $69 billion; ranking 3 rd in Europe by this metric ■ By venture capital investment, the region is Europe’s fourth a top-tier hub alongside the UK, Germany and France ■ The region is #1 in Europe by venture capital invested per capita

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