As of today, Nordic startups have raised more this year than they did in the whole of 2014

This afternoon, it was revealed that Swedish startup Cloapp had raised an additional $600,000 from IMOG Investment to bring their seed round to $900,000.

Regular readers will know that we don't really focus on individual funding announcements, so why mention this one? Well, Cloapp's round means that Nordic startups have now raised $847.1M  already this year, surpassing the whole of the amount raised in 2014 ($846.44M), despite it only being the 4th of June.

Spotify's $350M round has obviously played a major part in this, but even as early as Q1, before Spotify's round, we were well on the way to seeing Nordic startups raising around $1.5B in 2015, more than double 2014, with 8 of the 10 largest rounds this year occurring in Q1.

So, other than Spotify, who have played the biggest part in Nordic startups raising close to $1B before we're even halfway through the year?

The Top 10 biggest rounds of 2015

Spotify's round is such an outlier that it's easy to put 2015's strong fundraising performance simply down to the $350M mega round. However, if you remove Spotify from the equation, then the performance of 2015 is still significantly stronger than 2014's.

In fact, the average round size in 2015 easily clears 2014's, with an average of $6.05M compared to $4.67M even without Spotify. And projecting from 83 Nordic startups raising money in the first five months of the year would mean around 199 Nordic startups would raise money this year, compared to 181 in 2014. 

It's now certain that 2015 will be the first year Nordic startups have raised more than $1B in a calendar year, with the current projection around $1.5B, and provides further evidence to my prediction that the Nordics will attract more venture capital than London within three years as we see more and more VC firms setting their sights on the Nordics


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