Highlighting September's most significant investment, exit and story

With our Q3 funding analyses dominating proceedings on The Nordic Web so far throughout October, we take a break from crunching numbers in order to (finally) reflect on the most significant investment, exit and story from September. 


The Investment

Norwegian EdTech startup Kahoot! raise $10 million as Microsoft come onboard

Image via Shifter.no, photo by Per-Ivar Nikolaisen

Image via Shifter.no, photo by Per-Ivar Nikolaisen


Long the darling of the Norwegian startup scene, Kahoot! announced a new funding round including Microsoft Ventures as a new investor alongside Northzone and Creandum. Disregarding the benefits of the money itself, Microsoft coming on board is also a great strategic fit for the company, as they are both experienced and passionate about the EdTech space, providing Kahoot! with a powerful ally on their mission of making it fun to learn.

More impressive than the investment announcement was the fact that they simultaneously revealed they had reached 33 million unique active monthly users, making them one of the Nordics most used applications. 


The Exit 

Gaming studio Frogmind were acquired by Supercell

Image via Frogmind

Image via Frogmind


While the acquisition was clearly significant for Frogmind, it's who the acquirer was that makes this particularly newsworthy for us. Supercell has achieved incredible success despite only ever releasing four games to the market. With the acquisition of Frogmind, this provides them with the chance to diversify, although Frogmind will continue to operate independently and publish their own games, much like how Supercell has operated under Softbank, and now Tencent. 

It will be interesting how this "partnership" (technically an acquisition because Supercell now own 51%) works out for both parties as it could set a precedent for how Supercell continues to diversify and grow going forward, which could in turn, see particular benefits to the Finnish and Nordic gaming scene if they continue to look to home for these opportunities. 


The Story

Some of the Nordics' most experienced entrepreneurs start angel network, Nordic Makers

Image via Nordic Makers

Image via Nordic Makers

All investors use the statement that "we've been there and done it" as a reason for why you should trust them as investors, but rarely has the Nordics seen such a group who could back back that up as strongly as the newly formed Nordic Makers. With the group including people who've built companies like Just East, Podio, Unity and Zendesk, it's hard to argue with their track record. 

These individuals have already been investing with each other in the region, so in some ways it is just a way of formalising something that's already been happening, but even still, it's a very positive development for the region for Nordic Makers to officially exist and further focus their energy on supporting and backing the Just Eat's, Podio's, Unity's and Zendesk's of tomorrow.

In the tech world, things move fast and companies are born anywhere in the world. I’m able to have an ear to the ground with The Nordic Web - the content is fresh, local, and of high quality, which is exactly what you need as a seed investor.

In fact, it’s through Neil Murray’s newsletter that I first heard about Mapillary. Several months later, I was fortunate to lead our firm’s investment in the Company to help drive the creation of a crowdsourced visual representation of our world
— Nathan Benaich, Playfair Capital