Wednesday 26th October 2016

One of the most fascinating dynamics of the Nordic startup scene is that millions and millions of Americans interact with Nordic tech on a daily basis without even realising it.

This is particularly true of Nordic produced gaming successes, with Business Insider reporting that Nordic games took up six spots among the top 3 for Free, Paid and Highest Grossing apps in the most downloaded in the U.S last weekend.

Most of the companies (Mojang, Supercell, King, Toca Boca) that produce the games included on the list are global household names, yet are not necessarily associated with the Nordics outside of the region. Communicating these successes to the outside world is an ongoing challenge for the region, and one I consider key to its future success. 


Norwegian online delivery supermarket has raised 150MNOK ($18.2M) at a 1.1BNOK ($133M) valuation. Three local Norwegian family funds have now invested, which is not surprising considering the ambitions of the company to lock up this market on a national level. 

Finnish app Treamer has raised 500,000EUR for their mobile-first job marketplace which connects freelancers with potential employers within a 20KM radius for a task/job that takes a maximum of one day. Although these feels quite restricting for user acquisition, according to the company they have doubled their user numbers every month since launching in April.

New funds

Maj Invest Equity has established a new fund for small and medium-sized Danish companies with revenues between EUR 13M and 130M. This is a private equity fund, with investments typically looking for 40-85% of a company, meaning the money will mainly be used for strategic investments/majority acquisitions.

Possible deals

The main owners of Nordnet now wants to buy out the company from the stock exchange, together with the private equity company Nordic Capital. Öhman Group, who already own 62.7% of the company have made a bid for Nordnet at a valuation of close to 6.5BSEK.

Interesting reads


Uber Eats officially launches in Stockholm, providing competition to Foodora and the Nordic competitor Wolt.

More on the Drone ruling, as several Swedish drone startups speak out regarding the recent court ruling on drones that means that drones need a permit to fly.

Great post pointing to some of the most promising Artificial Intelligence startups in Stockholm

If you have feedback on today's Dealflow or have any news you feel worthy of inclusion in tomorrow's, then email

An update on Dealflow

After receiving some very detailed and useful feedback from a fair number of you following us launching Dealflow, we are re-launching this section of the site next week.

From next Monday, Dealflow will be a daily curation of the previous day's funding announcements, exits and top stories from the region, with additional commentary and analysis from us, enabling you to keep up on top of what is happening in the Nordic startup scene on a more regular basis than The Nordic Web Weekly provides.

Thanks to all of you who provided feedback and for all of you for bearing with us while we relaunch this, see you next week! 

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

September 21st

Existing investors Creandum and Northzone have been joined in the cap table of Kahoot! by a new investor, as Microsoft come onboard as a minority shareholder, in a new round of capital totalling $10 million. The EdTech company now boast 33 million monthly unique active users and with Microsoft now involved, already a keen player in the EdTech space, we can expect Kahoot! to continue to take big strides forward.

Full story: Shifter/Medium

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

September 19th

The key to any successful ecosystem is having those who have experienced success and exits, invest their time and money into the next generation. This is one of the main reasons why the Nordics has developed so rapidly over the last couple of years. Now, some of the individuals who have been key to this have decided to start something more formal, an angel network going by the name of Nordic Makers. 

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Finnish Edtech Gaming Studio Lightneer raise $3.16 million as Peter Vesterbacka joins

September 15th

After Peter Vesterbacka announced he was leaving Rovio, the Finnish and Nordic scene was waiting with baited breath for his next move. Today it has been announced that he is joining Lightneer as an Evangelist, as the Finnish startup also reveal they have raised 2.8 million euros from GSV Acceleration and IPR.VC

Full story: Lightneer Blog

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Danish FinTech startup Pleo raise $3 million for their employee expenses solution

September 15th

Co-founded by the former CFO of Tradeshift, there has been hype around Pleo for a while now, regularly being referred to as one of the most promising early-stage companies coming out of the region. Today they've announced a $3 million funding round to help them deliver on that potential led by Copenhagen-based Founders. 

Full story:

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Spotify have reached 40 million paying subscribers

September 14th

A tweet from Daniel Ek appears to indicate that Spotify have reached the major milestone of 40 million paying subscribers. This comes a week after Apple revealed they now have 17 million subscribers to their own streaming service, Apple Music. Spotify continues to grow it's paying user-base at a fast pace, with the jump from 30 to 40 million its quickest yet, taken just 6 months to reach the latest milestone.


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Danish has announced a $1 million seed round for their recruitment analytics tool

September 13th

Backed by Seed Capital, Lars Ingerslev and Magnus Kjøller, the former Graduateland co-founders have raised $1 million to fulfil their ambition of becoming 'Google Analytics for recruitment' explaining to TechCrunch "we allow recruiters to measure all their traffic channels from first interaction to ultimate hire of a candidate".

Full story: TechCrunch

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Swedish diabetes startup Diasend merges with Silicon Valley competitor and raises $8.25 million

September 13th

Diasend have merged with their biggest competitor, U.S-based Glooko. Eventually they will operate under the Glooko brand, however the merger is an even one, with Diasend growing from 30 to 80 employees overnight. Samsung Ventures (among others) have subsequently invested in the 'new' company.

Full story: Breakit 

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Swedish Instabox take in $705,000 to make picking up your purchases easier

September 12th

Instabox allows you to pick up your ordered goods even when shops and post offices are closed. Launched a year ago, they now have 15 of these boxes across Stockholm and have raised 6MSEK ($705,000) to assist their growth. The money comes from a group of experienced angels including Daniel Pilotti and Paul Fischbein. 

Full story: DI Digital, Breakit 

Danish SpotterU a 'Tinder for everyday jobs' raises $150,000

September 12th

SpotterU enables you to advertise and solicitors offers for 'odd-jobs', gaining it's Tinder comparison from both parties having to accept each other on the app before they can proceed. The money comes from Capnova and a private investor, who state that the fact that this is 'born global from day one' as the primary reason for backing it. 

Full storyTrendsonline

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Swedish gaming studio Funrock takes in a further $2.35 million

September 12th

Having raised 6.5MSEK earlier this year, Funrock have announced a further 20MSEK ($2.35 million) with the money primarily earmarked for launching their game 'Etihad Al Abtal' in the Middle East. The money comes from Priority Capital and two business angels. Funrock's focus is on producing culturally relevant games to the Arab speaking world (600 million people).

Full story: DI DigitalBreakit

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