This morning, the Startup Europe Partnership (SEP) has released their Monitor report on Norway, focusing on the number and health of scaleups within the country, identifying a total of 44 with $600 million raised between them.
Q3 should be considered a strong quarter for exits, as after all, this was the most tech exits (44) we've recorded in a three month period. However, with a low percentage of them VC-backed, it's clear that a lot of these exits were due to older, more-legacy like tech companies, so it's hard to be overly positive as to what this means for the tech startups in the region.
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.
For our members article this month, we've provided a spreadsheet listing every investor who invested in a Nordic startup in Q3 broken down by which country(ies) they invested in, which vertical(s) they invested in and what size the investment round was.
After a record Q2, we warned at the time that this level of growth would be hard to maintain in Q3. Ultimately this proved to be the case, but it was still an impressive quarter for Norway in terms of the number of investments, recording a total of 17.
The rise of Nordic FinTech has produced a wide range of platforms providing an alternative to traditional banking, lending and investing; all fields traditionally in the conservative domain of banks and other financial institutions, leading to a multitude of alternative funding sources emerging in the region.