November 28th - 2nd December

Image via Slush.org

Image via Slush.org

With Slush about to kick-off, we will be taking a pause in Dealflow activity this week before resuming normal service on Monday 5th December.

If you have not done so already then please subscribe to our newsletter where we curate all of the week's funding news, exits and top stories every Friday. This will go out as usual later this week and will enable you to catch-up on everything you may have missed, as let's face it, this week is likely to be a busy one for most of us.

I'd also encourage you to keep an eye out for a few Finnish specific pieces we are running this week, notably on the reemergence of Oulu as a prolific tech hub and the current state of scale-ups in Finland.

In the meantime, enjoy Slush if you are going, and if not, you really should check it out.


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

Friday 25th November

A quiet Thursday was observed across the region, perhaps in respect to Thanksgiving across the Atlantic. Then, as the day was coming to an end, shouts were heard in Oslo and Copenhagen as news finally broke that MESH, the biggest co-working community in Oslo and Founders House, the biggest co-working community in Copenhagen were joining forces. 

At a time where plenty of discussions are being had about how can we better connect the respective hubs across the region, this appears to be a strong move in that direction.


Investments

Swedish firm ComPodium has raised €1.5 million from the Norrland Fund, the Centrecourt angel investor network and Bengt Lundgren, the former CEO of Cygate


Collector has invested in Swedish Mr Shoebox and confirmed that they earlier invested in Matspar


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


Thursday 24th November

Investments


One of Denmark's richest families is injecting money (21MDKK) into Aarhus's Sekoia that has developed an IT platform for nursing homes.


From Tech.eu: "Digital health startup Noona Healthcare has raised €1.5 million in a seed round led by Inventure with participation from The Noaber Foundation and Capricorn ICT Arkiv. Finland-based Noona provides a mobile platform for cancer treatment centres to interact with and monitor patients and identify possible symptoms and allocate necessary resources."


In Sweden, the newly formed Queen Invest, backed by six female business angels, makes its first investment into content startup Hoodin, with 2.4MSEK.


Swedish networking app SEVN making it easier for people to connect at events has raised 2MSEK with Well Street joining the list of investors already on board. 


Erik Penser now owns 30% of Swedish Trade Venue after buying out Andreas Bonnier who had made a 4MSEK investment in 2015. 


Interesting reads

Malmö gathers 750 people from its startup scene for the biggest startup event in Southern Sweden.


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


Wednesday 23rd November

Investments

Swedish robo-advisor for pensions, Pensionera has taken in a 12MSEK investment from Optimizer Invest, taking a 14% share and valuing the company at 85MSEK


Swedish Fidesmo has taken in 3MSEK from its existing investors and Erik Hallberg, who now joins the company's board. Fidesmo is a smart card that allows you to do multiple tasks with the same piece of plastic. 


Nordic Makers have made four investments so far, into Minut, peergrade, Corti Labs and App Action.


Acquisitions and Exits

From Tech.eu: "Swedish payment service provider Klarna has agreed to take on the team behind the insolvent Berlin fintech startup Cookies. The Cookies app, founded by former N26 employees Garry Krugljakow and Lamine Cheloufi, aimed to simplify mobile money transfers and was once one of the most hyped up-and-coming German FinTech companies"


Interesting reads

Arctic Startup have produced a very useful guide to the side events to look out for at Slush this year.


Even Microsoft CEO Satya Nadella wants to get his hands on Helsinki-based Eve's $1399 Surface Pro-killer


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


Tuesday 22nd November

After a quiet weekend last week, we decided that we would once again forgo Monday's Dealflow and instead run this daily curation from Tuesday -> Friday. Just one week into that, we may have to reconsider already as we have a huge amount of investments to recap today, as the Nordic startup scene continues to keep us on our toes...


Investments

Danish UNSILO, an AI startup focused on advanced text analysis has taken in 15MDKK investment from Indian IT giant Infosys


Swedish ecommerce site Caliroots has acquired German competitor Soto, and raised 15MSEK more from existing investors for further expansion. 


Norwegian Eventum, a marketplace allowing you to book corporate spaces and meeting rooms has raised 8MNOK at a valuation of 24MNOK, from Alliance Capital, Angel Challenge and private investors. 


Swedish food waste startup Karma has also taken in 7MSEK from the Northern Lights Foundation started by Niklas Adelberth, a co-founder of Klarna


Swedish auction startup Auctionet has raised 7MSEK at a 100MSEK valuation 


Swedish Deekit has raised €400,000, led by Spring Capital. Other investors include Mark Gillett (former Skype CTO) and the Copenhagen Business Angel network represented by Ole Andresen (former Managing Director at Apple)


Gaming startup Happy L-Lord from Sweden has topped up its coffers with 3.3MSEK, a bridge round to take them to their desired aim of raising a $5 million Series A next year. 


Danish Medtech company MagCath has received capital from Seed Capital


Danish FinTech startup Leneo has got investment from Seed Capital and the ex-CEO of Nordea Thorleif Krarup for their leasing platform for banks.


Swedish MyNewsFlash has taken in 1.2MSEK from Gothernburg company Preventic Group 


New funds

In Norway, Tripod Capital Collective is a new fund targeting Bergen and Norwegian companies on the West coast of Norway with a targeted fund close of 500MNOK. 


Interesting reads

Sweden and the European Space Agency is investing SEK 20 million to build new startup companies in the aerospace industry in Sweden


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


Friday 18th November

When I turned up in Copenhagen, the tech community there was barely on Twitter.

Now, just a few years later, the first ever investor in Twitter (and the most successful early-stage investor in the world) Chris Sacca is speaking at the CPHFTW town hall event to inspire and educate the Danish startup scene.

It just shows you what the power of what a grassroots organisation determined to bring together and grow an ecosystem can do, hats off to all involved in CPHFTW.


Investments

From Tech.eu: "Swedish Software company Zenterio, which has created an operating system for digital TV boxes, has raised €8.6 million (85 million SEK) in additional funding from undisclosed investors."


Swedish Matsmart has taken in another 36MSEK, just 11 months after raising 30MSEK to help them on their mission to reduce food waste.


From DI Digital: "The Swedish IoT company H & D Wireless raises SEK 25 million in venture capital. Meanwhile, the company is planning an IPO in 2017."


Swedish wearables startup Tinitell has taken in a further 8.5MSEK for its smart-watch for children


Norwegian Upwave has taken in 3MNOK for their task management solution as they hit paying teams in 20 countries. 


Danish Happyhelper.dk has received an undisclosed amount for their on-demand cleaners service. 


Acquisitions and exits

In Denmark, IT entrepreneur Martin Thorborg has sold his accounting business Dinero to Visma Group


Interesting reads

From Tech.eu: "Sweden’s Fishbrain, has announced a new integration with Under Armour, enabling millions of anglers to now track and share their catches through Under Armour’s UA Record network. Now any fishing fanatic can easily access their latest fishing stats, catches and more alongside their sleep, nutrition and workout data to get a full glimpse of their overall fitness, health and sport fishing goals."


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


Thursday 17th November

Investments

From Tech.eu: "Stockholm-based Now Interact, a B2C predictive intelligence solution, has raised $5 million in a Series A round led by SEB Venture Capital and Inventure with participation from owner and largest investor Industrifonden"


From Arctic Startup: "Finnish messaging app Jongla has raised additional 5 million euros for its global expansion."


Swedish app Zynapp that pulls together your whole digital footprint to make easier for you to find past communications has raised 20MSEK so far.


Acquisitions

From Tech.eu: "Miinto, a Danish online fashion retailer, has been acquired by Anders Holch Povlsen, the sole owner of competing Bestseller for a “double-digit million-euro sum.” Both companies are based in Denmark. Miinto sells across Scandinavia, while Bestseller is also present across much of Europe."


Potential exits

Danish-Swedish pharmaceutical company Acarix is looking to go public on First North Stockholm next month.


DI Digital are reporting that Linas could be weighing up an IPO within the next few months


Interesting reads

Sweden's central bank, the Riksbank, announced it was looking into whether or not it should issue some form of electronic money, called ekrona, within two years.


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


Wednesday 16th November

The conundrum that cities around the world ponder continuously is “How do we build a successful startup ecosystem?" Whole books have been written on the subject, while ‘experts’ are constantly asked their opinion on what it takes to “build the next Silicon Valley” (*groan*).

The ability to attract talent, money coming back into the ecosystem from successful entrepreneurs and simply, time, are all acceptable explanations. However, there’s a key ingredient that’s overlooked every time.

The power of the self-fulfilling prophecy.

You see, most successful ecosystems become so, not only because they believe they will but because they convince others they will be so. I’ve witnessed this in London and Stockholm and I believe we are about to witness this in Lisbon.

However, even with the power of the self-fulfilling prophecy, admittedly, there has to be a key event to kick it off from a local company, for example, a big exit, a big funding round, a tech giant pitching up in the city.

The trick is to then use this key event to get the snowball rolling. Typically, it goes something like this:

  1. Key event
  2. Media become interested, coverage and “buzz” follows
  3. Investors become interested, driven by FOMO (fear of missing out)
  4. Money is invested, fuelling the local companies
  5. Propelled by money, several local companies experience moderate success
  6. Media becomes even more interested
  7. More investors join the party
  8. Another key event
  9. Repeat from Step 2

Essentially, all of this is driven by the medias fear of missing the chance to predict “the next Silicon Valley” (*pukes*) and the investors fear of missing out on promising companies as their core markets become saturated.

Whether us in the tech sector want to believe or accept this, unfortunately it is a reality, and it is one that cities should make work to their advantage.

I accept that this is a very simplified theory, but sometimes things aren’t as complicated as we make them out to be.


Investments

 

From Arctic Startup: "Bonusway announced a 6.9 million euros financing package to further boost its user acquisition and retention. The funding package is a mixture of equity and debt financing. with venture capital coming from Buran VC and Vision+. The e-commerce loyalty service offers cash rewards and online shopping inspiration for consumers in Finland, Sweden, Turkey and Russia."


From Breakit: "Phoodster want to solve the problem of what to make for dinner. Now the company takes home 4 million SEK from angels including Dariush Ghatan, co-founder of the company Gogool"


Swedish mindfulness app Shim has taken in 3.8MSEK from an impressive roster of investors including Sweet Capital, Hampus Jakobsson, Sophia Bendz and Mattias Miksche.


Acquisitions 

Danish CFH Group has been acquired by Playtech for up to $120 million. "CFH offers a straight-through processing brokerage service which provides retail brokers multi-asset execution, prime brokerage services, liquidity and complementary risk management tools."


From TechCrunch: "GE Digital today announced that it has acquired Danish Wise.io, a machine-learning powered service that helps businesses find patterns and trends in their vast data stores"


Potential deals

Swedish AR company XM Reality has set its sights on going public rather than attempting to attract private equity in 2017.


Interesting reads

Klarna's leadership reshuffle – loses three key people

In Norway, DNB and StartupLab are joining forces on a FinTech accelerator 


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


Tuesday 15th November

In the interests of fighting against a post-factual world, I feel I have a duty to point out a mistake with an article that I referred to last week. Several sources have informed me that Hyperloop One has not yet actually signed a deal with the Finnish Government to bring it to Finland <> Sweden, however I have been assured that a deal still very much remains on the table.

In fairness, out of all the incorrect news stories that go viral on Facebook this is a fairly innocuous one, but, even still, it's just another example of the social media giant having a problem with articles such as this, whether they choose to tackle it themselves or not. 


Investments

From Arctic Startup: "Helsinki-headquartered M&A software firm Midaxo has raised 3.6 million euros investment from Finnish Industry Investment, EOC Capital, and others for product development and for expanding its presence in the United States and Europe"


From Arctic Startup: "Finnish digital health startup Klinik raised 500,000 euros seed funding from experienced Finnish health entrepreneur Kustaa Piha, Takoa Invest, Gorilla Ventures and others, to support its growth beyond Finnish borders"


NFT Ventures and Bonnier News have invested in Swedish Dorunner, one of the largest marketplaces in service transactions online


Mimove, a Swedish accomodation site targeted at Swedes and Brits looking to buy property in Spain has raised a seed round from East Sweden Growth Capital


 

Interesting reads

I'm looking forward to presenting "The next generation of Nordic game changers - presenting Nordic Showcase 2016" at Slush in a couple of weeks, some very exciting companies have been chosen to participate. 


Gunhild Stordalen teams up with Spotify-founder Daniel Ek to take Symposium Stockholm to the next level


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


Friday 11th November

Hyperloop One has signed a letter of intent with the Finnish government with plans to connect Helsinki and Stockholm. The proposals would mean a journey time of thirty minutes between the two hubs and a cost of just $20.

If this happened, it would clearly be great news for the Nordic startup scene, providing additional connectivity and ease the flow of talent between two of the major hubs. However, just the fact that Hyperloop has engaged with the Finnish Government in the first place is testament to the existing strength of the Nordic startup scene, as they cited access to strong technical talent as one of the reasons Finland is high up on their priority list. This is the second time in little over a week that one of the world's most exciting companies has chosen to pitch up in the Nordics because of this (the other is Magic Leap) clearly demonstrating the Nordics' ability to attract the worlds best tech companies to the region.


Investments

Finnish startup Underhood.co has raised an undisclosed seed round for further development of its online reputation measurement tool.


Swedish gaming studio Isbit that Zlatan Ibrahimovic invested in a couple of months ago, has now received more investment from Swedish investor Back to Black. The investment is 19.3 million and values the company at 128.6MSEK.


New funds

Alpha Nordic Capital is a new Swedish fund aiming for a fund size of 150BSEK to invest in A and B rounds. So far, they've closed $30 million and are in continued discussions with potential LPs.


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


Thursday 10th November

Earlier this week we ran a poll on Twitter asking our followers what they thought of Dealflow. Sadly, 83% of them said they were unaware of it. Clearly, we need to be better at communicating our now daily curation and analysis on The Nordic Web. If you are reading this and you enjoy Dealflow, then help us get the word out by sharing this on Twitter. 


Investments

Y Combinator alumni Swedish IT security company Castle is aiming to remove the need for passwords on the internet completely. Yesterday they announced they had raised 18MSEK to help them do this led by First Round Capital, Q-Prime Capital, Thoughtful Club and several angels.


Swedish Attach has raised 5.3MSEK from MOOR and Recapex for their analytics tool for documents attached to emails. They are targeting 500 customers by the end of the year. 


Swedish smart home startup Animus Home has raised 1MSEK from business angel Gustav Olsson for their physical device that collects all smart devices in the home.


Acquisitions and exits

Finnish Enfo has acquired Swedish e-man resulting in consolidation in the IT integration market in the Nordics.


Notable launches

Two Icelandic serial entrepreneurs have launched Travelade, on a mission to make travel more personal. 


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


Wednesday 9th November

The show must go on...


Investments

Statkraft Ventures and ETF Partners invest $5 million in Norwegian smart meter software leader Greenbird


Nordic growth investor Alfvén & Didrikson, a specialist in finding and backing companies with high-growth capacity, is to take a stake in Finnish Sympa, the fastest-growing HR solution provider in the Nordic region investing 4.4 million euros


Swedish invoicing startup Billogram has taken in a further 13MSEK, described as an "opportunistic fundraise" 


Danish SokMig.dk has taken in 4MDKK for its web shop selling socks, 


Gloove.dk gives up 16% of equity for $120,000 from business angel from Magnus Kjøller to connect people  with "men with ven" (Obscure Peep Show reference)


Notable Launches

Icelandic Box Island, a game that helps kids learn the basics of coding has now launched on Android.


Interesting reads


Northzone partnered with Frontline Ventures to produce a data-driven look at the Nordic landscape 


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


Tuesday 8th November

Stockholm has been named as the second best startup ecosystem in the world behind Silicon Valley in an article on VentureBeat. Naturally, the article is being shared far and wide in Sweden, and no doubt in all of the other ecosystems around the world that secured a place in the top 10.

There's no doubting in my mind that Stockholm is now established as one of the world's leading ecosystems, but no matter how well-thought out your criteria, it is impossible to rank ecosystems accurately, especially across a number of different metrics.

The only certain result from rankings like these, is that they will be shared. 


Investments

Swedish Freespee secures a €9.25M Series B to help companies manage conversations with customers. Ventech led the round, thereby becoming the latest example of French money continuing to be injected into the region.


Swedish AR startup Bublar has raised 5MSEK for their location-based mixed reality mobile game.


Swedish Tech Buddy has raised 5MSEK from business angel Stefan Tengvall for their "Uber for technical support"


Swedish AI health startup Lytics has taken in 4.7MSEK. Lytics is actually a spin-off from Expert Maker which was acquired by eBay last year. They now have their sights set on the dialysis market in the U.S.


Danish Trendday, an e-commerce fashion site aimed at young women has received an undisclosed investment from a Danish investor.


Swedish-Danish company Acarix receives double-digit SEK million investment from Chinese strategic investor Puhua Jingxin to accelerate market introduction


Acquisitions and Exits

Swedish social media monitoring platform Notified acquires its competitor, Twintip


Telia has acquired Norwegian Phonero for 253 million euros. The transaction will strengthen Telia’s position in the Norwegian enterprise segment


Swedish Storytel acquires 50% of childrens book club Barnens Bokklubb for 0.55MSEK


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


Monday 7th November

The Nordic startup scene stops for nothing, not even the weekend, as this morning's Dealflow brings you news of three investments announced since Friday afternoon. 

Ok, maybe it stops for Summer.... 


Investments

Swedish Incell who develop specific online lithium batteries sold to the telecommunications industry has raised a further 20MSEK at a valuation of 130MSEK 


Finnish ASMO Solutions, a producer of premium chargers run by the former Head of Jolla, Marc DIllon has raised 1.27 million euros on Privanet’s equity crowdfunding platform.


Finnish Edtech startup Mightifier has raised $250,000 from xEdu, a Nordic Edtech accelerator and others


Interesting reads

Publicly listed Tobii are issuing a new shares issue worth 450MSEK in order to make "significant investments" in eye tracking in virtual reality (VR) and smartphones.


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


Friday 4th November

If you have access to more (and better) data than the competition, then you can build a better product than them
— Bjarke Staun-Olsen, Creandum

This is certainly something that we've aspired to at The Nordic Web, and as machine learning becomes increasingly popular in the Nordics, entrepreneurs in that space could do worse than read Bjarke Staun-Olsen's (Creandum) post "The value isn't in your algorithm, it's in your data

Everything we do stems from our proprietary database, including this very Dealflow, or our weekly newsletter or our analyses. It took us a while to realise what our true value was, but eventually we realised that it was our database that tied everything of value together. 

Anyway, that's enough reflection for a Friday morning, have a great weekend everyone!


Investments

Norwegian The Future Group raises $20 million for its mixed reality platform and game show. The Future Group are one the biggest stealth startups in the Nordics, with the latest round taking their total investment raised to $42 million, yet even in Norway, let alone the Nordics, the awareness of the company is still incredibly low. I spoke with them when they raised their first round of external investment and was very impressed by their vision and ambition, but had concerns about how they would be able to execute it. Those concerns remain, but a further $20 million is surely going to make it easier to deliver on that incredible vision. 


Swedish Last Grab has raised 5MSEK for their last-minute restaurant booking app. This space is beginning to feel over-crowded in Europe, although bizarrely the food ordering and delivery trend didn't catch on quite as much in the Nordics, or at least it hasn't appeared to hot up until this year. 


Exits and acquisitions

CapMan to acquire Finnish investor Norvestia in a €118m deal which would see them become part of a larger CapMan Group.


New appointments

Rovio brings back former VP of Ads from Unity and hires new Senior VP of Studios as they continue to refocus on their games business. 


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


Thursday 3rd November

After acquiring only three companies previous to 2016, Spotify have really loosened up their chequebook this year, snapping up four companies since January, with the latest being Preact.

2016 is set to be a pivotal year for the Nordic's biggest tech company as they continue to gear up to what now appears to be an imminent IPO. We'll be taking a deeper look at their 2016 on The Nordic Web next week, and analyse what it could mean for their initial public offering.


Investments

Swedish graph-database company Neo Technology has raised a further $35.9 million to help them compete against Microsoft and Amazon who've both recently released competing products.


H&M has pumped a further 10MSEK into second-hand marketplace app Sellpy. Although the company has now taken in around $2million in total, there are no imminent expansion plans, although the company insist this is very much on the roadmap. 


Finnish luxury villa rental company Villada has raised 448,000 euros to help expand their "booking site meets travel agency" concept to Sweden and eventually across the whole of the Nordics. 


Acquisitions and exits

Spotify acquires customer service and retention software company Preact. “Finding the trends and behavior patterns in our data that correlate with paid subscriptions is incredibly valuable,” said Jason Richman, VP Product at Spotify. “The addition of Preact to Spotify’s team will help us design experiences that grow our premium customer base.”


Finnish Avaus Marketing Innovations has agreed to buy Swedish analytics and data consultancy firm Actionbase, the price remains undisclosed. 


Interesting reads

Ericsson’s incoming chief executive officer says he’s taking the long view on fixing the embattled Swedish network-equipment company


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


Wednesday 2nd November

Creandum are opening up an office in Berlin as they step up their efforts in Germany's capital. It's interesting that as more investors begin to look at the Nordics from the UK, Germany and France, investors from the Nordics like Creandum, Northzone etc are beginning to look increasingly more outside the region. 

This is not a reflection on their commitment to the region, but rather of a trend of an increasing amount of investors with a pan-European outlook, as investors start to give more credence to being vertical/expertise specific and less concerned with being location specific. 


Investments

Swedish recycling app Tipptapp has raised 10MSEK from a group of investors that include Avito founders Jonas Nordlander and Filip Engelbert as well as Pierre Siri and Per Brillioth. The app has been downloaded over 20,000 apps and they will use the investment to expand into Europe, identifying similar cities and countries that share similar cultural ideals to Swedes.


Swedish Paydrive allows its customers to install a box in their cars that keeps track of the driver's driving style in order to figure out insurance prices, they've just raised 6MSEK from NFT Ventures


Swedish planning app Simpliday has taken in a further 5.5MSEK for their ambition to make everybody's lives easier by combining to-do lists, email and calendar into one app with as few as clicks as possible.


New appointments

Christopher Lindfeldt who previously sold his Mobile Payment Solutions Group to Bambora has joined the investor firm Zenith as a Partner


Interesting reads

A Swedish company's miniature drones have caught the attention of US space agency Nasa thanks to their groundbreaking autonomous positioning technology.


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


Tuesday 1st November 2016

Although admittedly they are coming from a lower baseline than the others, from an investment perspective Norway is the fastest growing ecosystem in the Nordics right now. This is in spite of most of the country still looking to oil and real estate as the most attractive investable opportunities and the Government being largely unaware to whats happening in their blossoming tech startup sector.

Norway is at a crucial stage in its development right now, where if conditions are right it could really push on and build up an ecosystem that rivals some of the more established hubs in the region. Luckily, some of Norway's most prominent entrepreneurs have recognised this and have grouped together to put pressure on the Government for more entrepreneur-friendly conditions.

Key to their argument is making programming mandatory in schools as well as introducing investor-friendly conditions for those looking to put capital into the country's tech startups.

Change at a Governmental level takes time,  meaning it is never too early to start pushing for it.


Exits and Acquisitions

Finnish cyber security firm Nixu has acquired Swedish computer security consulting company Safeside Solutions AB for 1.75 million euros.


Interesting reads

The drama at Swedish company Narrative has been non-stop recently, with board members leaving, emergency capital being raised, then the decision to shut down the company. Now, sees the latest dramatic development, as one day before the service was meant to shut down, it has been announced that six of its former employees have stepped in at the last minute to buy the assets and keep the company alive.


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


Monday 31st October 2016

Happy Monday morning everyone! We're all busy at the start of a new week, so I'll keep it short this morning, and dive straight into this weekend's news from the Nordic startup scene.


Investments

Norwegian Minipro raises 7.5MNOK as the fish food startup continues to attract the interest of Norwegian investors. Yes, this is not a 'tech' company, but, as I often say, don't try to be the next Silicon Valley, be the best you. And this is an area that Norway can excel in.


A more conventional Norwegian startup also announced an investment as Skiwo raises 7MNOK. Skiwo is a marketplace for digital interpreters and due to the global nature of the problem it is addressing, they've managed to attract investors from America and China as well as Norway.


Potential exits

Game Company THQ Nordic is expected to go public with a market cap of 1.2BSEK. This is the latest in a long line of Nordic tech IPOs above $100 million in 2016, as going public in the local exchanges continues to be an attractive option for the scene. This increased activity has also helped the Nordic markets outstrip London in the first half of this year.


Interesting read

The Nordic Web contributor Dennis Mitzner broke a story on TechCrunch regarding MagicLeap coming to Finland and looking to the Nordics for VR and AR talent. We'll have to wait to see what effect this has on the scene, but attracting some of the world's most exciting companies certainly appears on paper to be a positive for the local ecosystem.


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