An Analysis of Nordic Enterprise SaaS Investments

In the last of sector specific funding analyses, we focus on Enterprise SaaS, the vertical that secured the most investments in 2016. After FinTech momentarily stole its crown in 2015, Enterprise SaaS startups were back with a vengeance last year, with 93 investments totalling $343.35 million.

Other than a fairly quiet Q2, investments into the vertical were fairly consistent throughout the year, with the spike in capital due to a $75 million investment in Tradeshift. Q4 ensured the year ended on a high, with 27 the most Enterprise SaaS investments we’ve ever recorded in a quarter.

Although (as ever) Sweden recorded the most investments in the vertical, Finland is comfortably the home of Enterprise SaaS investments, with more than 1 in 5 investments in Finland last year happening in this vertical. Despite a strong image as an Enterprise SaaS hub, Denmark only recorded 12 investments amounting to 9.76% of their total investments, with this being the lowest of any of the Nordic countries. Norway was on a par for the number of investments, and this represented a bigger proportion of their total activity.

Finland also secured the most capital, just topping Sweden and Denmark. The latter fared much better here due to the aforementioned $75 million for Tradeshift. Although Norway saw 12 investments, this only totalled $21.44 million due to the early-stage nature of the Enterprise SaaS startups there.

Across the region, Enterprise SaaS’s maturity as a vertical can be seen by the spread of investments across all sizes in 2016, as there were plenty of investments above $3 million, although of course the majority of activity is at the earliest stages.

The capital invested into the region’s Enterprise SaaS startups continues to increase and is rising at a steady pace, 61.73% to be exact. It consistently represents more than 10% of capital invested into the region, and it’s likely to continue to do so. In fact, 2016 would have seen it represent 20% if we removed Spotify’s $1 billion, demonstrating it’s continued, even rising importance in the Nordics.

However in terms of the number of investments, despite significantly more in 2016, they represented less of the total number, something that has been in decline across the years.


Enterprise SaaS will continue to be a strong vertical in the Nordics, if not the strongest, however as the Nordic scene continues to diversify itself, it’s simultaneously possible that we will see the impact it has on the total investments to continue to decrease.

Neil S W Murray founded The Nordic Web in 2014 in order to provide the Nordics with the quality coverage it deserves. As well as being Founding Editor of The Nordic Web, Neil is also an active community builder in the region, participating in a number of initiatives, and has previously worked for