Analysis: April 2017’s Investments

After March saw the first increase in the number of investments for four months, we held high hopes for April. Although it didn’t reach the heights of March for the number of investments, it was a fairly strong month for investment, with several bright spots in particular.

There was a 20% increase in the number of investments seen in April 2016, a slightly faster growth rate that we saw in January and February, but slower than March’s year-on-year growth.

It was a great month for capital invested, however, this is largely due to Snow Software raising $120 million. Even still, if we remove that completely, then $140 million invested in a calendar month is certainly above average.

Although it couldn’t match March, April was still a better month than January and February, indicating that we will likely see further peaks in 2017, rather than a decline. May is traditionally a strong month for funding announcements, so we’ll likely have a better picture of how this year will turn out once that’s over.

It was the strongest month for Iceland for quite some time, while Sweden recorded a consistently impressive month as ever. It was a fairly standard one for Norway, a strong one for Finland and a rather surprisingly slow one for Denmark, who recorded 1/3rd of the investments they saw in March.

Six investments above $10 million show why it was such a strong month for capital outside of Snow Software. $0.5-1 million remains particularly quiet in 2017, a trend that started at the back end of 2015. As ever, the majority of investments happen at the $1-3 million mark, making it the most competitive range in the Nordics right now.

Health and Wellness investments continue their strong start to the year, topping the charts for the first time. FinTech remains strong, while Gaming had a mini-renaissance in April. Also notable, HR and Recruitment features on the monthly top investment chart for the first time this year.


It was the strongest month for international participation this year, easily explained by the fact that the majority of the rounds at $10 million and above included at least one investor from outside of the Nordics.

In conclusion, April was a steady and strong month for investment. Still, if we look at it as 1/3rd of the year gone, when comparing to 2016 there is very little growth at all, meaning that we will need to see things pick up significantly in the next couple of months if we are to see the same levels of growth we’ve seen in previous years.

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