Analysis: Seed rounds in Denmark; 6 key findings.

After analysing Series A in the Nordics it seemed only natural to have a look at seed rounds too. But, whereas we looked on a regional level with Series A, this time we’re going to break it down by country first, before wrapping up with a Nordic overview. In the analyses we are looking at the data from the last 18 months of seed rounds raised in each respective country.

First up is Denmark:

1. The average seed round is $1.18M.

This amount is slightly above the average for seed rounds in the Nordics in 2014 ($1.16M) but below the average seen in the region so far in 2015 ($1.28M). We can expect Finland’s and Sweden’s average seed rounds to come in significantly higher.

2. The median seed round is $930,000.

The seed rounds raised in Denmark over the last 18 months were wide ranging, with the highest being $3.2M, and the lowest being $300,000, with the median seed round coming in at $930,000.

3. The median time from being founded to raising seed is 20.5 months.

This seems like a long time, especially when you consider not many angel rounds were raised from the startups we analysed. This shows that there’s perhaps a reluctance from Danish investors to move early, and that they prefer to wait for clear traction before investing, rather than taking a risk early on. This also shows there could be an opportunity for a pre-seed fund to take advantage of this gap.

4. Only 7.69% of seed rounds included International investors.

Just like at Series A, Denmark struggles to attract International investment at seed. This is likely to be a visibility problem, with investors outside of Denmark simply not knowing enough about the early-stage startups to get involved at seed level.

5. There’s no dominant vertical attracting seed investment.

No vertical is attracting more capital than others, however, startups operating in Bitcoin, e-commerce, travel, edtech and Enterprise SaaS all attracted more than one investment in the last 18 months in Denmark.

6. Seed Capital are by far and away the most prolific seed investor in Denmark.

Seed Capital have participated in 23.07% of the seed rounds in Denmark in the last 18 months. Others worth mentioning are Sunstone Capital, Capnova and Nupark Accelerace who have all participated in several Danish seed rounds.

Over the next couple of weeks we will be breaking down seed rounds in the other Nordic countries, before publishing an extensive regional look at what is happening at seed in the Nordics.

And tomorrow, we’ll be publishing our latest members article, analysing fifteen of the most prolific seed investors in the Nordics, to find out how much they typically invest, what verticals interest them most and where they are finding and backing their opportunities.


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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