This month we shine the spotlight on an investment in one of the Nordic’s most promising startups, the first ever IPO post-crowdfund in Finland, while one of the world’s most exciting companies has pitched up in Finland to take advantage of the region’s blossoming VR and AR talent.
Swedish Soundtrap raises $6 million and reaches 1 million users
Naturally I see a lot of Nordic startups pitch, and as such it can be hard to remember who the most interesting companies are. However, one that has no problem standing out in my mind, is Soundtrap, who delivered one of the strongest Nordic pitches I have seen earlier this year.
It appears that Industrifonden were just as impressed as I was, leading a $6 million round as the company announced it is nearing 1 million users. As well as an impressive pitch, they also possess a strong team, and are well positioned to become the go-to platform for anyone looking to collaborate on making music. Definitely one to watch.
Finnish Heeros went public, becoming the first crowdfunded Finnish company to do so
Alternative funding sources are increasing in popularity in the Nordics. However, if there is one charge that can levelled at crowdfunding (equity or reward based) is that there is a perception that ultimately there doesn’t appear to be that much upside for the backers.
This could be about to change in Finland at least, as Heeros IPO makes them the first crowdfund-backed company to go public. Invesdor’s (the platform they raised on) country manager said: “A pre-IPO crowdfunding campaign is a logical step for a company preparing for an IPO; the campaign brings visibility and shareholders that are valuable when listing”. And even though I am a bit of a doubter when it comes to the value equity crowdfunding offers to the investor, I can’t disagree that this would be a logical step for a company with plans to go public. It will be interesting to see if this sparks a trend across the region.
Magic Leap goes to Finland in pursuit of Nordic VR and AR talent
Undoubtably the biggest story of the month, Magic Leap, considered one of the world’s most exciting companies have pitched up in Finland to take advantage of its AR and VR talent.
While it is yet to be seen how this will take shape exactly, it is hard to think that this is anything but positive for the region. It would of course be preferable though if Magic Leap were acquiring (or acqui-hiring) rather than stealing local talent from smaller companies. We’ll be keeping a close eye on this.