Investments, Acquisitions, and Top Stories for Nordic Startups from May.

May was undoubtably the busiest month of the year so far in all aspects of the word, with big events such as Arctic15, TechBBQ and The Nordic Startup Awards all taking place, and funding and exit activity exploding, not only were there huge rounds, there was also a huge number of rounds, we recorded 23, the highest number of investments we’ve tracked in a single month since The Nordic Web began 18 months ago.


Spotify raised $350M at an $8bn valuation.

Trustpilot raises $73.5 Million for credible reviews of businesses online.

Story app Plotagon raise $3M.

Automile raises $5 Million to connect all cars to the cloud.

Investment portal raises $300,000 (In Danish)

Medtech startup Oncology Venture raises $950,000 (In Danish)

MyNextRun closes €1 million financing round.

Swedish digital currency exchange Cryex raises $10 Million.

Incentive raises €1.5M from U.S investors sets it’s sights on the States.

Optimizer Invest lead a $2M round in Tinitell.

Lendino receives investment from London.

Swiftcourt receives €500,000 investment from Seed Capital.

Cleantech ‘Orbital Systems’ closes €4.3M Series A.

InRiver continues it’s International expansion with a €9M round.

Health startup ‘TrialBee’ announce a €4.3M round.

‘Engaging Care’ raise investment to fight diabetes and obesity.

Inventure and Almi invest in Swedish ad targeting company Glimr.

Acast raised $5m from Bonnier Growth Media.

Magine raises $12.5M for a new venture. (In Swedish)

Trialbee have closed investment and are opening up in the U.S. (In Swedish)

Bonnier-related NFT invest in law platform Avtal24 (In Swedish)

Keyflow: ‘Uber for nightclubs’ picks up $3.5M in funding (In Swedish)

Readly are looking to raise a $12M round later this year (In Swedish)

Acquisitions and Exits

Gilead has acquired Biotech company EpiTherapeutics for $65 million.

Sports Tracker is acquired by Amer Sports.

Cabforce acquired by CarTrawler.

E-conomic is acquired by Norwegian Visma for $228M.

Med-tech company ‘EpiTherapeutics’ is acquired by Gilead Sciences for €57M.

Universal Robots to be acquired by Teradyne in $350M Deal.

Helsinki’s Tribe Studios acquired by Palringo.

Booxmedia acquired by Amino.

Top Stories

Uber bids $3 billion for Nokia’s Here maps.

Schibsted Media Group has placed a conditional offer to acquire the Swedish online real estate vertical Hemnet.

Copenhagen community initiative #CPHFTW is looking for someone new to head it up as Jasenko Hadzic steps down.

IPO next up for Hovding.

Innovation Norway rebrand with a new logo, new site and a new strategy. (In Norwegian)

Zalando to open tech hub in Helsinki this summer, plans to hire 50 people in the first year.

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“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

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