Investments, exits and top stories for Nordic startups from May

May was one of the busiest months of the year so far, as we recorded 63 investments (a record) including five above $10 million and 10 exits, including eBay acquiring Sweden’s Expertmaker and Paradox going public at a $418 million valuation.


Swedish Sol Voltaics, a solar energy company has raised $17 million ($12.5 million in equity)

Finnish Jolla has secured $12 million in funding to continue Sailfish OS development and licensing business

Swedish Irris, a commercial-stage meditech company raised $11.25 million

Swedish FinTech startup Tink raised $10.2 million from SEB and Creades

Norwegian Norsk Titanium closes $10 million debt facility with Harbert European Growth Capital

Norwegian Unacast raises a $5 million Series A aiming to index the physical world

Norwegian Adtech firm Boostcom raised $5 million

Swedish Semiconductor startup Ascatron raised a $4.5 million Series A

Swedish Bloglovin have raised a further $4.23 million

Smart devices testing firm Optofidelity has raised $4 million

Danish Labster raised $3.67 million from Innovation Fund

Swedish DigiExam have raised a $3.5 million Series A

Swedish Soundtrack Your Brand launches in the U.S and take in $3.3 million in a convertible note

Norwegian Medtech startup Otivio raises $3.29 million

Garantibil, an ecommerce site for used cars raises $3 million

Swedish smart lock Glue takes in another $3 million

Swedish PinMeTo take in $3 million more

Swedish Inkassogram have raised $2.44 million

Swedish Enferno, a cloud-based e-commerce system raises $2.4 million

Swedish Network gaming company Codeta raised $2.4 million

Swedish crowdfunding platform Pepins raised $1.9 million

Swedish Scandinavian Real Heart have raised $1.7 million to develop their artifical heart

Icelandic Industrial equipment maker DTE raises $1.1 million from Brunnur

Norwegian time tracking app Timely lands $1 million seed round from SNÖ Ventures and 500 Startups

Swedish Arthro Therapeutics receive $1 million from Sophia Bendz and Hampus Jakobsson

Swedish Snapchat competitor Plotagon raised $977,000

Swedish Airwatergreen raises $959,000 for its dehumidifying technology

Swedish Turnpike raises $957,000

Swedish Yepstr raised $845,000 for their app connecting young people to odd jobs

Finnish NurseBuddy raises $742,000 for its SaaS care home solution

Leaseonline have raised $725,000 from NFT Ventures and others

Norwegian recruitment app Mojob raises $719,000

Recruitment startup Careereye have raised $604,000

Danish 8past10 have raised $602,000 for their watch enthusiasts community

Swedish Reve have taken in $600,000 from Well Street

Swedish Monetise has raised a new $600.000 seed round to boost its credit service

Swedish Mind Music Labs have raised $572,000

Danish FinTech startup Monera raised $553,000

Swedish Noseoption have raised $480,000

Food ordering startup ResQ raises $450,000 and looks to Sweden

Swedish Adtech startup Mathc2One raised $370,000

Swedish Leasify raised $366,000 from NFT Ventures

Swedish Flattr raised $335,000 from Eyeo, the company behind Adblock Plus

Swedish jobs app UNJobfinder raised $305,000

Swedish news app Squid raised $300,000

Swedish Collectivio raised $246,000

Swedish Starflow has raised $244,000

Swedish recruitment startup Justarrived raised $242,000

Swedish Selfiejobs raised a further $222,000

Norwegian parking app SPACE have raised a $183,000 convertible note from Indigo Invest

Swedish Byggvaru takes in $168,000 from Almi Invest and Martin Timell

Norwegian WeClean won a $160,000 investment from Angel Challenge

Norwegian Lotel raises $132,000 for its Airbnb service

Danish Teleskin have received a $38,000 investment from SE Vækstpulje

Finnish AI Digital health startup Combinostics has raised capital from Danish LEO Innovation Lab

Danish Bidandbuy raised investment from RocketMedia

Danish AthGene received an angel investment from Magnus Kjøller

Danish Plato, a brain stimulation startup have raised investment

Norwegian Corentium have been backed by angel investors and look to the US

Finnish Spinfy raised a strategic investment from a German publisher

Swedish Blank Spot have received an undisclosed investment from Peter Ingman

Clearhaus begun investing in FinTech startups including Danish Paylike

Swedish Style Level raise an undisclosed amount of investment


eBay acquires Swedish AI company Expertmaker for an undisclosed amount

Paradox went public at a valuation of $418 million

Danish Mofibo have been acquired by Sweden’s Storytel for $15 million

Norwegian Energy company Bazefield was acquired by China’s Envision Energy

ITV takes majority stake in Sweden-based Cirkus

Education Media Group buys Swedish Metro-owned student website

Norwegian SEO optimisation company Qualite was acquired by Dentsu Aegis for $2.95 million

Playtech buys Swedish Quickspin for $55 million

Swedish Clean Motion went public

Swedish FrontOffice, the first Nordic crowdfunded campaign now listed on stock exchange

Top stories

Rovio’s Angry Birds flick is off to a solid start, grossing $43 million in its opening weekend

Tencent in talks to buy Softbank’s majority stake in Supercell

KnCMiner declares bankruptcy

Northzone are looking to announce the first close of a new fund at the end of June

Opera Software shareholders back Chinese takeover bid

One month after its general release, the Vivaldi browser boasts nearly 1 million active users

The Swedish Government may still block the sale of Hemnet

Peter Gyllenhammar is looking to establish a $24 million fund

FundedByMe receives approval to become a publicly traded company

Realm reaches 1 billion users

EQT Ventures’ $630 million fund is finally official

Spotify brought in $2.18 billion in revenues in 2015 but losses hit $194 million; ad revenue up 98% YoY

“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