Investments, acquisitions and top stories for Nordic startups from October

The records keep tumbling, as October sees an incredible 35 investments, the highest amount we’ve seen this year, totalling a more than respectable $120M+ raised. October also saw 9 exits from the region, as well as news of Northzone’s successful exit in Avito and Trustbuddy going bankrupt. On Wednesday we’ll be bringing you a deeper look at what we consider the most notable investment, exit and story from October, but in the meantime, read on for a full curation of all of the activity that occurred last month.


Swedish mobile-microinsurance leader Bima raises a $38.4M Series C

Swedish Magine raise $27M to expand into Asia, Middle East & South America

Norwegian Gelato Group have raised $9M

Norwegian Zwipe banks $5M to get its biometric payment cards to market in early 2016

Danish daily deal-curator Bownty raises a $3.8M Series A

Danish online payments company Clearhaus have raised $3.3M

Swedish Simris Alg, an agritech startup producing Omega-3 from algae raises $3.13M

Copenhagen-based Drivr raises €3 million to help taxi industry fend off Uber and others

Swedish Bloglovin’ raises $3M

Swedish Min Doktor raises $2.6 million

Finnish Reforged Studios’ raises $2.5M from NetEase

Swedish e-book startup Nextory raises $2.43M

Swedish Energy company Eneo Solutions raise $2.4M

Swedish streetwear-site Caliroots raises 20MSEK

Templafy raises approx. $2 million more

Finland’s Fimmic raises €1.5 million to speed up patients treatment

Swedish Fintech startup Qapital raises a further $1.5M from Northzone

Swedish Most raises 10MSEK (€1 million) including from the founder of King

Finnish Koukoi Games bags $1M seed funding from Frontier Singapore partners

Swedish Trueflow have raised $930,000 to take on Google Maps

Readsoft founders lead €850,000 investment in Swedish Olivetree’s Myloc

Danish Identity verification startup Veridu raise a £800,000 seed round

Swedish Matsmart raise 5MSEK

Norwegian Fronteer Solutions – tech equity fund management raises $430K

Danish an all-sector price comparison platform raises €200,000

Trunkbird raise $150,000 from prominent Danish angels

Danish Hivebeat gets $125,000 investment from 500 Startups, joins their Mountain View accelerator

Danish Kidup receive a $30,000 angel investment from Jesper Buch

Swedish Nuday Games raised from Universal Music but not Northzone and Almi Invest as first thought

Seed Capital have invested in Danish HR startup Eloomi

Swedish LAB Games have received investment

Angel investor Jesper Buch has invested in Copenhagen startup Fishtrip

Swedish Fintech startup Nordcap pick up investment from NFT Ventures

Aggregate Media invests in Swedish Consector

Swedish E-merchant Gula Katten takes in seed round before expansion abroad


Segulah sells its Swedish air sites to the German media group ProSieben for €235M

Avesina Healthcare – a company specialising in advanced hearing aids sold for $24M

Danish CMS provider Composite gets acquired by Canadian market leader

Icelandic Telecom company Siminn went public on NASDAQ Iceland

Norwegian mCash is acquired by Sparebank1

Swedish underwater kite Minesto listed in Stockholm

Norwegian Standard Innovation acquires Loop Health

24(7) acquire Sweden’s Campanja

Buildor are selling to Byggmax, price could be as high as 130MSEK

Top Stories

Voluntas is a new $100M fund with a focus on social entrepreneurship

Zendesk acquires cloud business intelligence startup BIME Analytics for $45M

Trustpilot and Truecaller are close to unicorn status

Solu – ‘A new breed of computing‘ goes live on Kickstarter

Bonnier increases its ownership in the United Screens

Angry Birds maker Rovio to cut 213 jobs and spin off learning business

Swedish founders of Avito are selling their $170M in shares in Avito and plan to invest in Swedish startups, while Northzone are exiting on Avito for $155M

Vostok Emerging Finance raising SEK588m to invest in Swedish fintech

Trustbuddy are filing for bankruptcy

Facebook launch their startup support programme in Sweden, with Lifesum the first company to join it

Spotify takes the #1 top grossing spot in US App Store for the first time

Stockholm, Copenhagen & Helsinki in top 5 most digital entrepreneur-friendly cities in Europe


If you really want to keep on top of what’s happening in The Nordic startup scene, then sign up to our weekly newsletter where we curate all of the need-to-knows news from the region

“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