The Q1 2017 Danish Funding Analysis

In the first of our country specific analyses, we delve deeper into Denmark’s Q1 performance. To get straight to the point we recorded 36 private investments totalling a disclosed $56.2 million.

The number of investments mirrored that of the Nordics as a whole; a dip from Q4 2016, but slightly higher than the other quarters of last year.

When directly comparing to Q1 2016, we see a 28.57% increase, which is above the Nordic average of 14.74%. In short, 36 investments is a strong start to the year and positions Denmark to pass their total of 123 investments for the calendar year, which we (still) comfortably expect them to do.


The amount of capital invested in total in Q1 was pretty low though, although it was an improvement from Q4’s rather dismal $34.9 million. This is as we have seen no real “star” investments in 2017, in size at least. With such a sluggish start to the year for the amount of capital invested, the rest of the quarters in 2017 will need to rely on a couple of big rounds in order for 2017 to surpass 2016’s total of $446.13 million.

This lack of larger action in 2017 is best illustrated by the below chart, where we can clearly see that there were no investments above $10 million and just 5 above $3 million.

This is the opposite of the Nordic trend in Q1, where we saw a large number of investments in this range, after a quiet Q4 for investments in this size range as well, there appears to be a slow pipeline in investments in this range in Denmark right now.

Note: We will soon be performing a specific deep-dive into all of the undisclosed Danish investments from the last three years or so, and will be amending our database and analyses accordingly. Once we have performed this task, we will then reflect this in future analyses, however, we didn’t want to change our methodology before this was undertaken, meaning that for now, in Q1, undisclosed still reigns supreme in Denmark.

SaaS is extremely popular, whether Enterprise or Consumer facing, as these two claimed the most investments in Q1. FinTech, a vertical where Denmark and Copenhagen has put a concerted focus and effort into, is represented with three investments.

The largest investment in 2017 so far was GAN Integrity’s $9 million round co-led by Northcap and Edison. Other notable investments include Trustpilot seeing more capital from Draper Esprit and Peakon raising $6.5 million led by EQT Ventures.

There was a surprising spread of investments per city in Q1, with six Danish cities/towns putting themselves on the map. Copenhagen still represented 77.77% of all investments though, which is essentially still in line with what we witnessed in 2016 as a whole (80%).

Denmark relied on at least one International investor participating in 22.2% of the 36 funding rounds in Q1, higher than the 16.1% we saw across the region.

This is despite the lack of investments in the $10 million+ range, perhaps hinting at a bigger reliance on International capital at an earlier stage than the region has as a whole.

Although of course, it’s worth pointing out that Sweden, a place where local-stage early capital is readily available has a huge impact on the region’s number as a whole due to the sheer number of rounds. Even still, I believe this observation to be a fair one.

In conclusion, Q1 was a pretty strong funding quarter for Denmark, although far from spectacular. It is possible that we will see less capital invested in 2017 than 2016 unless there are some companies that are set to raise monster rounds.

We focused heavily on the importance of seeing these larger rounds starting to happen yesterday, and although Denmark has not had the level of early-stage investments that Sweden has, it’s still fair to say that we do need to start seeing some of these Danish companies who’ve raised all of these seed rounds in the last 18 months to start raising Series A’s and beyond in order to keep the momentum of the last couple of years rolling.

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