The Q2 2016 Nordic funding analysis

For the first time ever, we are producing individual quarterly funding analyses for each Nordic country if you would like to drill down further:

The Q2 2016 Danish Funding Analysis

The Q2 2016 Finnish Funding Analysis

The Q2 2016 Icelandic Funding Analysis

The Q2 2016 Norwegian Funding Analysis

The Q2 2016 Swedish Funding Analysis


In Q2 2016, we tracked 162 Nordic investments totalling $420.81 million

We sound like a broken record, but Q2 was yet another record-breaking quarter for the number of Nordic startups attracting investment. This is a continual increase quarter on quarter, however it should be noted that this is considerably slowing down, with just 6 more investments than in Q1. Even still this is more than double the 70 recorded in Q2 of 2015.

Removing Spotify’s $526M and $1B rounds from the equation, Q2 actually saw the most capital raised in a quarter in the Nordics so far, providing us with another spike just when it looked like things were levelling out.

The majority of investments are occurring at an early-stage although we are still seeing a healthy number of companies able to raise larger rounds as well, meaning the funding pipeline still looks reasonably strong.

However, comparing Q2 2016 to Q2 2015 it’s clear to see that although there has been a huge increase in these early-stage investments year-on-year, there has been practically no increase in investments past the $5 million mark, despite the fact that the number of investments have more than doubled.

In terms of where the majority of funding is going, Sweden still leads the way. Interestingly, Norway surpassed Finland for the first ever time, meaning Finland was in fourth place for the most capital attracted.

The order of play was also the same when it comes to the number of investments per country, with Sweden taking even more of the pie here.

Tradeshift and Klarna were the only rounds surpassing $20 million in Q2. Despite Finland’s relatively quiet quarter, they still managed to record three of the ten largest investments in the region in Q2.

As expected, FinTech is still attracting the most investments in the region, with Q2 also a strong quarter for Health and Wellness startups raising capital. Notable new additions to the most funded vertical charts were EdTech, Recruitment and Food startups.

In summary, Q2 was another strong quarter for the Nordics. The reason for the use of ‘strong’ rather than ‘exceptional’ was that despite the record breaking number and amount of investment(s), the lack of an increase in investments at the $5 million+ mark year-on-year despite a x2.3 increase in the number of investments leads me to wrap this conclusion in an air of caution, as we wait to see whether this picks up in the second half of 2016.


For the first time ever, we are producing individual quarterly funding analyses for each Nordic country if you would like to drill down further:

The Q2 2016 Danish Funding Analysis

The Q2 2016 Finnish Funding Analysis

The Q2 2016 Icelandic Funding Analysis

The Q2 2016 Norwegian Funding Analysis

The Q2 2016 Swedish Funding Analysis


“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 Tech.eu.