The Top 15 Nordic Funding Rounds of 2017 so far

After delving into the details of the funding rounds above $10 million yesterday, we thought it could be useful to outline exactly what the largest of those investments were, as well as a little more information on the problems they are tackling and who is backing them in order to provide a greater insight into what’s truly attracting the big bucks in the region right now.


Eneo Solutions (Sweden) $11.3 million

In their own words: “We tailor solutions for solar and geothermal energy for companies and organisations who want to lead in sustainability. We supply everything from knowledge to complete energy – and connects green technology directly to our customers’ business results.”

Who invested? Infranode



Avalanche Studios (Sweden) $11.3 million

In their own words: “Avalanche Studios is an independent and privately held video game developer based in both Stockholm, Sweden and New York, USA”

Who invested? Nordisk Film


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Qapital (Sweden) $12 million

In their own words: “Launched in 2012, Qapital is an easy-to-use, daily money management application that allows its users to organize their finances in a single place by connecting with their online accounts. It provides its users with an instant overview of their finances and empowers them to save on small things so that they can spend on things that matter the most.”

Who invested? Industrifonden, Northzone, Rocketship VC, Anthemis Exponential Ventures


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Xeneta (Norway) $12 million

In their own words: “Xeneta provides container freight pricing transparency with one platform in real time & on demand. Benchmark your ocean container freight rates with intelligent pricing data.”

Who invested? Smedvig Capital, Creandum, Alliance Venture, Point Nine Capital



Fuse (Norway) $12 million

In their own words: “Fuse was founded by mobile graphics veterans who wanted to fix app and user experience creation for both designers and developers. Fuse is a cutting-­edge UX tool suite that closes the gap between prototyping and actual development.”

Who invested? Northzone, Alliance Ventures



Northvolt (Sweden) $13 million

In their own words: “Electrification and renewable energy storage are the keys to a carbon neutral society. Batteries will enable the transition. The auto industry alone will need batteries in huge numbers to replace fossil fuels with electricity. The ability to store energy is also crucial to free the world’s energy generation and distribution from coal, oil and natural gas. Northvolt accelerates this transition by building Europe’s largest battery factory.”

Who invested? Vargas, Swedish Energy Agency, Vinnova



Orbital Systems (Sweden) $15 million

In their own words: “Orbital Systems is an award-winning clean-tech startup in Malmö, Sweden. Founder and CEO, Mehrdad Mahdjoubi, developed the world’s most advanced shower system allowing up to 90% water savings and 80% energy savings while increasing comfort and hygiene. Inspired by an academic cooperation project with NASA, the company was launched under the mentorship of Skype’s Founder Niklas Zennström, and is today in a fast-growth stage.”

Who invested? Niklas Zennstrom, Stena Ventures, Karl-Johan Persson, Nils Idoff, af Johnick Family


8th (Sweden) $15.5 million

In their own words: “ is the next generation of fashion marketplaces. An predominantly mobile based online shopping sanctuary for fashion addicts all over the world. Combined with a unique merchant service that unleashes the e-commerce power of digital brands and social influencers. Funded by the original founder and team behind”

Who invested? Northzone, eEquity



BIMA (Sweden) $16.8 million

In their own words: “BIMA, an insurance technology (insurtech) firm that provides microinsurance to underserved families in emerging market. It is the leader in mobile-delivered insurance in emerging markets. Launched in late 2010, Bima currently reaches seven million people across eight countries in Africa, Asia, and Latin America, including Ghana, Senegal, Tanzania, Mauritius, Bangladesh, Sri Lanka, Indonesia, and Honduras.”

Who invested? Axiata Digital, Kinnevik, Milicom, LeapFrog Investments, Digicel



MatHem (Sweden) $18.1 million

In their own words: “Mathem is Sweden’s largest online grocery store and delivers food to Swedish homes 7 days a week. has been awarded The Grocery Website of the Year (Årets matsajt) in 2010, 2011 and 2013 by the Swedish online magazine Internetworld. Mathem has the largest online grocery assortment in Sweden including a broad range of organic products.”

Who invested? Verdane, Ferd Ventures



TaktoTek (Finland) $20 million

In their own words: “TactoTek creates injection-molded structural electronics that integrate flexible printed circuitry and discrete electronic components into mass-produced 3D injection-molded plastics. With its patented and patent pending technology, TactoTek enables differentiating and cost-effective designs with highly scalable production processes. Because TactoTek encapsulates electronics and circuitry in injection-molded plastics, the resulting products are inherently durable and protected from the environment.”

Who invested? Faurecia Ventures, Conor Venture Partners, VTT Ventures, Leagur VC, Undisclosed Angels



Soundtrack Your Brand (Sweden) $22 million

In their own words: “Soundtrack Your Brand is a Spotify joint venture and the exclusive provider of Spotify Business and Spotify Enterprise. We connect brands and fans, and our vision is to grow the music market and thereby support artists, so that they can give the world more great music.”

Who invested? Industrifonden, Balderton, Northzone, Creandum, Telia, Persson Family



24Storage (Sweden) $27.9 million

In their own words: “We at 24Storage rent stores in many different sizes for both individuals and businesses. Long or short time. But we also tend to say that we are developing the third generation of self-storage properties. By that we mean that we create a new system that makes it possible to build smaller properties, find better positions closer to the customer and create a better and more flexible solution for the customer. As a customer, you no longer have to travel far out of town to access their gadgets.”

Who invested? Carl Rosvall, Jorgen Tilander, Fredrik Tilander



iZettle (Sweden) $63.8 million

In their own words: “iZettle is reinventing technologies and banking services that help small-business owners live better, work less and earn more. Based in Stockholm, the financial technology company revolutionized mobile payments in 2010 with the world’s first mini chip card reader and software for mobile devices. Today, small-business owners around the world use iZettle’s powerfully simple services to improve the speed and ease of payments at checkout, business management, sales analytics, customer engagement, and funding.”

Who invested? Victory Park Capital and Existing Investors



Snow Software (Sweden) $120 million

In their own words: “Snow is the established global market leader in SAM, helping over 6,000 organizations across more than 50 countries contain and optimize software spend and achieve compliance with complex software licensing terms across mobile, desktop, data center and cloud solutions. Snow’s solutions provide highly automated reconciliation of license entitlements to actual software usage, installations/ removals and license upgrades as well as advanced analytics which help customers save up to 30% of their annual software expenditure.”

Who invested? Sumeru Equity Partners, Ontario Pension Board

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