Playraven raises €3.29 Million with more news coming in January


Another day, another multi-million funding round into a Finnish mobile game developer. Helsinki-based PlayRaven has seen good success with the September launch of Spymaster on the iPad, where players act as the supreme Allied spymaster in the second world war to steal info and thwart enemy forces. Its unique gameplay focused on player consequences has popped it up to the top of the iPad game charts in 99 countries, and today they announce they've raised a cool $4.1 million (€3.29 million) round to keep pumping out new franchises.

Read more »

Optomeditech Helps Solve Catheter Insertion & Grabs $2.5 Million From Lifeline And Sitra

As the Healthtech boom is picking up speed in Finland, there are more and more companies that we are really excited about. Especially when the problems they solve are as fundamental and spread as the one Optomeditech is tackling.

Basically, inserting a catheter is one of the most simple and common procedures in healthcare. Which is especially true when it comes to invasive ones. Yet, the innovation in this department has been more or less stagnant for years.

Read more »

Take Mobile Pictures, Get Paid. Foap Raises $2.3M To Continue Growth.


If you take pride in your photos and if you’re creative enough to fill up your instagram feeds with more than just shots of your Cappuccino, then you might as well get paid for it. That’s the idea behind Malmö-founded Foap, sort of a crowdsourced stock photo site that also allows marketers get some of that always-needed brand engagement.

Read more »

Klarna To Invest $100M Into U.S. Expansion


Klarna has been one of the biggest success stories from the region for a while yet. Rightfully so, as the company has revenues of over €178 million a year (2013) and has total funding of close to €250 million. The latest being in March this year from Institutional Venture Partners (IVP),Sequoia Capital, General Atlantic and Atomico.

Read more »

Inventure Announces Increased €68 million Fund To Assist Nordic & Baltic Startups in Soft Landing to US

If you by any chance happen to have an investment hungry startup within the Nordic and Baltic region, you’ll be pleased to know there’s a fresh increase of  €68 million waiting to get pumped into your veins.

Finland-based VC firm, Inventure, has just announced the closing of its second Inventure Fund II at €68 million. The round will lead to an US expansion where the VC will build presence for future local support of its Nordic and Baltic protégées. The funding was led by pension-insurance company Ilmarinen, with strong backing from existing investors.

Read more »

Google Ventures Lands in Europe


The summer is great; sunshine, ice-cream, holidays, all that great stuff and more. However it does mean that while we’re kicking back and enjoying a rest we can miss the odd big story. One such that slipped through the net last week was the news that Google Ventures is coming to Europe.

Read more »

Chroma Studios get $300k to make things go BOOM!


Mobile games company Chroma Studios from Copenhagen have secured $300,000 seed funding from Capnova, a Danish investment and development company. The investment sounds like a bold move, given that it is to a company that will be making their first title with the finances, but not quite as bold as Chroma Studios own ambitions. They’ve announced that the title will be a ‘Candy Crush killer’, how are they going to pull that one off?

Read more »

Sweden’s Creandum Invest $3.75m in Danish Planday


Danish startup Playday are behind a successful SaaS workforce management program which is the leading software of its type in the Nordics. Now as they look to expand their operations worldwide and capture a huge, unexploited market they’ve partnered with venture capital firm Creandum to get the investment and expertise they need to realise their vision for growth.

Read more »

Fonecta's First Minor Investment: Vuole/Savalanche


Last month we announced that Fonecta, one of the most active startup acquirers in Finland is going to start making minor investments. Today, they have announced their first and it goes to the online marketplace startup - Vuole that has developed the Savalanche e-commerce platform.

Read more »

Finnish Angels and VC's Release Their 2013 Stats

Editor's Note: The last paragraph has been changed to reflect that the €994 million is not in fact the value of exits. It is the total number of investments that have exited, the exit value is likely to be higher.

The Finnish Business Angel Network (FiBAN) and Finland’s Venture Capital Association (FVCA) released their collected statistical data on investments made into early stage growth companies in 2013 by private investors and VC companies.

Read more »

Largest Startup Acquirer in Finland, Fonecta, Starts Investing


Fonecta, the Finnish directories business that was founded in 2002, is known to be the largest acquierer in Finland. With a turnover of around 190 million euro, they understood that the directories business is not exactly a growing industry so M&A became a core strategy in keeping up with market developments. So as a result, in the past ten years, they have purchased over 70 companies from various industries.

Read more »

SonarWorks take €600,000 investment


The Imprimatur Capital Technology Venture Fund located in Latvia has recently announced an investment in headphones software start-up Sonarworks. The investment of €600,000 in the startup makes it their fifth such outing since launching in mid 2010. So what makes headphone software worth of investing in?

Sonarworks have developed digital sound correction software which they say allows speakers to sound much more like how the artists intend by listening to the output and adjusting the sound to get the best quality possible out of their devices. It's cool technology that can get a lot more out of your cheap speakers.

Read more »

Checking Out The Prague Startup Scene With Wayra CEE

Editor's note: The trip to Prague was paid for by Wayra CEE, but the information and thoughts herein are my own.

Seeing how the startup culture works in other countries is always interesting, we often compare the ArcticStartup region to USA or the UK but what about our neighbours? We write about Estonia, Latvia and Lithuania, who are a part of the CEE, but we rarely have the opportunity to take a look at the whole region.

Read more »

Infogr.am Pulls the Largest Investment in Latvia And Reports 8 Million Monthly Uniques

When we were doing our Baltic investment overview last year, it was actually quite difficult to find investments into Latvian startups. Recently, however things have been picking up speed with investments into Froont, Fastr & Ask.fm.

Read more »

Legal Fees Can Destroy Investment Rounds: DealCircle Raises $750k To Slash Them

One thing that many startup founders do not think about are the legal costs of closing a seed round. Why is this significant? Because it can end-up being a much higher proportion of the deal than you can imagine. For instance we wrote earlier about Dexplora, a company where the legal costs of the round were higher than the total cost of producing the app and the system. Not surprisingly then, the co-founder of Dexplora (now Brisk.io), Hampus Jakobsson is one of the investors in DealCircle, a company that is aiming to solve this very problem.

Read more »

Invesdor Goes For Secondary Markets

One of the key issues with equity crowdfunding is the unpredictability of an exit. Sure, you can probably ten fold your money once in a while, but how long will that take? Five, ten years? Now if you are investing the Invesdor minimum of EUR 20, then you will get EUR 200 back with a ten fold exit. Is it worth to wait the ten years to get your 180 EUR? For a lot of people - probably not.

Read more »

Mojn Raised $4 Million Series A from NorthZone, Notion Capital & Zoar Invest

Mojn is a Copenhagen based startup that is focusing on sending out e-commerce and business e-mails that are highly personalized. So it is kinda like Mailchimp, but focuses on a more specific sector as well as on a higher degree of personalization.

Read more »

Investment Scene is Boiling: New EUR 5 Million Fund With 43 Angels

If you have been keeping up to date, then you might be guessing that this upcoming year is going to be big for the region. Look at it this way, a while back investments were a little scarce and we were happy when we got to write about them, at the moment it looks like there is one almost every day and there were three in a row just yesterday.

The investor activity is also suggestive of good times ahead. At the close of last year, Creandum, Atomico, Vision+ & Northzone all closed new funds. Gorilla Acceleration Fund was also launched just a few weeks back and today Vendep Startup Fund is announcing a EUR 5 Million fund to be invested into 15 to 20 Finnish startups over the course of four years.

Read more »

Nordic & Baltic Startups Hunting For London Expansions

Editor's note: this is a sponsored post by UK Trade and Investment

Whenever somebody asks me why Nordic/Baltic startups are performing so well, one of the main arguments tends to be the fact that they simply have no other choice. Coming from relatively small home markets, they simply have got to think global from day one. 

If you are in Finland for instance, you can probably conquer your home niche market in a matter of months if not weeks. This, forces companies to think about expansion early on and hence global success too.

Read more »

Sayduck raises €350,000 Seed as Augmented Reality reaches Critical Mass


Helsinki-based Sayduck announces it has raised a €350,000 seed investment from IncubAsia Ventures, Arteel Ventures, as well as angel investors from the Nordic countries, the US, and Slovenia. The company has been growing steadily since we first covered them, by getting into European accelerator Seedcamp, as well as growing from a team from three to a team of 15 involved people from around the globe.

Read more »

Health Startups Grow In Popularity: Mendor Raises €4.7M To Manage Diabetes

Looking at 2013, it is probably fair to say that the two hottest areas in Northern Europe at the moment are Gaming and Health. Perhaps the two are almost opposites of the spectrum and as much as I love gaming, I can't help to think how important are startups that can measure success in lives saved as opposed to money made. Unfortunately they do not get as much hype as many other companies and often escape the radar.

For example there is Mendor, a company focusing on one very specific target market - people with Diabetes. When it comes to diabetes, it is extremely important to know your glucose levels (blood sugar) and track daily changes in order to manage the disease. Missing measurements can mean not doing the insulin injection at the right time which can have severe consequences on one's life. To tackle the problem, most people use blood glucose meters.

Read more »

Finland's Jakamo Raises €700 000 to Create Cross-Business Communications

Seinäjoki based startup Jakamo has successfully closed a recent investment round today, with €700 000 in raised funds. Major contributions came from Prohoc, a privately owned Finnish multi-disciplinary company who provides project and business related engineering, consultation and documentation services. The raised funds will be used to strengthen and expand Jakamo's sales and marketing departments, as well as product upgrading.

Read more »

One More Gaming Success From Finland: Lola Panda Hits Millions of Downloads


The Finnish gaming success is not just about the casual games from the likes of Rovio and Supercell. There are other gaming companies that deserve the attention, especially if they also have an added benefit of being education.

For instance there is Beiz, who have created the Lola Panda brand and several games to go with it. The company focuses on pre-kindergarden and elementary school kids, creating games that would aim at providing entertainment and education in one go. The most popular of those is Lola’s Math Train, where you try to drive a train to a party and solve math problems along the way. 



Read more »

Visedo charge with fresh €4m investment


Finland’s Visedo Oy have raised €4 million in new investment from Finnish Industry Investment and the company’s existing owners Power Fund II and Sinituote to accelerate their growth into international markets.

Read more »

Estonia to Invest €60 Million Into Startups


As reported by E24 news, the Estonian government plans to create a fund of funds with a total size of EUR 80 million with an aim to invest into startups. The government is set to choose fund managers for the endeavor, and invest EUR 60 million, while the other part should come from private investors.

The total amount will depend on the amount of private investment that this initiative can gather. The fund of funds will be created using the Kredex financial institution, and according to Andrus Treieri, the director of Kredex, the size of the individual funds will depend on the contribution of private investors.

Read more »

DoReMIR secure new $1m funding round


Swedish outfit DoReMIR seem to like keeping the description of what they do quite vague by saying they develop “music intelligence technology”, now intelligent technology immediately gets me thinking of Skynet but intelligent music? I imagine that’s going to lead to ‘The Sound of Music’ suddenly turning and launching an attack on our hearing. Then there’s the boast that they “enables users to more easily than ever before capture and digitize their musical creativity”, now that just sounds like they enable recording onto a digital 8-track or similar, how would you make that easier?

Well it turns out what they actually do is pretty cool, and interesting enough that they’ve just raised $1 million to do more of it.

Read more »

Smarp Rounds up €225k in Seed Round

Helsinki based startup, Smarp, is on the rise. With major client companies in Finland and the UK, Smarp's social business tools and services, and especially their SmarpShare - Service, have been in high demand.

It's a sweet idea actually. According to their researches, more than half of employees feel like they could publish company related content into their personal social media, such as LinkendIn, if only they were encouraged to do so from the highs of the chain-of-command. That's where Smarp steps in, in the form of a game of some sort.

Read more »

Norwegian Government launch two new Seed Funds


Last week came the announcement that Innovation Norway had appointed Alliance Venture Spring in Oslo and ProVenture Management in Trondheim to manage two new national seed funds. Each of the funds will be about 500 million Norwegian Krone, which works out at a little over €60M each, with a 50-50 split between private investors and the government.

While the ProVenture Management fund is targeted at the oil & gas industry Alliance Venture Spring has been tasked to manage the money that will foster new IT successes. Although the fund is based in Oslo it will have a nationwide reach. In other words small businesses located in other parts of the country will be able to benefit from the investment fund as well as those based in the capital.

Read more »

7Signal Raises $4.1 Million To Make Wi-Fi Work


It is fair to say that Wi-Fi has changed the world. In fact we have become so spoiled by it that people are now getting stressed out if they do not have Wi-Fi on airplanes.

Oh and when it fails, it gets even worse. That dropped Skype call or a bad network connection at an event can make us really anxious. Now imagine if that Skype call was actually important, life or death kind of important. 

This is what happens everyday in Hospitals, where they increasingly rely on technology. You would be surprised to find out that nowadays even some IV pumps are “online”. Nurses and doctors use tablets to communicate with each other and their patients. Some hospitals have emergency buttons operating through Wi-Fi and in others nurses have voice-over-ip devices connected to it. 

So in that kind of environment - you can not afford any networking errors. In fact, it becomes mission, and life, critical.

Read more »

Weekdone Finds €148,000 Investment, Wins Slush's Pitching Competition


We've covered Tartu-based Weekdone winning the annual Estonian design awards, but apparently the company isn't just all looks; they just beat out the 400 other hopefuls in the region to win Slush's massive startup pitching competition.

For those of you who haven't seen our past coverage, or didn't see them up on stage at Slush, Weekdone provides a productivity and task completion solution for the web and iOS that gives managers the ability to see an overview of what they're teams are working on, and how they're competing their tasks. It's gorgeous and powerful, especially if you're using the PPP reporting paradigm, focusing on Progress, Plans, and Problems.

Read more »