Hey all,
our funding round list is still going strong with a good number of deals published in the past few weeks. This week we’re also talking about the survey results on inappropriate behaviour and practices in the Finnish startup industry which was just published and also our inspiration for the name of this letter.
As always, happy to hear from you, let us know what we missed, what we can improve on & what you’d like to read about!
All the best,
Funding rounds
🇸🇪 Polestar raised €877M for their premium EVs
🇱🇹 Argyle raises $30M to expand automated income & employment verification platform
🇩🇰 Orbis Medicines raises €26M for oral macrocycle drug discovery
🇩🇰 Formalize raised €15M for its whistleblower and compliance software
🇸🇪 Cellcolabs secures $8.7M for affordable stem cell production to prevent and cure diseases
🇸🇪 Plexigrid secured €6.5M to reinvent electric grids
🇩🇰 Bucket raised $5.7M for its feature evaluation tool
🇸🇪 Sand Clinic raises €4M for its longevity clinic
🇩🇰 Hedia raises €3M to expand diabetes management solutions
🇸🇪 eComID raises €2.75M to reduce online product returns using AI
🇫🇮 SpinDrive Secures €2.5M for active magnetic bearings solution
🇩🇰 SynergyXR raises €2M to lead industrial XR transformation across Europe
🇪🇪 Rendin raised €1.8M to enable simple and safe renting
🇩🇰 Meo secured €1.67M to help clients with risk assessment and continuous due diligence
🇸🇪 Legitify closes €1.5M for cross-border online document certification and notarization solution
🇱🇹 Walk15 secures €1M to expand sustainable mobility solutions
🇩🇰 NitroVolt secures €750K for green ammonia production
🇸🇪 Bionamic raises €350K to propel AI-driven biopharma solutions
🇩🇰 Signal secured an undisclosed amount to expand its AI-driven platform for data-driven investors
Did we miss something -Â send us a note!
Quick Notes
Klarna is moving towards what might be the one of the largest IPOs this year.
Tenity kicked off its Incubation Program, in Tallinn. Check out the 8 startups here.
Nordic Science Investments has successfully finalized the first closing of its debut €60M fund dedicated to university spinouts in the Nordics
Verdane announced the final close of Verdane Edda III at €1.1B, doubling the size of its predecessor.
EQT has also had its largest ever fundraise. Its flagship PE fund closed at €22B, a 40% increase on the predecessor.
In yet another oversubscribed round, CapMan’s Growth third fund made its first closing at €110M.
Opinion
This week Startup Foundation, the Finnish Startup Community, the Finnish Business Angels Network, the Finnish Venture Capital Association, Slush and Aaltoes published the results from their survey on inappropriate behaviour and practices in the Finnish startup industry - read the report here.
We thought we’d highlight some of the findings here. You’re likely to have a more positive view on the startup industry if you’re a man, 45+, with over 10 years of experience since these groups are the ones who’ve experienced least amount of inappropriate behaviour. And on the other hand, women, LGBTQ+ and non-EU citizens have experienced most. Unsurprisingly, investors (VC & angels) have fewer experiences and employees, operators and founders more.
One of the most concerning facts is how many feel unsafe to report inappropriate behaviour. The percentage (41%) is really high and showcases that individual entities in the startup industry most likely won’t receive notice of most of the inappropriate behaviour happening in their organisations. I think this should be a wake up call to all of us.
On a more positive note, we believe that change is possible. The survey respondents felt that there are already many good practices in the industry, we just need to share those with each other.
We encourage all of you readers to take the time and read the full report. It’s very insightful to dive into the data and written experiences. Let’s make this ecosystem better together! <3
Thank you for reading Nordic Notes, your biweekly guide to the Nordic startup ecosystem. If you enjoyed this issue, please like it and share it with your friends.
Thanks for compiling. Will also read the report with interest!