Nordic Notes: Seems Taxing
Issue #69 - 7. April 2024
Hey all,
the most talked about news in the past few weeks has likely been the exit tax discussions in Norway. We don’t really have much to say about it other than it sucks for founders, not fun to pay 37.8% taxes for your paper wealth if you e.g. need to relocate to scale your company. So that’s that & we’re hoping for a good outcome to Norwegian founders.
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
🇪🇪 Elcogen nets €140M for clean energy technology expansion
🇸🇪 Scayl raises €100M for debt financing platform
🇫🇮 Onego Bio secures $40M for animal-free egg protein production
🇸🇪 CemVision secures €10M for sustainable cement solutions
🇫🇮 Polar Night Energy raises €7.6M to scale up sand battery technology
🇩🇰 Scaleup Finance secures €7.4M to expand its digital CFO platform
🇸🇪 Dema raises €7M to fuel predictive analytics innovation
🇸🇪 Arevo secures €6.6M for precision nutrition in agriculture
🇩🇰 REDUCED bags €6M to convert food and agriculture side streams into natural ingredients
🇫🇮 Benjamin Capital Partners secures $5.5M to propel growth of cash rewards app
🇪🇪 Eleport raises €5M to revolutionize EV charging management
🇸🇪 Telness Tech secures €5M to help cloud-based mobile operators reduce costs
🇸🇪 GAIA Biomaterials secures €4.6M for global expansion of eco-friendly food packaging products
🇸🇪 Buddywise raises €3.5M for its workplace safety platform
🇳🇴 Völur raises $2.9M to help meat processors make better sorting and cutting decisions
🇸🇪 Turbotic nets €2.3M for automation orchestration and optimisation platform
🇪🇪 Supersimple raises $2.2M to expand accessible data analytics platform
🇸🇪 Agteria Biotech secures €1.4M to combat methane emissions
🇸🇪 Alrik raises €1M to streamline construction transport
🇩🇰 PatentRenewal secures €1M to redefine IP management
🇸🇪 Ironic Biotech raises €1M for plant-based proteins high in iron
🇳🇴 Plaace secures €885K for Nordic expansion in the proptech sector
🇸🇪 DREV raises €700K to help gigafactories collect and reuse raw materials
🇸🇪 NEOGAP Therapeutics receives €500K to advance personalized cancer immunotherapy analysis
🇫🇮 Aico Group secures funding to help companies streamline financial close processes
Did we miss something - send us a note!
Quick Notes
Norway is proposing a new iteration on their 37.8% exit tax on unrealised assets that have been accumulated in Norway, and founders are not happy.
Finland plans to build and jointly operate two research centers and an accelerator facility as part of NATO’s DIANA program.
Skåne Ventures raised 2.9m€ to invest in local startups. Skåne Ventures is a collaboration with local incubators and accelerators.
A new VC, Nine Realms, has raised half of their 200m€ target to support startups working on supply chain issues.
Opinion
As said, we don’t have much to say about the exit tax discussions in Norway & all we have to say, we’ve said already in this letter. So we decided to dive into Northstack’s report on 2023 funding in Iceland.
It’s not very surprising to see that the number of investments and € invested during 2023 both went down compared to 2022. Interestingly deal numbers went back to 2018 levels, but total investments were around 2021 numbers.
On a positive note, mixed and women only teams increased their share of deals last year and by a good amount at that.
When diving into the data they found that the reason is fewer men only teams rather than having more women only / mixed teams. the amount of funding has stayed low though.
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 sharing! Really good to see Onego Bio news! Super important.