Nordic Notes: VC Returns
Issue #71 - 5. May 2024
Hey all,
what a week, so full of warmth, sun and fun with the Vappu celebrations! Also a fun bit of news today - cold weathers headed this way next week with the possibility of snow…
If you feel like cheering yourself up, click this link.
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
🇩🇰 Ageras raises €82M to expand cloud-based accounting software
🇪🇪 Stargate Hydrogen raises €42M for ceramic-based electrolysers
🇩🇰 Lunar secures €24.1M to expand across the Nordics
🇩🇰 Formalize secures €15M to expand compliance operations platform
🇳🇴 Red Rover Interactive secures €14M to accelerate the development of its debut title ‘Project Coltrane’
🇫🇮 HappySignals raises €12M to transform IT decision-making with human-centric data and AI
🇸🇪 X Shore nets €8.5M for electric boat innovation
🇸🇪 Blykalla nets €6.9M for continued industrialisation of its lead-cooled SMRs
🇩🇰 SNIPR Biome receives €5.1M for clinical trial of CRISPR therapy in cancer patients
🇩🇰 Rodinia Generation raises €3M to fight garment waste with on-demand microfactories
🇸🇪 Gridly secures €2.4M for Content Ops platform development
🇮🇸 Prescriby secures €2M for its treatment management platform for addictive medication
🇪🇪 10Lines raises €1.5M for autonomous pavement marking
🇸🇪 Silo Team raises €1.08M to transform developer turnover challenges
🇩🇰 Juristic raises €930k to empower lawyers with AI
🇪🇪 Salesforge bags €470k for AI-copilot for sales execution
🇫🇮 Maire raises €450k for predictive analytics software
🇫🇮 Daze raised €220k for streamlining the online returns process
🇸🇪 NOQX secures first round of funding to expand global reach in goal management SaaS
Did we miss something - send us a note!
Quick Notes
Novo Holdings has earmarked 188m€ for investments in quantum startups - read more here.
https://sifted.eu/articles/novo-europe-denmark-quantum-news
Slush revealed their theme for the 2024 event this week with this video. They also opened their team lead applications - apply here.
TechBBQ volunteer applications opened - read more here.
Maki.vc published their 2024 sustainability report - here.
Opinion
Last week Tesi published their report on investment returns for Finnish VC and PE funds, so of course we had to dive in and look at the numbers. You can find the whole report here.
In last years report the IRR for VC funds looked good, but for this year especially the new funds aren’t doing so well with a drop from 18% to 11%.
Finnish VC’s still perform well compared to European peers, I took the graph of mature VC funds here, but you’ll find a similar one with the newbies in the report. What I found interesting though is that Tesi’s speculation as to why this is, is that we do smaller deals here “which are easier to execute and exit in the current market conditions”.
As always, we recommend to check out the full report!
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. Did you read https://www.notboring.co/p/techno-optimistic-media is there anything like that in Finland or the Nordics?