Standout News #17. Nordic tech, trends and deals

Standout News #17 - The Newsletter from Standout Capital.

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Standout News is a quarterly(ish) newsletter from Standout Capital about tech deals, trends and posts from our blog. New subscribers can subscribe to the newsletter here.

Latest from Standout

In September we went to the heart of EU and would like to share our insights from EIF, The Engine of The European VC Ecosystem and The Ugly Duck

Tech deals in the Nordics

Notable recent Nordic tech deals in software from US and Nordic players, Human Resources tools, FinTech, consumer markets, media, healthcare and a big battery factory.

US players buying Nordic software - Recorded Future, the Swedish threat intelligence company, was acquired by Insight Partners for $780 million. Marlin Equity acquired Puzzel, a Norwegian provider of contact center software. Aptean acquired Optiware, a global Danish software company for smart manufacturing. Piano Software acquires Norwegian data management platform Cxense for over NOK 350 million. THL Partners acquired AutoStore, the Norwegian warehouse robotics company, from EQT. KKR-owned Calabrio bought Teleopti, the Swedish workforce management software.

Nordic PE remains busy in software - Axcel (DK) acquired a majority stake in Phase One, a Danish high-end digital imaging software. Vaaka Partners (FI) invested in Lyyti, the Finland-based event management software company. Monterro (SE) became the majority owner of Specops Software, a Swedish provider of authentication solutions. Summa Equity (NO/SE) acquired a majority of EcoOnline, a Norwegian software for safe handling of chemicals. StruSoft, a software for the construction industry, announced that Vind (NO) is the new majority owner. Leeroy, digitizing the restaurant industry, took in capital from Axel Johnson’s D-Ax (SE). ETF Partners (UK), Inventure (FI), KPN Ventures (NL), TESI (FI) and Vito Ventures (DE) invested €14.4 million in Wirepas, a Finnish Internet of Things software company.

Human resources software consolidating - Verdane-owned HR Manager and Webcruiter adds Swedish ReachMee and Telmundo to its HR Nordic platform. Maj Invest (DK) sold ProLøn, a Danish salary and wage SaaS-company for SMEs, to Visma. Finland’s ePassi, a Finnish solution for employee benefits, received growth capital funding from Bregal Milestone (UK) and First Fellow Partners (FI).

Nordic FinTech attracts international capital - Klarna, the Swedish smooth payments provider raised $460 million in a funding round led by Dragoneer Investment Group (US), at a post money valuation of $5.5 billion. Pleo, the Danish business spending platform raised $56 million in a round led by Stripes (US) with participation from Kinnevik (SE) and Creandum (SE). Anyfin, a Stockholm-based consumer loans company, announced a €8 million investment from Northzone, Accel, Global Founders Capital (DE) and FinTech Collective (US). Insurello, a Swedish digital insurance claims company, raises SEK 25 million through Schibsted Growth (NO/SE) and Luminar Ventures (SE). Mitigram, a Stockholm-based global platform for trade transactions, announced a SEK 100 million investment round led by Sampo (FI). Hedvig, a Swedish digital insurance company, raised SEK 100 million from D-Ax and Obvious Ventures (US). Max Sievert (SE) acquired a minority stake in Stockholm-based surveillance technology provider Scila. Roger.ai, a Danish AI accounting automation tool, secured a $7.4 million funding from QED Investors (US), 9Yards Capital (US), Silicon Valley Bank (US), Financial Venture Studio (US) and others.

Growing investor appetite for consumers - Altor (SE) acquired a majority in Swedish fashion and lifestyle brand for cellphone accessories, iDeal of Sweden. Priveq (SE) invested in Parfym Sverige, a leading Nordic online beauty player. Cristina Stenbeck, former chair of Kinnevik, invested SEK 18 million in Caliroots, the sneakers and streetwear retailer, she also invested in Babyshop, Morjas shoes and the underwear start-up Lace Laboratory. The Swedish pension fund manager Alecta invested SEK 768 million in Apotea, a Swedish online pharmacy, for a 19% equity stake, representing a SEK 4 billion valuation. Easy Park, the Sweden-based digital parking services, acquired its competitor Inteleon (SMS Park). Wolt, the Finnish food delivery startup, landed $130 million in new investment from Iconiq Capital (US), Highland Europe (UK), EQT Ventures (SE) and Lifeline Ventures (FI).

New media, new transactions - Digital signage company Vertiseit listed on First North and acquired Digital Signage Solutions in Sweden. Verdane acquired Educations Media Group, online marketplaces for academic education. Readly, the magazine app, raised €15 million in a round led by the Swedish National Pension Fund AP3, Zouk Capital (UK), and Swedbank Robur (SE). Life of Svea acquired Nyheter 24, the online media group - congrats Dogge!

Healthy tech deals continue - Babylon Health, the British AI-based health services company, closed a $550 million round of funding at a $2 billion valuation, from Swedish investors Kinnevik and Vostok New Ventures together with PIF, Saudi Arabia’s Public Investment Fund and Munich Re’s Ergo Fund. Cambio Healthcare Systems acquired Daintel, a Danish supplier of clinical IT solutions to the intensive care and anaesthetic units. Surgical Science acquired SenseGraphics, medical simulation software in robotic surgery, for SEK 300 million. Kaustik acquired Carefox, providing solutions for elderly care.

An energizing investment... Volkswagen Group and Goldman Sachs led a $1 billion equity capital raise in Northvolt alongside BMW Group, AMF, Folksam Group and the European Investment Bank, EIB, as a part of establishing a 16 GWh lithium-ion battery cell gigafactory, Northvolt Ett, in Sweden.

Tech trends and research

The power of 5G is here - Ericsson released their latest Mobility Report

The European Commission published the Digital Economy and Society Index 2019

What is Quantum Computing? A new report from CB insight

PwC’s Global Artificial Intelligence Study: Exploiting the AI Revolution

Apple music hits 60 million subscribers, lags behind Spotify's 100 million