May 29, 2020

8 months-old podcast platform, Podimo, raise EUR 15M to compete with Spotify and Apple (Computerworld)
The growth funding comes from the Danish VC fund Heartcore Capital, German E.ventures and Anglo-Israel VC 83north.
CEO Morten Strunge is cited stating that their main competitors are Spotify and Apple, which is why the funding is needed to take up the battle against the online streaming giants. The funding will primarily be invested in further developing its platform and to expand.
Podimo is a platform for podcasts that bets on exclusive formats. Among other, they are responsible for much of the Danish radio station Radio24syv’s catalogue, including several of their formats.
Digital healthcare service provider, Doktor.se, has raised a EUR 45M Series C (Doktor.se)
Participating in the round were Oriola Corporation, and several other new and existing investors. The funding was closed just over a year after the company’s latest round, where Doktor.se raised EUR 9.5M from Bonnier Ventures in 2019.
The proceeds will be used to expanding its digi-physical care offering and the company plans to open new medical centres to achieve this. Also, the company plans to make its digital platform international. In addition to the care offering, Doktor.se also has platform collaboration with Vivabem, a digital healthcare company active in Brazil and AniCura, a digital veterinary app available in Sweden.
Founded in 2016, the Stockholm-based e-health company is considered as the second largest online medical centre in the Scandinavian nation.Helsinki-based Happeo, a social intranet platform, has raised a EUR 10.9M Series A round led by INKEF Capital (Tech.eu)
DN Capital, Maki.vc and Vendep Capital also participated in the round.
The funding will be utilized to accelerate the startup’s product development and grow its teams in the Netherlands, Finland, Romania and the US.
Happeo is a combination of enterprise social network, company news feed and intranet system. Founded in 2017, the business has grown 280% year-on-year and was named one of Europe’s fastest growing scale-ups by The Next Web.

Danish robotics company, Shape Robotics, aiming to IPO on Nasdaq First North by end-June (Børsen)
The company expects to raise EUR 3.4M and the shares are pre-subscribed for around EUR 2.2M.
Co-founder and CEO David Johan Christensen states the funding will be used to expand internationally and take advantage of the opportunities that comes with being listed.
Shape Robotics are the 5th company seeking to IPO’d on the stock exchange. Among others seeking the spotlight of the stock exchange is the Danish company LED Ibond that plans to IPO mid-June 2020.

Staria, a Finnish information system and accounting services firm, looking to acquire tech companies (Mergermarket)
Staria received an investment from Vaaka Partners last week, where they acquired more than 50% of the company. The CEO and the Chairman hold a combined 30% while the remaining 20% is held by other members of management.
Staria and its financial sponsor Vaaka Partners are looking at technology targets, most likely in the SaaS space. In FY19, Staria had a turnover of EUR 18M, with an EUR 2M EBITDA. The company has so far only relied on organic growth, yet the company grew 40% during FY19 and 20% during FY18.
According to the article, the overall account service market is growing above Finland’s GDP growth rate and several of Staria’s segments operate in fast growth segments, such as cloud-based Enterprise resource planning (ERP) , which is taking market share from on-site systems.

May 22, 2020

Food delivery service, Wolt, raise EUR 100M to prepare for an ‘uncertain future’ (Bloomberg)

The Helsinki-based food delivery service’s latest funding round was raised from current investors like ICONIQ Capital, Highland Europe, 83North and EQT Ventures. The company also added new investor Goldman Sachs Growth Equity to their cap table.

Wolt aims to use the proceeds to boost growth, marketing and hiring amidst the coronavirus outbreak.

According to a report from last year (Mergermarket), the company also has plans to list and mentions two options for its future; Listing or sale. Miki Kuusi, co-founder, is cited saying that the company’s founders aim for it to list as Europe needs large tech companies like Wolt.

Founded in 2014, Wolt, with 1,000 employees, serves five million customers across 22 countries and 80 cities.

 

Danish Medtech company, Cathvision, receives an EUR 13.4M investment. Pre-money valuation of EUR 6.7M (Finans)

The round was led by the Belgian billionaire Marc Nolet de Brauwere – currently appointed to the Board of Directors at iStar Medical. Existing investors also participated in the round.

The funding will be used to apply for regulatory approval of heart equipment in the US and Europe. Cathvision’s technology amplifies the signals in the heart which makes it easier to treat atrial fibrillation (heart flicker). According to the newspaper, the company spends around 80% of their time developing their software.

Cathvision’s main competitors are currently the four US giants; Boston Scientific, GE Healthcare, Abbott, and Johnson & Johnson. The company describes their market size as potentially 20 million patients in the US and Europe alone. However, there are only around 500.000 procedures being completed each year, as the current methods is both expensive and complicated.

 

Templafy will use part of the proceeds from its Series C in April to acquire Danish B2B sales enablement platform, Napp (Prnewswire)

The Denmark-based enterprise document creation and automation platform will acquire the company to extend its offerings and allows it to accelerate product development.

The funding for the deal comes in part from Templafy’s EUR 23M Series C that was raised in late-April 2020. You can read more details about that round on our website: https://toftecompany.com/index.php/2020/05/01/may-1-2020/

 

Recently acquired Plint’s owner, Priveq, will consider add-on acquisitions (Mergermarket)

Louise Nilsson, CEO of Priveq, told Mergermarket they are looking to make add-on acquisitions to supplement the Swedish language services and media technology company’s organic growth.

The potential target should be ale to provide a faster growth route, a new geography or expansion of an existing one, Nilsson said. The UK could be an interesting area geographically, or expansion in the US, where Plint has an office, she added. The company is also keen to increase its share of recurring revenue of total sales as well as deepening current verticals and exploring new ones.

Priveq acquired a 55% stake in Plint for an undisclosed sum earlier this month. View more details about the deal on our website: https://toftecompany.com/index.php/2020/05/15/may-15-2020/

 

Norwegian health-tech company, Tellu IoT, to merge with telco Telenor’s e-health business (Mergermarket)

The deal values Tellu at EUR 17.7M. The article reported, citing Tellu’s Managing Director Ole Christian Olsson, that Tellu was originally looking to raise capital to help fund foreign expansion and product development but has instead ended in a merger.

Norwegian Telenor will hold 40% of the merged entity and 18 Telenor staff will move to the new company which will have 34 employees.

The combined company will have a turnover of around EUR 7.3m.

May 15, 2020

Swedish loan refinancing startup, Anyfin, raise EUR 27.7M Series B (Techcrunch)

EQT Ventures led the round, with existing investors Northzone, Accel, and Rocket Internet’s Global Founders Capital also participating in the two-year-old fintech’s capital raise.

According to Techcrunh, Anyfin says it will use the investment to “drive product innovation,” expand beyond Sweden and Finland into other European countries, develop software and launch new offerings

 

PE-backed Visma acquires Nmbrs, a HR and payroll software company, for an undisclosed sum (Visma)

Norwegian software developer Visma announced its acquisition of Netherlands-based Nmbrs for an undisclosed sum.

Nmbrs is a provider of HR and payroll software for the Dutch and Swedish markets, and employs more than 120 people. The company was founded in 2007 and processes 920,000 payments monthly for approximately 2,000 customers.

HG- and Canada Pension Plan Investment Board-backed Visma has stated their strategic rationale for the acquisition to be; extending its HR and payroll portfolio to businesses and accounting firms in the Netherlands.

Nmbrs continues its business activities as an independent organization under its current name, with no changes in management.

 

Danish e-sport distributor, Blast, raise EUR 12.5M led by Rocket Software founder (Børsen)

The e-sport company’s round was led by the billionaire Johan Gedda, known for founding and later selling the software company Rocket Software. Also participating was the Danish Growth Fund and existing investors Creandum and Heartcore.

Blast, formerly known as RFRSH, split its business last year – keeping its distribution and tournament business and divesting the Counter-Strike team Astralis that is ranked #1 in the world. Tofte & Company are proud to have helped Astralis on their IPO in 2019.

In recent years, e-sport has developed into a global billion-dollar industry, attracting thousands of fans. According to Børsen, Deloitte’s most recent report states that the total value of investments in e-sport surged from EUR 454M in 2017 to EUR 4.2bn in 2018.

 

Sweden-based Wrap Software acquired by Altair Engineering [NASDAQ:ALTR] (Globenewswire)

The target was acquired from parent company Wrap International, a Swedish software and consulting company. Verdane holds a 49% stake in Wrap International, with the remainder split between Olsson, the company’s CTO, and the Swedish Saab group.

Split out from the Saab group in 2007, Wrap International has around 50 employees, according to LinkedIn, while Altair has around 5,000 employees, according to LinkedIn, and a market cap of USD 2.38bn.

With 30 years of development, originally in Saab, the WRAP software covers a wide range of applications with focus on controlling radio spectrum assets for maximum utilization, including radio planning, interference, and coverage calculations, complementing Altair’s existing Feko, newFASANT, and WinProp software for wireless propagation modeling and network planning. The impressive users of WRAP include among many others major defense organizations, telecom authorities, broadcast operators, and public safety organizations.” (Globenewswire)

 

Bestseller-owner acquires majority stake in Danish learning platform for students, Lix Technologies (Finans)

Danish billionaire and owner of Bestseller, Anders Holch Povlsen, now owns most of the streaming service for study books, Lix Technologies. Holch Povlsen already owned 48% of the company and has now increased his stake to 81% via a transfer of funds of EUR 2M.

Lix Technologies was founded by Forbes prodigy Camilla Hessellund Lastein, and has several minority investors including North Media. In late 2019 Lastein was bought out of the company.

 

PE-firm Priveq Investments acquired a 55% stake in Plint, a Swedish language services and media technology company (Priveq)

The remaining 45% is retained by Per Nauclér, Örjan Serner and Johan Gladh with Mikael Fröling gradually handing over his duties in the company, which has been planned for some time according to the statement.

Plint is headquartered in Gothenburg, Sweden, with offices in Borås and Los Angeles. The company, which works closely with streaming giant Netflix, has grown from EUR 1M to EUR 12.1M in five years – a CAGR of 142%. Apart from Netflix, customers also include Amazon, Viacom, Volvo, IKEA and H&M.

One aspect that has aroused particular interest is that Plint has developed a unique, cloud-based computer system – Plint Core – which coordinates translations and workflows.

 

Nordic leader in e-health, Evondos, receives an investment from Verdane (Verdane)

Evondos was until this backed by Serendipity Partners and Tradeka Group.

The Finnish company’s customers include over 200 regions and municipalities. Its growth partnership with Verdane aims to develop Evondos’ service offering and extend the company’s business into Northern Europe (Currently operating across the Nordics), and achieve their vision to become the global leader in the automated medicine dispensing.

Evondos joins a roster of Verdane e-health holdings, including Verdane’s mid-April acquisitions Conscriptor and Max Manus. You can view more details on those deals on our website via this link: https://toftecompany.com/index.php/2020/04/24/april-24-2020/

May 8, 2020

Sweden-based Sinch to acquire SAP Digital Interconnect for EUR 225M (GlobeNewsWire)

Publicly listed Sinch (SINCH) will acquire SDI for EUR 225M on a cash and debt-free basis, including all assets and IP belonging to SDI.

The target offers cloud-based communications products, and has over 1,500 enterprise customers worldwide. The combined entity will serve close to 70 billion engagements per year, and the acquisition strengthens Sinch’s business in Europe, Asia-Pacific and India, as well as improving its resources in the US.

The deal represents Sinch’s second EUR 100M+ deal since late March 2020, after acquiring Wavy in a deal valued at EUR 110.3M

 

Europe’s highest valued private Fintech company, Klarna, acquires e-retail platform, Nuji (Nuji)

Nuji’s platform featured over 5,000,000 items and 10,000 designers from various brands. According to DI Digital, Klarna aim to create its own e-retail platform to which Nuji’s assets and staff was acquired. Nuji will be closed down within two months and its member accounts deleted.

With 85 million shoppers, 200,000 retail partners and one million transactions per day, Klarna offers a wide range of products and services within payments, social shopping, and personal finances.

 

High pre-subscription interest sees Penneo increase their upcoming IPO raise to EUR 6.7M. Pre-money valuation at EUR 33.5M (Børsen)

Despite upsizing their IPO to EUR 6.7 from EUR 4.7M (a 42.6% increase), Penneo will keep the offering price of EUR 1.49, and will conduct an offering of EUR 1.9M. The offer starts on May 7th, with the IPO dated for June 2nd 2020. The share will be listed on Nasdaq First North

Managing Director Niels Henrik Rasmussen said that the company could have increased the raise amount to EUR 20M, but Penneo prefers to prove itself as a long term investment first.

 

Synergy Sky, a Norwegian video conferencing company, partly acquired by Swedish investor Hakan Roos (Digital.di)

The Swedish Tech billionaire acquired Synergy Sky via his company Roosgruppen. According to Digital.di, Roosgruppen has injected EUR 6M new capital into the target, and will gain a stake of around a third of the company.

The Swedish business daily cited Synergy Sky Managing Director Stale Reitan saying that the new funds will facilitate expansion abroad.

The global video conferencing industry has gained traction during the Covid-19 outbreak, with the ban on travel limiting the reach of companies – especially in foreign markets. The last decade’s market growth has led to increased adoption of video conferencing software due to an increasing focus of companies towards the expansion of their businesses in the global market, and in the management of the workforce in foreign markets (Globenewswire).

 

Mobile Sandbox MMO developer, Dazzle Rocks, closes a EUR 6.3M Series A led by Galaxy Interactive (Spintop)

The round consists of new investments and conversion of existing notes. Also participating were Spintop Ventures, Ken Lamb (Dazzle Rocks Chairman and Co- founder of Initial Capital), byFounders, David Helgason, MTG, Sisu Game Ventures, and investors from the company’s earlier financing rounds.

According to Spintop’s press release, the investment will be used to continue developing the company’s next generation social gaming experience in a sandbox world.

 

Total Specific Solutions (TSS) targets the Finnish software market for future acquisitions (Mergermarket)

Mika Savolainen, Director of TSS’ Finnish operations stated that the company is looking at software houses that operate in different sectors.

The Director is also cited saying that it is looking beyond the current coronavirus situation and is currently in discussions with new targets.

TSS recently acquired Futunio, a Finnish software company. View more details about this deal on our former update from April 17th, 2020

May 1, 2020

Templafy, a Denmark-based provider of template management and document automation software, raise a EUR 23M Series C funding round led by Insight Partners (PR Newswire)

The funding round follows Templafy’s expanded global footprint, and positions the company for continued global growth, future acquisitions and new product launches.

The company received additional funding from Dawn Capital, Seed Capital and Damgaard Company, bringing the total external capital raised to almost EUR 64.4M.

Founded in Copenhagen, Denmark in 2014, Templafy now employs around 500 people.

 

Catenda, a Norway-based provider of cloud-based collaboration for the construction sector, seeking to raise EUR 5-15M in 2021 (MergerMarket)

The round will be for an unspecified minority stake, with the team of 5 co-founders currently holding 60% of the company.

Catenda will look to raise the funds after securing several clients in the US and determining the necessary resources to scale adequately, CEO Håvard Bell said.

The company had a valuation of EUR 12m in October 2019, and are looking for investors who have connections in the US market.

 

Pan-European stock exchange, EuroNext, to acquire 70% of Denmark-based VP Securities (EuroNext)

EuroNext has penned an offer to the remaining 30% shareholders, with and offering price for 100% of the shares of EUR 150M. The transaction is expected to be completed by early 3Q20.

The company has stated its strategic rationale for acquiring VP Securities to be strengthening “its post-trade business, doubles its central securities depository business, and expand its footprint in the Nordic region”, according to their press release.

 

Coop Denmark eyeing acquisitions of tech-businesses which can help Coop with its ongoing digitization process (MergerMarket)

The Danish supermarket group has been looking for acquisitions in the retail sector for a while, but are currently specifically eyeing opportunities in smaller food suppliers and caterers who have run into financial trouble due to the current Covid-19 crisis.

CEO Peter Høgsted is also cited for stating that the company is “also interested in tech businesses which can help Coop with its ongoing digitization process”.

 

Reworks, a Helsinki-based game developer, raise EUR 4M in a round led by EQT Ventures. Also participating were Play Ventures and Anton Gauffin (EU-Startups)

The proceeds will be spent on launching the mobile game studio’s newest bet, Redecor – an online home decor game developed by the company, EU Startups reported.

Reworks has previously raised EUR 1.4M in March 2019 from Play Ventures and Big Bets.

Founded in 2018, the company now boasts more than 10 employees.

 

Mobile mental health software company, Monsenso, looking to IPO despite Covid-19. Aiming to raise EUR 2.7M (Børsen)

Thomas Lethenborg, the company’s CEO, states the IPO has been planned long before the current Covid-19 crisis, and has decided to continue with their plans.

The company originally started as a research project, but now holds customers such as different municipalities and regions in Denmark. They plan to achieve revenue growth of 700% before 2024.

Monsenso plans to expand globally with their experienced chairman, Jukka Pertola, also being Chair of Denmark’s largest insurance corporation, Tryg.