June 26, 2020

Facebook acquires Sweden-based crowdsourced imagery platform Mapillary (Siliconcanals)

Previous backers of Mapillary include Sequoia Capital, Atomico, BMW i Ventures, and Samsung Catalyst Fund. The company will be merged into Facebook’s broader open mapping efforts.

The company provides a crowdsourced global street-level imagery platform with tens of thousands of contributors offering imagery and data to make better maps. They have raised a total of EUR 22M over three funding rounds since being founded in 2013 and has 59 employees according to LinkedIn.

Interestingly, co-founder and CEO Jan Erik Solem previously founded Polar Rose, a face recognition solution for mobile and web that Apple acquired in 2010. A deal our very own Thomas Tofte advised on.

 

Investcorp-backed Ageras acquires Tellow  and receives investment from Rabobank (Tofte&Company)

The major European bank, Rabobank, invests in Ageras via its strategic investment fund, Rabo Frontier Ventures.

Furthermore, Ageras acquired the Dutch SaaS accounting company Tellow. According to co-founder and CEO of Ageras, Rico Andersen, the strategic rationale behind the acquisition was to expand the combined ecosystem.

According to Computerworld, Tellow is the Dutch answer to the Danish SaaS-based accounting platform Billy, which Ageras acquired last year. Tofte & Company are proud to have advised Ageras on both acquisitions, as well as their latest capital raise from Rabobank.

 

EG-owner aims to continue aggressive acquisition strategy (ITwatch)

Francisco Partners, who acquired EG from the Danish PE firm Axcel in 2019, has raised EUR 9 billion in their latest fund raise.

Petri Oksanen, Partner at Francisco Partners, was instated as Chairman of EG at the time of the acquisition. He told ITwatch, that they are ready to support EG financially – and there is “no upper limit” to how much they are willing to fund EG’s acquisitions. “It is only about whether it is the right acquisition for EG or not”, Oksanen said.

EG’s CEO Mikkel Bardram has previously stated that the company is ready to make acquisitions in the DKK billions. In the last 12 months, EG has acquired 5 companies, and the chairman is ready to continue their aggressive acquisition strategy.

 

SAP-competitor Mercell acquires Danish fintech company Tricom (Computerworld)

Norwegian Mercell has recently been investing heavily in the Nordics – aiming to take on the fight with the source-to-pay solutions providers, such as SAP, Visma and Tradeshift.

Tricom will continue as an independent brand in the Mercell Group and will be expanding throughout Europe. The company was founded in 2011 and currently employs 25 people according to the source.

 

Acast, a Swedish podcast company, has raised EUR 50M in new capital from EIB and existing shareholders (Nordic9)

The round is divided in two; a EUR 25M credit facility from the EIB, where the financing is supported by the Juncker Plan (Investment Plan for Europe), and the remainder from an equity raise led by existing shareholders Alfvén & Didriksson, Moor Capital, Bonnier Ventures, Första AP Fonden and Swedbank Robur.

The company hosts independent podcasts, as well as larger publishers, such as the Financial Times, the Guardian, Vogue, Aftonbladet and Billboard. Acast hast over 125 million monthly listeners globally, and generated sales of EUR 34.4M in 2019.

 

Visma aims to continue aggressive acquisition strategy despite Covid-19 – has acquired 7 targets YTD (ITwatch)

Two of Visma’s lastest seven acquisitions have been in Denmark, and according to Director Carsten Boje Møller, they expect to make several over the summer holidays. Visma usually acquires ca. 20 companies per year.

The Director also stated in another article from ITwatch, that their focus is particularly on startups with innovative solutions on the Danish market.

Visma Denmark owns 14 companies, incl. E-conomic, Dinero, Visma Enterprise, and the Danish Visma companies have combined revenues of EUR 200M.

 

Shape Robotics IPO on Nasdaq First North Growth Market Denmark (OMXGroup)

Yesterday (re: June 25, 2020) Shape Robotics launched their initial public offering on Nasdaq First North Growth Market in Denmark.

According to Shape Robotics, the company made proceeds of EUR 3.6M with an oversubscription of 486% on the offering of EUR 1.31 per share. The share opened at EUR 1.55 and closed its first day of trading at EUR 1.44.

The company is a Danish educational technology company that has develop the robot Fable. Fable is an innovative modular robot system that makes it easy and fun for students to build and program their own robots.

Shape Robotics are the 5th company to be listed on Nasdaq Copenhagen this year. Please also find our previous coverage of this deal on our website.

Tofte & Company advises Ageras in strategic investment from Rabobank and acquisition of Tellow

Tofte & Company is pleased to have acted as an exclusive advisor to Ageras and Investorp in their acquisition of Dutch SaaS-company accounting Tellow and capital raise from Rabobank’s investment fund.

Rabo Frontier Ventures, the strategic investment fund of Rabobank, is investing in fast-growing online accounting and bookkeeping marketplace Ageras. The collaboration with the major European bank Rabobank is an important milestone for Ageras on their international growth-journey as Ageras Group is preparing to offer financial services such as integrated banking, credit cards, business accounts, financing, and more.

Furthermore, Ageras acquires the accounting SaaS-company, Tellow as part of its international expansion plans. Tellow is a fast-growing accounting tool and offers advanced software that enables freelancers to focus on their job instead of bookkeeping. The company grew quickly as an independent company and now reached its next stage in its journey as part of the Ageras Group.

The Ageras group is the leading platform for professional accounting services in Scandinavia, Western Europe, and North America. The company provides online bookkeeping software and matchmaking services for bookkeepers, auditors, accountants and other experts within the financial industry – connecting the market at both ends. Ageras has been an Investcorp portfolio company since March 2017, where Tofte & Company were proud to act as advisors to Ageras. Last year, Agears expanded its ecosystem by acquiring Danish accounting software firm Billy, also advised by Tofte & Company.

“For the past several years, we have worked with Tofte & Company in deal processes and today – once again – we have gotten a successful outcome through the structured target search approach, knowledge of SaaS companies and the relentless assistance in the negotiation process by Tofte&Co, said Founder and CEO of Ageras Group, Rico Andersen.

Gilbert Kamieniecky, Managing Director at Investcorp, further expands: “Tofte & Company‘s unique competencies within understanding the complexities of the deal-making has been invaluable to guide these two concurrent transactions to fruition.”

June 19, 2020

Edtech Unicorn, Kahoot!, has closed a private placement of EUR 25M in new equity (Tech.eu)

The funding also included existing shares, with the total round amounting to EUR 80.3M. The company’s latest investment round is currently valued at roughly EUR 1.3b and has raised over EUR 98M to date.

Participating in the round were both CEO Eilert Hanoa and Northzone Ventures – one of its largest investors.

The new capital will be used to expand its online game-based platform, targeting three distinct customer segments: Global organizations, educational institutions, and families. The latter representing a significant percentage of Kahoot!’s customer growth during Covid-19. Also, in the plans according to Tech.eu, are future M&A transactions in the areas of business, education and at home learning.

 

Stillfront, a Swedish gaming studio, raise EUR 114M via directed share issue (Cision)

The proceeds will be used to further financial strength and add flexibility to the company to be able to act swiftly on potential future acquisitions and growth opportunities.

According to the press release, “the subscription price corresponds to a discount of 1.4% to the closing price of SEK 781 (EUR 74.2m) on 16 June 2020 and a premium of 7.8% versus the volume weighted average price the latest 10 trading days”.

Stillfront is a global gaming studio, aiming to be the market leader in free-to-play games.

 

4-year-old Finnish Swappie raise EUR 35.8M Series B (Mergermarket)

The Finnish online marketplace for buying and selling refurbished smartphones, closed the round with TESI, alongside previous investors Lifeline Ventures, Reaktor Ventures, and Inventure participating.

The funding will be used to accelerate international expansion and continue its growth trajectory.

According to Tony Nysten, Investment Manager at TESI, “The smartphone market in Europe is worth over €100 billion, but used or refurbished phones currently make up just over 10% of that and only one in four pre-owned phones are currently re-sold”.

To date, Swappie has raised EUR 48M.

 

Descartes Systems Group acquires Danish shipping software company, Kontainers. Total consideration of EUR 10.7M (ITwatch)

The deal includes an upfront transaction of EUR 5.4M and a two-year earn-out period.

Co-founder and Kontainers CEO Graham Parker will join Descartes as Vice President of sales and digital freight solutions.

The company’s e-commerce platform is aimed at large shipping companies and forwarding agents. Kontainers has previously proclaimed relations with Maersk and logistics companies Toll and Ceva.

 

Denmark-based Likvido raise EUR 2.5M in Seed Funding from Blackfin Tech and others (Finsmes)

The round was led by BlackFin Tech and joined by several existing investors.

According to the source, the funding will be used to optimize its existing process automation solution and add a prediction engine that utilizes all transaction data to create a transaction-level credit rating.

The company plans to raise a Series A round in about 12 months.

 

Joliv acquired by Main Capital Partners-backed Alfa (Joliv)

According to Mergermarket, Main Capital paid EUR 6-7M for the company. The source cites Charly Zwemstra, managing partner at the PE company, for the information.

The PE-firm will roll-up Joliv to its existing portfolio company Alfa, a Swedish software company that was acquired in April 2020 for EUR 15-20M, to create a leading e-health player in the Nordic care market. The firm’s combined revenues will be EUR 10M, with a goal to fivefold that figure in four years’ time, partly by making more acquisitions according to the source.

June 12, 2020

Cobase, a digital multi-bank platform, receives EUR 10M investment from Nordea and Crédit Agricole (Cobase)

The company has entered into a cooperation agreement with the Finnish retail bank Nordea and the French Crédit Agricole. Together they have invested EUR 10M in Cobase. ING [AMS:INGA] remains Cobase’s main shareholder.

The funds will be used to expand the business and allows Cobase to develop activities with two major players in the financial world who will use Cobase’ technology to serve their clients. According to their statement, Cobase anticipates more banks will join as strategic or commercial partners in the future.

 

Danish intelligent sports camera developer, Veo, receives EUR 3M from the Danish Growth Fund (ITwatch)

The funding was raised in a Venture Debt round. Co-founder and CEO Henrik Teisbæk aims to use the investment to improve their digital platform and AI that combined makes the core of their business.

The tech company grew by 700% in the last 12 months before the current crisis (re: Covid-19) but has now put its expansion plans on hold due to the football leagues of the world having been on a standstill.

Veo specializes in intelligent cameras used in sports and its accompanying web platform has more than 2,000 subscriptions worldwide from football clubs.

Previous investors include SEED Capital and Ventech.

 

Attractive.AI raise its latest funding round from Superhero and Japan’s #1 footballer (Tech.eu)

The seed round was led by the Finnish VC, Superhero Capital – actualy being one of the first investments from their new fund. Other investors include Tue Lumbye (founder of BetXpert), Jaakko Salminen, Tatsuro Shimada and Keisuke Honda (Japan’s #1 footballer).

Attractive has developed a bot that automatically analyses and reports on the UX of websites and digital products, and according to Tech.eu, the company is on a mission to “rid the world of bad websites”, a potentially lucrative path given the Google algorithm will now favor sites with better UX.

 

BlackRock invests in Trustly, a Stockholm-based bank transfer payments platform now valued at over EUR 1B (Privateequitywire)

The fintech’s latest minority round was raised from a consortium of investors including BlackRock Private Equity Partners, Aberdeen Standard Investments, Neuberger Berman, Investment Corporation of Dubai and RSIC.

The funds will be used to invest in products, infrastructure and expand geographically. Founded in 2008, Trustly support 6,000 banks and 600m customers in Europe and North America. It employs 400 people.

Nordic Capital announced the acquisition of Trustly in March 2018 for EUR 700M with the aim of supporting the expansion of the business internationally, and still holds the majority stake in the business.

 

Swedish digital signature and identity company, Scrive, has raised capital from Vitruvian Partners (Mergermarket)

The company announced on Tuesday that it has received investment from London-based Vitruvian Partners. Financial terms and conditions of the investment were not made public, although Mergermarket has previously reported they were looking to raise EUR 10M back in 2017.

The funding will be used to expand offerings, enhance the customer experience and expand in Europe.

The investor, Vitruvian, usually deploys between EUR 25M and EUR 250M in companies valued between EUR 75M and EUR 1B. It manages assets worth EUR 5bn, according to the source.

 

Indoor positioning startup Iiwari raises EUR 1.5M seed funding (Vttresearch)

The round was led by the deep tech fund Voima Ventures. Various UK & US-based strategic angel investors also participated.

The funding will be used to accelerate the commercialization of the Ultra Wide Band (UWB) technology developed by VTT and enable global operations.

According to the source, Iiwari’s UWB positioning technology provides higher accuracy and substantial cost efficiency compared with competing solutions (including WiFi and Bluetooth).

June 5, 2020

Danish HRtech startup, Good Monday, raise a EUR 3.7M pre-Series A to expand internationally (EU-startups)

The Denmark-based HR company focused on handling workspaces, has secured EUR 3.5M from Firstminute Capital, and existing investors Creandum, Seed Capital and Preseed Ventures. This brings the total capital raised to-date to EUR 6.2M.

The funding will be used to expand its services to London, further product development, and accelerate the mission to change the way companies run their offices.

In 2019, Good Monday’s revenues saw a 230% growth-spurt, and recorded a 430% jump in customer increase, eu-startups.com stated.

 

PE-backed EG acquires Norwegian Hano, an IT solutions provider for health and wellness (EG)

The software company EG has acquired another company, and again it is in Norway.

Hano has 3,500 customers and provides an online booking- and payment solution for hairdressers, as well as providing IT solutions to the health and wellness sector in Norway and Sweden.

The deal is EG’s fifth acquisition in the last 12 months, which includes the latest Norwegian deal from EG, when they acquired the software company Holte in March. According to ITwatch, EG are also still pursuing new acquisition opportunities.

Post acquisition, Hano will operate under EG Private

 

4-year-old Doctrin raise a EUR 8M Series B led by HealthCap and Swedbank Robur (Nordic9)

The Stockholm-based company, operating a B2B platform for digital physical healthcare services, announced the completion of a EUR 8M capital investment round. The round was led by existing investors HealthCap and Swedbank Robur. Capio is also an owner in the company.

The funding will be used to fuel product development and international expansion. Prior to this round, Doctrin had raised about EUR 13.3M.

 

Nordic IT services company NetNordic has acquired the Finnish IT company Suomen Konehuone (Computerworld)

Finnish Konehuone will be an integrated part of the NetNordic Group. Konehuone has a strong focus on modern hyperconverged solutions for datacenters and associated professional services.

“NetNordic has been present in Finland for ten years and has patiently waited for the right opportunity to acquirer a quality company with the right competence and culture that would be a good fit with us and also to enhance our industrial and geographical platform for further growth.” says Jarl Øverby – CEO of NetNordic Group.

With this acquisition NetNordic gains a strong position in the Finnish datacenter market, a platform for developing the business in Finland, and strengthens the groups capabilities in the Nordics.

 

Trapets, a Swedish RegTech company, sells 70% stake to PE firm Monterro. EV at EUR 30.5M (Mynewsdesk)

Software investor Monterro has acquired a majority stake in Trapets AB, a Nordic leading RegTech company.

Trapets provides a leading SaaS platform to combat financial crime and aid regulatory compliance. The company’s proprietary SaaS platform, InstantWatch, handles over 3 billion transactions every day and analyzes over 1 million patterns every second.

Monterro closed its third fund at EUR 238M in January 2019. In total, the firm manages EUR 410M.

 

Likvido secures DKK 18.5m to expand in the UK and Germany (Finans
Likvido has secured investments from the French venture fund Blackfin Tech and its existing investors.

Likvido was founded 2 years ago and provides a software solution for SMEs to help them automate sending, registering, and collecting of invoices. CEO Maximilian Frimmer states that their ambition is to become the leaders in Europe within the next 3 years.

Likvido is also backed by Vækstfonden and several business angels e.g. Penneo-investor Nikolaj Højer. Financials for 2019 are not published yet.

 

Tink receives strategic investment from PayPal on its 1-year anniversary of PayPal’s initial stake in the company (Ctfassets)

The California-based payment solutions provider PayPal’s investment amount was not disclosed, but its first strategic investment in Tink was made in June 2019.

The expanded relationship is supported by a second strategic investment from PayPal, carried out in connection to Tink’s latest EUR 90M investment round announced in January 2020.

Daniel Kjellén, co-founder and CEO of Tink, said “We are delighted to have the opportunity to extend our relationship with them following this new agreement and strategic investment. As Europe’s leading open banking platform, we are looking forward to continuing to support PayPal as they extend and enhance their services across the whole of Europe.”