July 3, 2020

Danish PE firm Axcel acquires IT company AddPro from Adelis Equity. Reported EV close to EUR 105m (Axcel)

The deal is the second acquisition during the corona crisis from Denmark’s largest Private Equity fund, Axcel. The first being the acquisition of the Norwegian software company, SuperOffice, in April for EUR 89.3m. Børsen reports the deal value for AddPro is close to EUR 105m.

AddPro delivers mission-critical IT services and solutions, including infrastructure, application, and integration solutions.

The company was founded in 2000 and has previously been backed by Polaris in 2005, Adelis since 2017, and now Axcel.

 

Danish InsurTech, Undo, raises EUR 4.7m from Tryg to tackle car insurance (Techsavvy)

The investment is Tryg’s second investment in the young company, with the first of EUR 3.4m coming two years ago. However, Tryg maintains its 50% equity in Undo.

Undo is aimed at younger insurance-holders, with a mobile-based product. The solution is modular and flexible with customers being able to choose the exact policy needed.

The funding will be used to develop a new product aimed at the car insurance market. The intelligent tech-driven product is scheduled to be launched in the Fall, and will be personalized insurance with policyholder paying for how they drive – not who they are on paper.

 

Danske Bank’s new initiative sees EUR 6.7m invested in web company, Cobiro (Børsen)

The EUR 6.7m is raised from affluent Danske Bank customers, through Danske Bank’s new initiative, Business Angel Academy. The initiative is aimed at combining two existing complimentary ecosystems (re: startups and affluent Business Angel-prospects).

On top of the capital raise, Danske Bank will also provide a EUR 3.4m loan to Cobiro.

The total investment in Cobiro raises the company’s valuation to over a billion Danish kroner (EUR 170m).

Cobiro, which has created a software-based platform allowing customers to create websites and webshops for free, has raised a total of EUR 18.1m since its founding in 2016.

 

InsurTech company, Insurello, raises EUR 7.1m led by the Nordic VCs Inventure and Schibsted (EU-Startups)

The funding was raised from Inventure and co-led by Schibsted with participation from Luminar Ventures.

The 4-year-old company will use the funding to seek international expansion and develop the product. Insurello helps consumers claim fair compensation from insurance companies after personal accidents.

To date, the company has managed over 85,000 insurance claims resulting in more than EUR 7m in compensation for its customers.

 

Danish Beyond Leather Materials raises EUR 1.1m Seed Round led by Angel Investor Steen Ulf Jensen (Rockstart)

The round was led by Angel Investor Steen Ulf Jensen via Jensen Group Investment Fund, with participation from Rockstart and Vækstfonden.

Beyond Leather Materials, is a Denmark-based company that produces plant-based and eco-friendly alternatives to animal leather for the B2B sector.

The funding will be used to advance the company’s production facilities.

 

DAM software company, FotoWare, acquired by Viking Ventures (Viking)

The 23-year-old Digital Asset Management (DAM) enterprise solutions provider will use the funding to accelerate their European expansion. Viking Ventures acquired 100% of the share capital of FotoWare.

The company serves over 250,000 users and 4,000 customers, reaching annual recurring revenue of EUR 4.1m.

Viking Ventures is a Private Equity firm specializing in Nordic B2B software companies.

 

SaaS company LeadDesk acquires Finnish ICT company Nordcom (Cision)

100% of the share capital of Nordcom will be acquired in the deal. The total acquisition price will be up to EUR 700k.

LeadDesk previously stated they would be looking for acquisitions in 2020 and 2021. The acquisition of Nordcom will provide LeadDesk with comprehensive solutions to larger customers and public administrators.