August 14, 2020

Tofte & Company advises Practio on its 8.2 MEUR financing led by Spintop Ventures (Tofte & Company)

Tofte & Company is pleased to have acted as exclusive advisor to the digital health care platform company Practio on its 8.2 MEUR financing led by Spintop Ventures and joined by PHOENIX and Carl Westin, the international investment company with a focus on digital health.

Practio has developed and deployed a digital healthcare platform, which enables pharmacies to become central points-of-care. Initial Practio services include vaccinations and COVID-19 antibody testing, but the company is planning to roll out broader platform services over time. Practio has deployed its platform across Denmark since 2015 and started its rollout in the UK in 2019. The latest funding will be used to speed up the deployment in the UK and to enter the German market later this year with other countries to follow from 2021 onwards.

“We are truly impressed by the Practio team and the platform they have built over the last couple of years. The modular technology architecture of the Practio technology platform will enable rapid scaling into the next countries and services – incl. opportunities to combat the corona-crisis.  We are looking forward to follow the journey of Practio,” says Poul Kotiah Hansen, Senior Associate at Tofte & Company”.

Practio co-founder & CEO Mads Mikkelsen further adds: “We have been very satisfied with Tofte & Company during this fundraising process. They have provided valuable advice in every phase of the process. The fundraising process was very streamlined and with their comprehensive understanding of tech startup businesses and insight into the healthtech startup fundraising scene they managed to secure a strong investor match”.

You can read the full announcement here.

KMD owned fintech company to acquire Norwegian software company, Concent (Banqsoft)

Nordic technology company Banqsoft, specialized in software for the financial services sector, has entered into an agreement to acquire Norwegian software company Concent. The acquisition will enhance Banqsoft’s capabilities, offer an additional product line within credit management and debt collection, and expand the customer base.

The strategic acquisition is part of an international growth strategy supported by Banqsoft’s owner, Danish IT group KMD, part of NEC Corporation, a global leader in the integration of IT and network technologies. Banqsoft will take over customer relations, software, and 85 employees located in Norway, Poland, and Sweden. The two companies will join forces and continue to grow as one Banqsoft. The acquisition is expected to be completed in September once all the preconditions for the transaction are satisfied.

The financial terms of the deal were not disclosed. However, the Norwegian business daily reported that the price of Concent, which had a turnover of MEUR 11.2 in 2018, is around MEUR 28.

Qentinel Finland to be acquired by Gofore for EUR 8.9m (GlobeNewswire)

Gofore has today agreed to acquire Qentinel Finland Oy, a specialist in software testing automation. The deal is estimated to be completed on 1 September 2020. The debt-free purchase price is MEUR 8.9. An additional purchase price has been agreed based on the EBITDA as stated in the current year’s financial results. Gofore expects the additional purchase price to total MEUR 1–2.

Gofore provides services needed by its clients in their digital transformation. The digital quality assurance services of Qentinel Finland will complement Gofore’s professional services offering. In addition, Qentinel’s superior testing automation and quality assurance expertise will improve Gofore’s ability to act as a provider with principal responsibility in large scale software projects.

ROOM raises MUSD 12.5 led by Silicon Valley venture funds (TechSavvy)

In 2018 the Danish serial entrepreneur Morten Meisner-Jensen founded ROOM. The company creates soundproof phone boots for office use and thus ties into the global trend of short-term office renting, co-working, and flexible work environments. This trend has only been accelerated by COVID-19 and ROOM already has 3.400 customers including Google, Nike, Apple, Uber, and WeWork.

The company has raised MUSD 12.5 led by venture funds from Silicon Valley. Danish architect Bjarke Engels has also contributed to the cap raise and he will now join ROOM’s Advisory Board.

The capital will be used to expand ROOM’s product offering. Already within the next month ROOM will launch two new products: a soundproof meeting room and a private office designed to enable social distancing.

Embracer Group announces three acquisitions to strengthen its position within the gaming industry (Embracer)

Embracer Group, through its wholly-owned subsidiary Saber Interactive, has entered into an agreement to acquire Malta-based 4A Games Limited, a top-tier independent AAA PC and Console developer. Through the acquisition, Saber Interactive onboards a reputable team of 150+ people across two studios in Malta and Ukraine as well as best-in-class internally developed and owned First-Person-Shooter technology to the Group. The upfront purchase price amounts to approximately MUSD 36 on a cash and debt-free basis and is paid in cash and in newly issued B shares, plus an earn-out consideration, subject to fulfillment of agreed milestones, of a maximum MUSD 35.

In a similar vein, Embracer Group announced that it has entered an agreement to acquire 100 percent of the shares in US/Canada based New World Interactive, an award-winning creator and developer of First-Person-Shooter IPs for PC. Through the acquisition, Embracer Group adds its first studio in Canada and establishes a strong foothold for further growth.

Furthermore, Embracer Group has entered into an agreement to acquire Germany-based Deca Live Operations GmbH, a mobile asset care and live operations expert within the Free-to-Play games segment. Through the acquisition, Embracer Group adds a strong team forming a key pillar in building a growing and profitable mobile and FTP business within the group while DECA will benefit from Embracer’s IP catalog, access to capital and deal flow. The upfront purchase price amounts to approximately MEUR 25 and is paid in newly issued B shares, plus an earn-out consideration, subject to fulfillment of agreed earnings targets, of a maximum of approximately MEUR 60.

Bolero acquired by NetNordic (NetNordic)
Bolero, an established Swedish provider of services related to cloud, cybersecurity, analytics, network, data center, and system development has been acquired by Norwegian system integrator NetNordic. Both companies work primarily with large and medium-sized customers in both the public and private sectors.

NetNordic has the ambition of becoming the leading Nordic system integrator, and through the acquisition of Bolero it will add competence and capacity to deliver value-added services and solutions within system integration in the Nordic market.

The financial terms of the deal were not disclosed. The management shareholders in Bolero are reinvesting in NetNordic and will continue to focus on developing the business in Sweden and the Nordics.

EG acquires Altiplan (EG)
EG’s subsidiary Silkeborg Data A/S acquires the Danish software company Altiplan Aps. The company provides a unique rostering system, HosInfo, that is used on more than 70 hospital wards in Denmark.

With this strategic acquisition, EG is strengthening and expanding its strong suite of payroll and rostering solutions to the public sector. Altiplan’s core solution, HosInfo, automatically prepares work plans and ensures that the resources of each department are utilized optimally. The solution is a good fit with EG company Silkeborg Data’s own market-leading planning and rostering solutions.

The seller and the buyer have agreed not to disclose further details concerning the sales price and other terms of the transaction.

August 7, 2020

Visma completes another strategic acquisition in the accountancy software market (Visma)

Visma, the European leader in cloud business solutions, acquires the Netherlands-based all-in-one accounting platform, Yuki. The acquisition marks Visma’s third strategic acquisition in the accountancy software market in a short period of time. In 2016, Visma acquired the Danish accounting software company Dinero with Tofte & Company acting as exclusive advisor to Dinero. In 2018, Visma further strengthened its positioning with the acquisition of Hungarian provider of cloud-based billing and invoicing services, Számlá

With the acquisition of Yuki, Visma has immediately taken the lead in the accountancy software market.

The financial terms of the deal were not disclosed.

Consignor Group, a Norwegian software company, has been acquired by Francisco Partners for EUR 139.6m (Consignor)

Consignor Group, a leading Nordic software company focusing on delivery management solutions for the booming e-commerce industry and industrial companies, has been acquired by the global private equity firm Francisco Partners, that specializes in investments in technology and technology-enabled businesses.

Peter Thomsen will continue as CEO and a 30% shareholder in Consignor Group while Petri Oksanen and Mario Razzini will join the Consignor board.

Cisco acquires Swedish sensor and software optical tracking company, Modcam (Cisco Meraki)

In acquiring Modcam, Cisco gets a team of highly talented engineers who bring a wealth of expertise in machine learning, computer vision, and cloud-managed cameras. Currently, Cisco Meraki MV smart camera capabilities include motion detection and machine learning-based object detection, all of which run at the edge, in-camera. However, these analytics are constrained to a single camera’s view of the world. With Modcam’s technology, this micro-level information can be stitched together, enabling multiple cameras to provide a macro-level view of the real world.

The financial terms of the deal were not disclosed.

Atlassian Corporation to acquire Mindville (Atlassian)

Atlassian Corporation, an Australian provider of team collaboration and productivity software, has announced the acquisition of Swedish IT configuration management company, Mindville.

The transformation towards digital business operations has been accelerated during COVID-19 and the acquisition of Mindville will bolster Atlassian’s current IT Service Management capabilities. By combining rich contextual information from disparate development tools with infrastructure-related information, Atlassian’s IT teams can now better anticipate the impact of changes to critical business services and respond to the unexpected faster.

The financial terms of the deal were not disclosed.

Pentia, a Danish digital consultancy agency, acquires a majority stake in Klausen + Partners (Pentia)

The Danish digital consultancy agency Pentia has acquired the omnichannel marketing agency Klausen + Partners. The vision of the acquisition is to create a leading Nordic B2B full-service customer experience agency that combines strategic, creative, and technical competencies.

The financial terms of the deal were not disclosed.

Danish robotics company TinyMobileRobots raises EUR 1.75m to develop new robot (TechSavvy)

Aarhus based TinyMobileRobots, which specializes in high-precision, reliable outdoor robots for marking and stake out, has raised EUR 1.75m from current shareholders and employees. The capital will be used to develop a new robot which, according to TinyMobileRobots, will significantly increase the industry standard.

TinyMobileRobots was founded in 2017 and has already captured large market shares in Denmark, England, and the United States.

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.

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.

June 19, 2020

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

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, 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 (

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, 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, 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.”

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 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,, has raised a EUR 45M Series C (
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 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, 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 (
DN Capital, 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:


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:


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: