Dealroom：2023年北歐初創(chuàng)企業(yè)和風(fēng)險(xiǎn)投資報(bào)告

Startups&venture

capitalintheNordics

February2023

“

FOREWORDBY

Inayearofglobalrecalibration,theNordicregiononceagainproveditsresiliencein2022.

Despitetheinevitableimpactofglobalmacro-economicandgeopoliticalturbulence,NordicstartupshadtheirsecondhighestyearforVCfunding.

Withoverallactivity50%higherthanpre-pandemicfigures,itisevidentthattheNordics?isoneofthetopglobalhubs

forVCfunding.

Muchofthisactivitywasconcentratedon“impact”business,whichattracted35%ofallVCinvestment1andhelpedbringthevalueofNordicstartupstoanimpressive

$4.3B2.

Butthisexcitementisn?treservedforearly-stagestartups.

Foreigninvestors,mostactiveinlate-stagefunding,are

activelyincreasingtheirpresenceinvariousNordicmarkets.

Asanorganisation,weareexcitedtobethedebtpartnerof

choicetoboththestrongfoundersandinsightfulinvestors

shapingthisdynamicecosystem,andlookforwardtoits

long-termgrowth.”

SebastianPenn

HeadofNordics

atSiliconValleyBank

Page/2

SourceDealroom.co.1&2.Datareferencedonpage21.

KingaStanislawska

BoIlsoe

Partner

CarlaNapole?o

JohnGibbs

EcosystemInnovationAnalyst

GarretFrank

InnovationAnalyst

NGPCapitalbacksearly-stageB2BcompaniesfromSeriesAonwardsinEurope,theUS,Israel,andChinawithinenterprisesoftware,industrialtech,cybersecurity,andinfrastructure.Throughits$400mfifthfundlaunchedin2022,NGPCapitalinvestsincompaniesdrivingtheconvergenceofthephysicalandvirtual.

Foundedin2005,NGPCapitalhasover$1.6BinAUMandhasinvestedinmore

than100companiesofwhich18becameunicornsand11wentontoIPO.

Globalstartup&venturecapitalintelligenceplatform:Dealroom.coistheforemostdataprovideronstartup,early-stageandgrowthcompanyecosystemsinEuropeandaroundtheglobe.

FoundedinAmsterdamin2013,wenowworkwithmanyoftheworld'smostprominentinvestors,entrepreneursandgovernmentorganizationstoprovidetransparency,analysisandinsightsonventurecapitalactivity.

Co-authors:

SiliconValleyBankUK,thebankoftheworld?smostinnovativecompaniesand

investors,providescommercialbankingservices,expertiseandinsightstothe

technology,lifescienceandhealthcare,privateequity,venturecapitalandpremium

wineindustries.

SiliconValleyBankUKoperatesincentersofinnovationaroundtheworld.With

globalcommercialbankingservices,SiliconValleyBankUKhelpsaddresstheunique

needsofitsdynamic,fast-growing,innovativeclients.

SebastianPenn

HeadofNordics

MariaLjungberg

DirectorforSweden

Advisor

InnovationAnalyst

Page/3

Keytakeaways.

NordicstartupsraisedthesecondhighestannualVCfundingtotaleverin2022,despitetheeconomicdownturn.

Nordicstartupsraised$11.7Bin2022.Thisfigurerepresentsa36%decreasefromtheall-timehighin2021,butisstillover50%higherthanpre-pandemicnumbers.

Early-stageinvestmenthasheldupstronglyin2022.

Nordicstartupshaveraised$3.4Binearly-stageinvestmentin2022,justa6%decreasefromtheirpeakin2021.IcelandandNorway,thetwosmallestNordicecosystemsbyVCfunding,werethefastestgrowinginearly-stageinvestment.

ImpactfundingmakesupoverathirdofallinvestmentintheNordics.

TheNordicscontinuetobeanimpactpowerhouse,raising$4.3Bin2022.Thisisdoubletheamountofimpactfundingraisedin2020.35%ofallVCfundingintheNordicswenttoimpactsstartupslastyear,comparedto22%forallofEurope.

VCinvestmentintoNordicsfoundedstartups

$18.4B

$11.7B

2017

2021

2022

EarlystageinvestmentintoNordicstartups

$3.6B

$3.4B

2018

2021

2022

VCinvestmentaspercentageoftotalVC

investmentbyindustryin2022

35%

18%

Impact

Fintech

14%

EnterpriseSoftware

8%

3%

3%

Health

Transportation

Food

Page/4

SourceDealroom.co.

2022sawa36%decreaseinVCfundingintheNordicscomparedtothepreviousyear,butthetotalof$11.7Bwasstillmorethan50%higherthanpre-pandemicnumbers.

$20B

$15B

$10B

$5B

Page/5

VCFundingofNordicstartups*

?viewonline

$18.4B

$11.7B

$7.1B

2010201120122013201420152016201720182019202020212022

Source:Dealroom.co.Includesstartupswithcurrentmaincenterofbusiness(HQ)intheNordicsaswellasNordicstartupswhichlaterrelocatedoverseas.

▊$250m+▊$100–250m▊$40–100m(seriesC)▊$15–40m(seriesB)▊$4–15m(seriesA)▊$1–4m(seed)▊$0–1m(pre-seed)

Growth

Breakout

Early

$10.6B

$5.4B▊-49%YoY

$2.8B

$7.8B

$6.3B

▊-19%YoY▼

100%

75%

50%

25%

Megaroundsof$100M+havebecomemuchscarcerintheNordics,halvinginvolumein2022.

VCinvestmentinNordicstartupsbyroundsize,±$100m.DistributionofVCinvestmentinNordicstartupsbyroundsize.

▊VCfundingexcludingmegarounds▊Megarounds($100m+)

$20B

$15B

$10B

$5B

Page/6

▲

$4.3B

2017

2019

2020

2018

2021

2022

Source:Dealroom.co.*$5.0Bof2021funding(or27%)camefromjustthree$1B+rounds(Northvolt,SitecoreandKlarna).

16%

39%

39%

46%

58%

84%

61%

61%54%

42%

83%

17%

201720182019202020212022

Theearly-stagefundinglandscaperemainsresilient,downjust6%in2022.IcelandandNorwaystandoutasthetwoNordiccountrieswhereearly-stageinvestmentgrew.

EarlystageinvestmentintoNordicstartups

?viewonline

Early-stageventurecapitalinvestment2022vs2021

$20B

$15B

$10B

$5B

$3.7b

$3.4b

$2.1b

$1.7b

201720182019202020212022

Iceland

Norway

Europeanaverage

Finland

Nordicsaverage

Sweden

Denmark

2%

0%

-6%

-14%

-15%

13%

+53%

Page/7Source:Dealroom.co.*Earlystageconsidersselflabelledrounds(Pre-SeedtoSeriesA).

$2.0M

$1.5M

$1.0M

$0.5M

$15M

$40M

$100M

?+42%▲

?+19%▲

?-5%▼

?-9%▼

$30M

$75M

$10M

$20M

$50M

$5M

$10M

$25M

StartupStage

Megarounds

In2022therewasanoticeablefundingpullbackatlate-stage(SeriesC+),whileearly-stageroundscontinuedtoincreaseinticketsize.

Medianroundsizes(self-labelledrounds)

ScalingStage

Seed

SeriesA

SeriesB

SeriesC+

NordicsEurope

?+17%▲

?+32%▲

2017

2022

Page/8Source:Dealroom.co

NordicsEurope

NordicsEurope

NordicsEurope

?+20%▲

?+3%▲

2022

2017

2017

2017

2022

2022

Iceland,theNordics?smallestecosystembyVCfunding,wasthefastestgrowingcountrybyamountoffundingraisedin2022.

VCFundingin2022perNordiccountry

Sweden

Finland

Norway

Denmark

Iceland

$2.0B

$1.9B

$1.7B

$0.4B

$5.7B

Iceland

Finland

Norway

Sweden

Denmark

VCFundingchange,2022vs2021

=

-27%

-39%

-61%

Nordicaverage

-38%

+130%

Page/9

Source:Dealroom.co

Page/10

Source:Dealroom.co

VCactivityintheNordicscontractedfasteryear-on-yearthantheglobalandEuropeanaveragesin2022,buthasgrownfasterinthemediumtermthanglobalbenchmarks.

Year-on-yearchangeinVCfunding

perselectedregion,2022vs2021

5-yearchangeinVCfunding

perselectedregion,2022vs2017

0.5x

0.8x

0.7x

0.65x

0.6x

Europe

GlobalVC

UnitedStates

Nordics

Israel

Nordics

Europe

Israel

UnitedStates

GlobalVC

2.6x

2.2x

2.0x

3.5x

3.1x

TheNordicsarethetopEuropeanregioninincreaseinnumberofmegarounds.

Increaseinnumberofmegarounds,

perselectedregion,2022vs2017

Nordics

12.5x

12.0x

CEE

7.0x

Benelux

4.2x

UK

3.8x

DACH

NordicVCfundingincreasedmorethanthreefoldinthelastfiveyears.

GrowthinVCfunding

perselectedregion,5yearaverage(2017-2022)

Baltics

CEE

Nordics

Benelux

UK

DACH

5.2x

3.5x

3.4x

2.7x

1.7x

8.8x

Page/11Source:Dealroom.co

Country

Norway

Nordicstartupsthatraisedin2022.

NewUnicorns

startupsthatreacheda

$1bvaluationorexitin

thelast12months.

FutureUnicorns

startupsvalued

$250m-$999m,haven?t

reached$1b(yet).

RisingStars

promisingstartups

valuedunder$250mwith

recentfundingandhigh

Sweden

Finland

Denmark

Iceland

Page/12

Source:Dealroom.co

usingpredictivesignals.

DiscoverthemostpromisingNordicstartupsandscaleups

?Top100NordicStartups

?BreakoutOpportunities

?SeriesA+Opportunities

?Pre-SeedOpportunities

Page/14Source:Dealroom.co.*SelectionbasedonnumberofNordicVCdealsparticipatedin2022.

LocalinvestorsplayanimportantroleindrivinginvestmentintheNordics.

Investorname

Investortype

HQ

Numberofroundsparticipatedin2022*

Preferredround

SelectedNordicinvestmentsin2022

Governmental

Copenhagen,Denmark

20+

SEED

Governmental

Helsinki,Finland

15+

EARLYVC

Universityinvestmentandincubatorarm

Gothenburg,Sweden

10+

SEED

VentureCapital

Helsinki,Finland

10+

SEED

Governmental

Stockholm,Sweden

10+

SEED

VentureCapital

Helsinki,Finland

10+

SEED

VentureCapital

Stockholm,Sweden

10+

SERIESA

Governmental

Stockholm,Sweden

5+

EARLYVC

VentureCapital

Stockholm,Sweden

5+

SERIESA

VentureCapital

Helsinki,Finland

5+

SEED

SelectedforeigninvestorsturningtotheNordics?market

CitiVenturesHQ:UnitedStates

Bayern

Kapital

HQ:Germany

Banana

Capital

HQ:UnitedStates

LightspeedHQ:UnitedStates

Blossom

HQ:United

Kingdom

Investment:

IQMQuantumComputers

HQ:Espoo,Finland

Round:€128MSeriesA

Investment:

Fullview

HQ:Copenhagen,Denmark

Round:$7.5MSeed

Investment:

Goals

HQ:Stockholm,Sweden

Round:€15MSeed

Investment:

Doconomy

HQ:Stockholm,Sweden

Round:$19MEarlyVC

Investment:

Zevoy

HQ:Espoo,Finland

Round:€15MSeriesA

Internationalinvestorsareincreasing

theirpresenceintheNordics.

VCfundinginNordicstartupsbyinvestorslocation

▊Domestic▊Europe▊USA▊Asia▊Restoftheworld▊Undisclosed*

100%

75%

50%

25%

2017

2022

?Explorelist

ExploremoreNordic

startupswithforeign

investorparticipation?

Page/15Source:Dealroom.co.*UndisclosedincludeunknowninvestorsandinvestorswithundisclosedHQlocation.

Page/16

?

ThefactthattoptierinternationalinvestorscontinuetodeploysignificantamountsofcapitalintotheNordicsistestamenttothestrengthoftheecosystemandthequalityofcompaniescomingoutofthisregion.

Furthermore,therecyclingoftalent,withunicornfounderscontributingtheirexperienceandcapitalintonewventures,isanotherqualityoftheecosystemthatprovidesaplatformforstellarnewcompaniestogrowoutoftheNordicsoverthecomingyears.”

MariaLjungberg

DirectorforSweden

atSiliconValleyBank

SEEMORE

SEEMORE

SEEMORE

LeadinginternationalinvestorscontinuetobuildtheirportfoliosintheNordics.

InvestmentsintoNordicstartupsbyselectedInternationalinvestors(2022)

London

PaloAlto

UnitedStates

Singapore

Singapore

SantaClara

UnitedStates

UnitedKingdom

Kry

Kry

Veri

Atlar

BitOdd

Eyvon

Breyta

Kerecis

Zendesk

FRVR

Treyd

xNomad

Zendesk

KeepIt

Chainalysis

Greenely

SEEMORE

London

Eindhoven

Netherlands

Berlin

Germany

SanFrancisco

UnitedStates

UnitedKingdom

Varjo

Aiven

Klarna

PocketLaw

Goals

Fullview

Monta

CarboCulture

Podimo

Northvolt

Cake

Juni

ViaBill

FREYR

H2GreenSteelSunRoof

SEEMORE

SEEMORE

SEEMORE

SEEMORE

Page/17

Source:Dealroom.co

Sweden

InSweden,localinvestorsrepresentover40%ofearly-stageinvestmentsince2017.

Selectedearly-stage

investmentsintoSwedish

startupsin2022

Governmental

Universityinvestment

andincubatorarm

Governmental

VentureCapital

VentureCapital

VentureCapital

VentureCapital

Exploreallearly-stage

investmentsraisedby

Swedishstartups?

?Explorelist

InvestorType

Investor

Nordiccountries

38%

Europe

26%

Nordicaverage

Norway

7%

56%

14%

36%

Finland

20%

31%

Denmark

14%

25%

Iceland

Localinvestorsplayafoundationalroleatearly-stage,especiallyinSweden.

Early-stagefundingbyinvestorHQ,2017-2022

▊Domestic▊OtherNordiccountries▊RestoftheWorld

Sweden

43%

44%

13%

Restoftheworld

36%

37%

50%

50%

60%

Page/18

Source:Dealroom.co.

Sourceoffundsisdeterminedbythemaincenterofbusiness(HQ)oftheinvestor.Equalparticipationisassumedforroundswith2+investors.

Denmark

InDenmark,localinvestorsrepresentover40%oflate-stageinvestmentsince2017.

InvestorType

Governmental

VentureCapital

CVC

VentureCapital

VentureCapital

Accelerator

VentureCapital

Explorelate-stage

roundsraisedby

Danishstartups?

Selectedlate-stageinvestments

intoDanishstartupsin2022

?Explorelist

Investor

Nordiccountries

29%

Europe

31%

Nordicaverage

Sweden

Iceland

30%

13%

24%

34%

15%

20%

Finland

14%

25%

Norway

Late-stageinvestorsaremoregeographicallydiverse,butlocalinvestorsmaintainasignificantrole,particularlyinDenmark.

Late-stagefundingbyinvestorHQ,2017-2022

▊Domestic▊OtherNordiccountries▊RestoftheWorld

41%

Denmark

44%

15%

Restoftheworld

40%

57%

42%

66%

61%

Page/19

Source:Dealroom.co.

Sourceoffundsisdeterminedbythemaincenterofbusiness(HQ)oftheinvestor.Equalparticipationisassumedforroundswith2+investors.

Page/20

?

TheNordiccountrieshavebeenintheleadfromaEuropeanperspectiveinventurecapitalinvestments,withstateownedinstitutionsactivelybackinguptheindustry.However,toremaininthelead,abroaderassetallocationintoventurecapitalfrompensionfunds,familyo?ices,banksandinsurancecompaniesisneeded.

Wewouldliketoseelargerallocationsintoventurecapitalthroughfundoffunds,directfundsanddirectlyintostartups.Theseinvestmentswouldgivetheregiontheabilitytoflourish,innovate,anddrivegrowth.”

RobinLindahl

NGPCapital

Selectedinvestorsbytype

VentureCapital

SelectedVCsactiveintheNordicsNordicstate-a?iliatedVCs

21%

24%

Corporate

Others*

41%

14%

Angel**

VentureCapital

Alternativesourcesofinvestment,other

thanVentureCapitalfunds,areplayingan

increasinglyimportantroleintheNordics.

VCfundingbyinvestortype

5-yearAverage

?viewonline

Corporate&CVCs

Other

Page/21

Source:Dealroom.co.*Otherinvestortypeincludesallotherinvestortypesotherthanventurecapitaland

corporate,suchasAccelerators,PrivateEquityandothers.**AngelinvestortypeincludesAngelandAngelfunds.

Page/22

?

AstheNordicecosystemcontinuestomature,VentureDebtisbecominganestablishedwayofextendingrunwayandsupportingfounderstolimitdilution.

Overalltherehasbeenanexpansionintherangeofcapitalsourcesavailabletocompaniesandinthenumberofprovidersoperatingacrosstheregion.WebelievethistrendwillaccelerateandcontinuetofueltheNordicsreputationforcreatingenterprisevalue.”

SonyaIovieno

HeadofVentureandGrowthBanking

atSiliconValleyBank

Impact*Fintech

EnterpriseSoftware

Health

Transportation Food Gaming MarketingHomeLiving

Media

In2022impactstartupsraised35%(or$4.3B)ofallVCinvestmentintheNordics.

NordicsEurope

35%

18%

14%

8%

3%

4%

3%

6%

2%

2%

2.1%

1.7%

1.7%

20%

22%

24%

11%

3%

2%

6%

Page/23

Source:Dealroom.co.CreatedwithDatawrapper.*Tobeanimpactcompanymeanshavingsustainabledevelopmentatthecoreofthebusiness?svalues.Otherindustriesinthischartexcludeimpactstartups.TolearnmoreaboutDealroom?sImpactmethodologyconsultthe

knowledgepage

.

Page/24

?

ThelastdecadehasseenarapidmaturationoftheNordicecosystemwithlarge,outsizedwinnerssuchasSpotify,Minecraft,Unity,Supercell,UniversalRobots,Woltandmanyothers.

Weseerepeatentrepreneurs,foundersbackingotherfounders,andwebelievenowisthetimeforfounderstosolvebigenterprisechallengesbyleveragingbreakthroughtechnologiessuchasfoundationAI,XRdevelopertoolsanddigitaltwinsasourphysicalandvirtualworldsstarttoconverge.”

BoIlsoe

NGPCapital

$269B

▊-20%2021vs2022▼

$242B

$227B

TheNordicstartupecosystemisnowworth$511B.Whilepublictechcompaniesdecreasedinvalueby20%,thevalueofprivatecompaniesisup6%year-on-year.

CombinedenterprisevalueofNordicfounded/HQ?edcompanies*

foundedafter1990

▊privatecompanies▊publiccompanies

$600B

$400B

$200B

$337B

▊+6%2021vs2022▲

2016201720182019202020212022

Page/25

*SumofthevaluationsofNordicstartupsfoundedafter1990.UsingestimatedvaluationsbasedonmostrecentVCrounds,publicmarketsandpubliclydisclosedvaluations.Source:Dealroom.co

ThevalueofNordicstartupshasquadrupledinthelastfiveyears,outpacingotherEuropeanregionsandtheglobalaverage.

Growthinecosystemvalueoverthelastfiveyears(2017-2022)

CEE

Nordics

RestofEurope(excl.Nordics)

DACH

Globalaverage

WesternEurope

4.2x

4.0x

3.4x

3.3x

3.3x

3.1x

0%25%50%75%100%

Page/26

Source:Dealroom.co.Includespublicandprivatestartups.Thevaluationofaprivatecompanyispubliclydisclosedvianewsarticles.

Inthiscase,weusethisnumberforthecompany?svaluationIfthevaluationofprivatecompanyisnotdisclosedviathemediabuttheyhaveadisclosedfundinground,thevaluationisautomaticallypopulatedwitharangethatis4xto6xtheroundamount.

TheNordicshaveproduced10newunicornsin2022,

bringingtheregion?stotalunicorncountto78.

Numberofnewunicornsand$1B+exits

?viewallNordicunicorns

2524

20

15

14

10

7

10

newunicorns

4

in2022.

5

2

0

2006-

2011

2000-

201120122013201420152016201720182019202020212022

2005

Page/27Source:Dealroom.co

ExploretheNordic?s

unicornclassof2022?

HQ:Karlstad,Sweden

Industry:Gaming

HQ:Stockholm,Sweden

Industry:Enterprise

Software

HQ:Stockholm,SwedenIndustry:Transportation/Logistics

HQ:Stockholm,Sweden

Industry:Energy

HQ:Stockholm,Sweden

Industry:Wellnessandbeauty

HQ:Helsinki,Finland

Industry:EnterpriseSoftware

HQ:Stockholm,Sweden

Industry:Mobility

HQ:Oulu,Finland

Industry:Health

HQ:Oslo,Norway

Industry:Media

HQ:Oslo,Norway

Industry:Fintech

?Explorelist

AllNordiccountriesareamongEurope?stop10inVCfundingpercapitain2022.

VCfundingpercapita(2022)

$500

$400

$300

$200

$100

$1100

$1000

$540

$126

$600

European

Average*

Estonia

IcelandSwitzerlandSweden

United

Kingdom

IrelandLuxembourgFinland

NorwayDenmark

Page/28

Source:Dealroom.co*Europedefinitionincludesalistofcountriesastheyappearon

EUR-Lex

.

TheNordicsarethemoste?icientbuildersofenterprisevalueinEurope.

Enterprisevalueperemployee,2022*Fundingperemployee,2022*

Nordics

Europe

WesternEurope

CEE

DACH

$250k

$204k

$210k

$180k

$620k

Nordics

WesternEurope

Europe

CEE

DACH

$6.3k

$6.1k

$5.5k

$4.5k

$13.5k

Page/29

Source:Dealroom.co.*UsingestimatedvaluationsbasedonmostrecentVCrounds,publicmarketsandpubliclydisclosedvaluationsasofQ42022.Europeanregionsdefinedinthemethodologysection(page29).

Nordics

Europe

20%

ThecombinedenterprisevalueoftheNordicstartupecosystemamountsto28%oftheregion?sGDP.

StartupenterprisevalueinrelationtoGDP,2017-2022

40%

28%

30%

21%

10%

201720182019202020212022

Page/30Source:Dealroom.co.GDPdatafromtheWorldBank(fullyear2021).2022figuresareestimationsandhavenotyetbeeno?iciallypublished.

Methodology,definitions,disclaimers

Methodology&definitions

VentureCapital,Investors

InvestmentnumbersrefertoroundssuchasSeed,SeriesA,B,C,…latestage,andgrowthequityrounds.VCinvestmentfiguresexcludedebtorothernon-equityfunding,lendingcapital,grantsandICOs.Investmentroundsaresourcedfrompublicdisclosuresincludingpressreleases,news,filingsandverified,user-submittedinformation.

Investmentroundsaresourcedfrompublicdisclosuresincludingpressreleases,news,filingsandverifieduser-submittedinformation.

Europeanregions

Nordics:Denmark,Finland,Norway,Sweden,Iceland.DACH:Austria,Germany,Switzerland.

CEE:Poland,CzechRepub