AGUIDETONORDICINNOVATIONEUROPE’SUNICORN

FACTORY

2021

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This report provides a brief introduction to the Nordic startup
ecosystem, which includes Denmark, Norway, Sweden, Iceland,
Finland, and Estonia. All these countries share a common
history and culture, marking them out as a distinct region in
Europe. This report aims to illuminate the most successful
sectors, the most innovative hubs, the most important
institutions, ands the best events to visit, in order to explore
the Nordics.

PREFACEThe publication has been produced by Innovation Lab Asia,
a project partnership between Asia House Denmark and
TechBBQ, backed by the Danish Industry Foundation. Partners
for this enterprise include startup ecosystem organizations
and investment funds from all of the Nordic countries,
including NordicNinja VC, Nordic Venture Network, NordicBAN,

The Nordic startup ecosystem is one of the most dynamic
in the world, with the highest number of unicorns per
capita. Consequently, foreign investors from across theglobe - and increasingly also Japan - are looking for newopportunities in the Nordic region, which now attracts
the highest level of foreign investment per capita.

Copenhagen Capacity, Startup Norway, Espoo Innovation
Garden and Icelandic Startups.
We hope this report will inspire Japanese investors andstakeholders to explore new opportunities in the Nordics, andpave the way for mutually beneficial partnerships between our
two regions.
For further information and guidance, contact:
ASIA HOUSEPeter Johansen, pj@asia-house.dk

TECHBBQ
Julian Nielsen, jni@techbbq.org (japanese speaker)
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INDEX
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Introducing the Nordic ecosystem
Denmark
SwedenNorwayFinland
Iceland
Estonia
The Nordic Unicorns
Key Nordic Strongholds
Greentech
Smart cities
Healthtech
GamingFintechDeeptech
Nordic tech events 2020
Expanding to the Nordics
Further reading5

INTRODUCING
THE NORDICECOSYSTEM
Skype, Spotify, Supercell… The Nordic region has thehighest number of unicorns per capita after Silicon
Valley. What is their secret sauce?

The Nordic nations consistently rank at the top of a range ofglobal indexes, including competitiveness, entrepreneurship,
and innovation.
The most interesting of these rankings is perhaps the Global
Happiness index, which condenses a wide range of socioeconomic parameters into one figure: life expectancy, social
support, social networks, economic equality, perceptions ofcorruption, perceptions of the future, feelings of freedom,safety and trust. Ever since the index was launched in 2012,
the Nordic countries have topped the list. Why?

Photo credits: Terry Mclaughlin, Copenhagen Media Center

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THE

NORDICUNICORN

It all boils down to the “Nordic model”, which combines market

FACTORY•

With 27 unicorns from 26 million people, theNordics have generated the highest numberof unicorns per capita in the world outside
Silicon Valley.

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With 3.4 scaleups per 100,000 inhabitants,
the Nordics have the highest density of
scaleups in Europe (the European average is
1.0 per 100,000 inhabitants).

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With just 4% of the European population, theNordics produce an impressive 9% of theworld’s total billion dollar exits (since 2005).
In comparison, the remaining 96% of theEurope population generate only 8%.

capitalism with a comprehensive welfare state that provides its
citizens with free education, healthcare, and social security. Thismodel is also the foundation for the strong Nordic innovation
ecosystem. Free public education and strong social security
lowers the fear of failure and nurtures a culture wherein trial
and error are seen as beneficial, rather than a risk to be avoided.
90% of Nordic university students find it culturally accepted to
become entrepreneurs.
Furthermore, the public sector provides a strong framework forthe ecosystem, including efficient e-governance, a streamlined
bureaucracy, plentiful opportunities for funding and othersupport, and a strong focus on Research and Development.
The Nordics have one of the highest levels of R&D investment
by GDP in Europe. Add all of this to a general population thateagerly adopts new technology, and the Nordics have createda fertile ground for innovation and entrepreneurship.
A final characteristic of the Nordic ecosystem is the level ofinternationalization. All the Nordic economies are small andopen. The Nordic countries need to collaborate both inside
the region and beyond. Almost all Nordic people speak fluent
English, and often other languages as well. Thus, the Nordics
provide a great starting point for anyone looking to establish afoothold on the European continent.

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Photo credits: Simeon Baker, Copenhagen Media Center

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DENMARK
Denmark is the second largest Nordic country in terms of

The Copenhagen ecosystem is particularly strong within

population, economy, and the startup ecosystem. It is also

Fintech, Greentech, and Smart City-solutions. Western

geographically the smallest and most densely populated.

Denmark – especially around the city of Odense – is mainly
focused on Robotics, the most famous member of the cluster

The Danish ecosystem was first put on the map by Skype, abeing Universal Robotics, which was acquired by US based

pan-Nordic company (Danish and Swedish founders, Estonian

Teradyne for EUR 256 million in 2015.

technology), that also helped boost the ecosystems in Estonian

FACTS
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FIGURES

Capital: Copenhagen
Population: 5.8 million
Official Language: Danish
Currency: Danish Crown (DKK)GDP Per Capita: EUR 51,212
Ease of Doing Business Index: # 3
Global Innovation Index: # 7
World Happiness Score: # 2
International Corruption Index: # 1
Total investment value 2019: EUR 809 million
Total number of investments 2019: 162
Startup Spaces: Matrikel1, Symbion

and Sweden. Since then, the Danish tech ecosystem has

Another Danish stronghold is found within Healthtech andproduced eight unicorns: Zendesk, Unity, Tradeshift, Just Eat,

Life Sciences. Denmark has a strong corporate tradition

Sitecore, Trustpilot, Net Company and Chainalysis. However,within pharmaceuticals, and the Novo Nordisk Foundation

the bulk of the Danish ecosystem is characterized by earlyprovides continuous funding for R&D. Europe’s famous biotech

stage startups.

cluster, Medicon Valley of Greater Copenhagen, has attracted
corporates and researchers. The Japanese pharma giant

The Danish startup ecosystem is primarily located in the capital

Daiichi Sankyo recently set up their Nordic HQ in Copenhagen.

region of Copenhagen and its surroundings, where numerous
co-working spaces, accelerators, and incubators have sprung

Finally, Copenhagen is an emerging hotbed for AI startups.

up within recent years. Innovation has become an integral

With an abundance of machine learning research programs, apart of the curriculum throughout the educational system,

significant number of core AI companies, emerging in “stealthespecially within the technical and scientific faculties. The

mode”, are developing top solutions within fields like natural

Technical University of Denmark has churned out more thanlanguage processing, image recognition, and speech-to-text.

2200 businesses between 1999-2017, more than two a week
for the entire period.

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FACTSSWEDEN
Sweden is the largest of the Nordic countries in terms of area,

The success of the Swedish startup ecosystem is linked to a

population, and industrial strength. It also boasts the strongest

strong talent pool. 20% of Stockholm’s workforce is connectedstartup ecosystem in the Nordics, with the largest number ofto the tech sector, the highest share of any capital in Europe,

unicorns, scaleups, and funding opportunities.

and Stockholm enjoys a high concentration of elite universities,

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FIGURES

Capital: Stockholm
Population: 10.1 million
Official Language: Swedish
Currency: Swedish Crown (SEK)GDP Per Capita: EUR 48,410
Ease of Doing Business Index: # 12
Global Innovation Index: # 2
World Happiness Score: # 7
International Corruption Index: # 4
Total investment value 2019: EUR 1.9 billion
Total number of investments 2019: 412
Startup Spaces: SUP46, Mindpark

such as the Stockholm School of Economics, Karolinska
Household names such as Spotify, Klarna, and King (the creators

Institutet, and Royal Institute of Technology (KTH).

of the mobile game Candy Crush) all come from Sweden, as
do Mojang, Net Entertainment, iZettle, NorthVolt, MySQL,

The citizens of Stockholm are generally known for theirBambora, and Evolution Gaming. Sweden is also considered toprogressive mindset (even compared to the rest of the Nordics)

be a global leader in Greentech, Foodtech, Healthtech, and Lifein relation to social and environmental issues, gender balance,

Sciences.

and diversity. Greta Thunberg, a Stockholm native, is a global
leader who is driving the new generation of environmental

The main startup ecosystem is located around Stockholm,

activism.

though smaller clusters exist in Southern Sweden, around
Malmö and the university city of Lund. A new cluster is emerging
around the industrial city of Gothenburg, home to Volvo as wellas the upcoming startup Einride, now the EU leader within selfdriving cars.

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FACTS
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FIGURES

Capital: Oslo
Population: 5.3 million
Official Language: NorwegianCurrency: Norwegian Crown (NOK)GDP Per Capita: EUR 60,859
Ease of Doing Business Index: # 7
Global Innovation Index: # 19
World Happiness Score: # 3
International Corruption Index: # 7
Total investment value 2019: EUR 410 million
Total number of investments 2019: 142
Startup Spaces: MESH, Startup Lab

NORWAY
Norway is the wealthiest of the Nordic countries, largely due to

The most famous Norwegian startup is Kahoot, which now has

its rich oil and gas reserves in the North Sea. However, Norway

more than 50 million monthly subscribers. Other well-known

is rapidly diversifying its economy, and a new generation ofcompanies include WeVideo, SafetyWing, WhereBy, and Kikora.

investors, including business angels and family funds, areincreasingly looking into new opportunities within tech, rather

As in the other Nordic countries, the country is focused onthan traditional avenues such as real estate.

finding ways to shift to smart city and sustainable solutions,providing new opportunities for Nordic Greentech solutions.

The prevalence of new funding opportunities has galvanized

To illustrate this, in 2019, the most actively invested sectors

the Norwegian startup ecosystem and paved the way for a new

were Software-as-a-Service (SaaS) and Hardware companies

generation of local startups. Today, Norway has the fastest

addressing the climate, construction, and financial industries.

growing tech scene in the Nordics and Oslo is emerging as a

In addition, Oslo is home to the yearly impact technology event

contender to become the next startup capital of Europe. For

Katapult Future Fest, and in 2019 hosted the global Our Ocean

example, in 2019, four of the twelve largest Nordic funding

conference.

rounds were closed by Norwegian startups.

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FACTS

FINLAND
Finland is the favorite destination for Japanese VC investors inToday, the startup scene around Helsinki and nearby city Espoo

the Nordics. Softbank paved the way in 2013, when it invested

has become one of the most dynamic innovation ecosystems

over one billion Euros in gaming startup Supercell. Since then,in the Nordics. The annual event SLUSH, bringing together

Japanese investors have funded 20 Finnish startups as of

25,000 investors, entrepreneurs and community builders from2020. In 2018, Nordic Ninja VC became the first Japanese-

all over the world, is perhaps the strongest manifestation of

backed fund to target Nordic companies. Nordic Ninja VC is

this development.

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FIGURES

Capital: Helsinki
Population: 5.5 million
Official Languages: Finnish and Swedish
Currency: Euro (EUR)
GDP Per Capita: EUR 44,572
Ease of Doing Business Index: # 17
Global Innovation Index: # 6
World Happiness Score: # 1
International Corruption Index: # 3
Total investment value 2019: EUR 844 million
Total number of investments 2019: 141
Startup Spaces: Maria01, MOW

a partnership between BaltCAP and the Japanese Bank ofInternational Commerce and is headquartered in Finland’s

The ecosystem is fuelled by ample funding and strong support

capital city of Helsinki.

mechanisms from the government, and The Aalto University,thatfacilitateseasy

collaboration

betweenstartups,

Finland is a global leader within Gaming. Both of its unicorns

international corporations and academia. Aalto University– Supercell and Rovio – operate within this sector, and theis now creating the largest startup ecosystem in Europe on

entire ecosystem counts more than 250 gaming enterprises.

its campus by converting old university buildings into co-

In 2019, Japanese mobile operator giant Docomo invested an

working spaces.

undisclosed amount in Hatch to bring 5G gaming to Japan.
Now, Finland is moving into the fields of AI, big data, andanalytics.

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ICELAND
An island in the North Atlantic, Iceland is covered by volcanoes,

Leveraging this international attention, Iceland has managed

geysers, and glacial landscapes, and has a minute population

to skillfully establish ties to leading startup communities acrossof 363,000 people. These two factors - remote location andthe world, and high-end co-working spaces and award winning

small population - have instilled the Icelandic people with anaccelerators have opened across the capital of Reykjavik.

international mindset, and deep appreciation for the value ofcollaboration.

Within recent years, Iceland has emerged as VR and Gaminghub. With Eve Online, the Icelandic startup CCP Games became

This also applies to the startup community. Experienced entre-

the leaders within multiplayer gaming, as well as VR. Now otherpreneurs, investors, and leading experts engage as mentors,

local startups are making their mark in this field, e.g. Sólfar andnurturing a new generation of entrepreneurs. The government

RVX, which recently secured Asian funding for Everest VR.

has helped establish several private funds to help seed and

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FIGURES

Capital: Reykjavik
Population: 0.36 million
Official Language: Icelandic
Currency: Icelandic Crown (ISK)GDP Per Capita: EUR 52,268
Ease of Doing Business Index: # 21
Global Innovation Index: # 20
World Happiness Score: # 4
International Corruption Index: # 11
Total investment value 2019: EUR 72 million
Total number of investments 2019: 24
Startup Spaces: Startup Reykjavik

pre-seed companies grow, and universities are encouraging

Icelandic Fintech companies are on the rise, as is Health andstudents to focus on science and technology related subjects.

Biotech solutions, especially for the Maritime and Fishing industry. Startup Zymetech is now a global leader within ma-

Within recent years, Iceland has experienced a tremendousrine-derived enzymes, and Kerecis is using fish skin to regener-

boom in tourism, strengthening its international brand andate human tissue. A quick look at the Icelandic Ocean clusters

helping the Icelandic startup community attract top interna-

website testifies to the global outlook of the Icelandic ecosys-

tional entrepreneurs and investors to their events, and ulti-tem, and its relevance for Japanese stakeholders.

mately foreign investments. In 2020 Iceland will be hosting theexclusive Summit-Summit investor event.

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FACTS
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ESTONIAFew countries punch above their weight as much as Estonia.

visionary government policies like the e-Residency program

With a population of just 1.3 million people, Estonia has

and the Startup Visa-program, which has made it relatively easy

produced five unicorns, the highest in the world per capita.

for foreign entrepreneurs to start their businesses in Estonia,&

FIGURES

Capital: Tallinn
Population: 1.3 million
Official Language: Estonian
Currency: Euro (EUR)
GDP Per Capita: EUR 32,797
Ease of Doing Business Index: # 16
Global Innovation Index: # 24
World Happiness Score: # 50
International Corruption Index: # 18
Startup Spaces: Lift99

turning the country into a launchpad for startups looking
Estonia is also one of the main destinations for Japanese

to scale to the EU. Presently, more than 50,000 people frominvestors looking to the Nordics. As of 2020, Estonia hadover 150 countries have established 7,000 new companies insecured Japanese investment for 16 of their startups,

Estonia. In 2015, Japanese Prime Minister Shinzo Abe became

Furthermore, Estonian VCs such as Maki.vc and Tera Ventures

the first high-ranking foreign official to acquire an Estonian

have Japanese investors as Limited Partners in their funds.

e-Residency card.

The collaboration between Japan and Estonia goes beyond

The e-Residency program has played an important role in theinvestments. Many Japanese startups view Estonia as an ideal

success of the Estonian startup ecosystem, both by acting

gateway to the EU, and Estonia’s largest startup conference,as a driver for innovation and by creating a strong narrative

Latitude59, sees solid Japanese participation. With 131

internationally. Additionally, the Estonian government hasdelegates registered in 2019, Japan was the third largest

made a concerted effort to grow their startup ecosystem for thecountry represented at the conference after Estonia andpast decade, by supporting community driven startup-support

Finland.

initiatives and ensuring startup-friendly legislation. Today,
Estonia has a highly competitive startup scene, especiallywithin Cybersecurity and Fintech.

The Estonian success has to a large extent been driven by

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MAIN

Pipedrive

Bolt

Playtech

Chainalysis

Rovio

Evolution Gaming

Sitecore

iZettleSkype

Just Eat

Spotify

Kahoot!

SupercellKing

Tradeshift

KlarnaTransferwise

MojangTrustpilot

MySQL

Unity

Net Company

Wolt

Net Entertainment

Zendesk

ACCELERATORPROGRAMS

THE NORDICUNICORNS
BamboraNORDIC

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NorthVolt

INSTITUTES&

Accelerace (Denmark)
STING (Sweden)
Katapult (Norway)
Kiuas (Finland)
Icelandic Startups (Iceland)Startup Wise Guys (Estonia)

RESEARCH

PARKS*Unicorns are defined as private companies that have been

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valued at more than USD 1 billion. Unicorns does not include
acquired startups.
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Photo credits: CopenHot••

Copenhagen Bio Science Park (Denmark)DTU Science Park (Denmark)Swedish Incubators & Science Parks (Sweden)
Ideon Science Park (Sweden)
Simula (Norway)
Oslo Science Park (Norway)
Turku Science Park (Finland)
Aalto University Startup Center (Finland)
Icelandic Institute for Intelligent Machines(Iceland)The University of Iceland Science Park (Iceland)
Tallinn Science Park Tehnopol (Estonia)
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GREENTECH•KEY NORDICSTRONGHOLDSThe Nordic countries were early adopters of strict environ-•

New funding models for green innovation are continuous-

mental policies and incentive programs that nurtured thely being developed, e.g. The NPO Climate Bonds Initiative,

growth of Greentech startups. Today, Nordic companies arethat issues loans to find solutions to climate change.

global leaders within water and waste management, andsustainable energy solutions.

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Access to public grants and funding is essential for the
success of Nordic Greentech startups. They provide the•According to the Global Cleantech Innovation Index, Den-means for innovation and reduce the risk for private inves-

mark, Finland and Sweden ranks top three in terms of in-tors, thus attracting venture capital. In 2018, Greentech

novating, implementing and commercializing Greentech

investments in the Nordics reached EUR 831 million, an in-solutions.

crease of 65% from the previous year. 73% of this growthcame from private VC funds.

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The Nordic governments actively promote the Greentech
ecosystem through a wide range of support mechanisms:
Tax breaks, funding, incubation, pilot testing etc.

2425SMART CITIES•The Nordics are global leaders in smart city development,leveraging on existing strongholds within waste and water
management, sustainable energy, and IoT technologies.

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A large number of public/private Living Labs have beenlaunched, making it possible for entrepreneurs to develop,
test and implement cutting edge smart city solutions in reallife conditions, e.g. Energy Lab Nordhavn, DOLL; Space10,
Hammarby Sjöstad, Futurebuilt, Powerhouse alliance.

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The Nordic Smart City Network covers 14 major Nordic cities (including all the Nordic capitals and many second tiercities) that test smart city solutions, and share knowledge
and experience amongst each other.

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Most of the cities participating in the Nordic Smart City Network have launched their own open-source data platformto generate awareness among citizens and to invite innovative businesses to further research and development ofsmart city projects.

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Photo credits: Astrid Maria Rasmussen, Copenhagen Media Center

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HEALTHTECH•

The large public healthcare systems of the Nordic region

GAMING•The public healthcare systems have developed a unique•With over 800 companies, the Nordics have become the•provide efficient, high-quality healthcare to its entire pop-

register of health data dating back to the 1960’s, allowing

second largest game developer in the world. The develop-

is very likely that the Nordic countries will continue to pro-ulation, often free of charge. By the same token, thesefor cross linkages between registers. The quality of theers of massively popular games like Minecraft, Battlefield,

duce trend-setting game designs.

healthcare systems have provided an ideal framework fordata is unparalleled among other regions, where data wasAngry Birds, Clash of Clans, Subway Surfer, and Candy

Healthtech innovation.

mainly collected by private sector insurance companies for

Crush all come from the Nordic region.

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administrative purposes. Today, the accessibility of high•With a talented and engaged community of developers, it

The Nordic healthcare systems have traditionally been

quality data and biobanks provides the basis for AI-driven

quick to adopt new Healthtech and digital solutions, often

Healthtech solutions.

Finland in particular has made its mark on the global Gaming industry. From 2005-15, the Finnish Gaming industry•

Nokia and Sony Ericsson laid the foundation for the Nordic

grew faster than anywhere in the world, and today Finland

Gaming stronghold. Both provided a fertile ground for local

enjoys the highest revenue per capita in the world fromto the benefit of local companies testing and developing

subcontractors within the mobile sector, and Nokia invest-

this sector.

their solutions in public-private partnerships. Today, Nordic

ed heavily into R&D, looking to become the leading mobile

Healthtech companies excel in e-health, ambient assisted

gaming platform of the 1990s.

living /care technology, personalized care, smart healthcare infrastructure, remote doctor-patient meetings andtelemedicine solutions.

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Fun fact: Nintendo was introduced to Europe by a Swede,
who opened the first ever computer gaming club in Goth-•

Nordic companies have been extremely agile in adapting

enburg, Sweden. To this day, the Nintendo Club is the ONLY

new technologies into the Gaming industry, including the

non-Nintendo owned distribution center.

development of MMO (Massively Multiplayer Online) games,•

The public healthcare system is characterized by a highVR and AR, as well as the first companies to incorporate

level of trust and transparency, and medical institutions

blockchain into gaming (Parsec frontiers, Reality Clash,find it relatively easy to test new developments in person-

GetGame).

alized medicine (pilot projects between government andcitizens)

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FINTECH•

The Nordic financial sector is characterized by transpar-•

The Nordic Fintech founders are amongst the most suc-ency, international focus, openness to new technology

cessful in Europe, and boast several unicorns: iZettle, Klar-

and a high level of trust in institutions. This provides fertilena, Transferwise, Tradeshift and Bambora. 16% of all Fin-ground for new Fintech solutions, as the expenses to fighttech scaleups are located in the Nordic region, including

money laundering for the corporate Nordic banks increased

Kaching, Anyfin, Tink, Pleo and Billogram.

in 2019 due to higher regulatory and compliance costs.
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The Nordic region is gearing up for further investments,

Nordic countries were the first in Europe to setup real-timewith a growing ecosystem benefiting from skilled IT talent

national payment infrastructures, laying the foundation forand consumers keen on using the newest tech to manage

innovation in e- and m-commerce for the new generation

their finances. During the past couple of years, the largeof Nordic Fintech companies.

Nordic banks – Danske Bank, Nordea, and SEB Bank – haveinvested millions in promising Fintech startups.

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The Nordic society is moving quickly towards becoming
cashless. In 2016, cash was used in less than 20% of alltransactions, covering 1% percent of the total value of all
payments. Mobile payment apps such as Swish, Vipps andMobilePay now serve half the region’s population, and theSwedish National Bank is looking into replacing cash with a
new digital alternative, called the e-krona.

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Photo credits: Thomas Høyrup Christensen, Copenhagen Media Center

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DEEP TECH•

Deeptech companies are based on substantial scientif-

ish Deeptech companies from 2013-17, and in 2017 theic advances and high tech engineering innovation. With aWallenberg Foundation allocated another EUR 150 million

highly educated population, the Nordics are a hotbed forfor AI research. The newly launched Helsinki-based Nor-

Deeptech companies.

dic Deeptech VC fund, Voima Ventures, has raised EUR 50
million, dedicated solely to investing in Nordic and Baltic•

An estimated 45% of all new European tech companies

Deeptech companies.

operate within Deeptech. Many companies begin their operations in stealth mode, originating as spin-offs by en-•

The Nordic Deeptech VC fund, Voima Ventures, the first of

trepreneurs and researchers from the region’s technicalits Nordic kind, foresees significant advances not only inuniversities. These companies are all characterized by highthe software based developments of the Nordic Deeptech,technical capacity, but little market reach.

but also major progress in new materials, nanomaterials,
hardware and process-oriented innovations.

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Top Nordic Deeptech companies include Mapillary, Peltarion, Biofiber Tech, Textual, Tailored Photons, Einride, Meeshkin, ATLANT 3D Nanosystems, and Immersal.

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The Nordics are also leading in upskilling their populationsin AI skills. For example, University of Helsinki and Reaktor
Ventures recently launched The Elements AI Program, a free•

Deeptech is the fastest growing tech sub-sector in the

online course on the basics of AI. More than 320,000 people

Nordics, and receives more funding than other sub-sec-from over 170 countries have joined the course so far.

tors. More than EUR 900 million was invested into Swed-

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Photo credits: Einride

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NORDIC TECH EVENTS 2021
SPRING:SUMMER:

TechChill (LV): 7-21st of May

Startup Extreme (NOR): 28-29th of June

Latvia’s Nordic-oriented tech event, bringing together 300+

Startup Extreme is a relatively small but very

startups with more than 2,300 attendees.

internationalized event, with some Japanese presence.

www.techchill.cowww.startupextreme.co

Latitude59° (EST): 27–28th of May

AUTUMN:

Latitude59° is the flagship startup and tech event of

TechBBQ (DEN): 16-17th of September

Estonia, with a strong Japanese presence.

Located in the city center of Copenhagen, this tech festival

www.latitude59.ee

has become one of the best entry points to the Nordic
startup scene.

Arctic 15 (FIN): 1-2nd of June

www.techbbq.dk

A small, sharp and very internationalized startup event
in Helsinki.

Oslo Innovation Week (NOR): 27-30th of September

www.arctic15.com

Oslo Innovation Week is another large Nordic focused
event, with a strong international presence.

Startup Iceland (ICE): usually held in May/June, date TBA

www.oiw.no

The main Icelandic startup since 2011, attracting both local
and international stakeholders.

WINTER:

www.startupiceland.com

SLUSH (FIN): 19—20th November
With 25,000 participants gathering in the heart of Helsinki,
SLUSH has become one of the most important and impressive
startup events in the world.
www.slush.org/events/helsinki

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EXPANDING TO
THE NORDICS

Japanese investors are increasingly looking to theNordics for new opportunities. In 2013, Softbank
invested USD 1½ billion in Finnish Gaming startup
Supercell. Since then, a total of 38 Nordic startups
have either been funded or acquired by Japanese
investors. More than 80% of these investments havetaken place since 2017.

The six most important VC funds that have led the Japanese
investments in Nordic startups are Mistletoe, NordicNinja VC,
Rakuten, Docomo Innovation Village, Softbank and Mitsubishi
UFJ Financial Group.
Though there does not seem to be an overall pattern in theJapanese investments - all verticals are represented in the 38
funded startups - the increased Japanese interest for Nordic
startups is not surprising.

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THE

BIGGESTINVESTMENT
2019

The Nordics have much in common with Japan. Both societies
have a high standard of living and technologically advanced.
Both have a well-educated - but aging - population. Bothcultures have similar aesthetic preferences; many Japanese

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NORDICNORDICROUNDS

WITH

WHEN

&

JAPANESE
WHERE

WHEN/WHERE(EURO)# 1: Northvolt (Sweden) - 900 million# 2: Transferwise (Estonia) - 262 million# 3: Wolt (Finland) - 137 million# 4: Voi Technology (Sweden) - 76,5 million# 5: Pleo (Denmark) - 50 million# 6: Trustpilot (Denmark) - 49,5 million# 7: Bynk (Sweden) - 48 million# 8: ePassi Payments (Finland) - 41,5 million# 9: eSmart Systems (Norway) - 30 million# 10: Kolonial.no (Norway) - 30 million# 11: MaaS Global (Finland) - 29,5 million# 12: Spacemaker AI (Norway) - 22,5 million# 13: Kerecis (Iceland) - 14 million# 14: reMarkable (Norway) - 13,65 million

STARTUPSINVESTMENTS:

20

18

16

14

Estonia
NorwaySweden12

FinlandDenmark

share the Nordic affinity for simplicity, craftsmanship, andpremium materials, and Nordic products generally carry a10strong brand value in Japan.
Perhaps most importantly, Nordic tech strongholds support8

the basic tenets of the Japanese government vision of Society
5.0. The focus of Nordic innovation on Greentech, Healthtechand Life science, as well as Robotics and automation, can help

6

Japan achieve the goals of providing a better work-life balance,increasing social safety and trust, introducing less stressful
work environments and ensuring greater economic equality.
For an updated status on Japanese investments to the Nordics,
see www.japanesestartupinvestments.com,

4

2

0
38

2013

2014

2015

2016

2017

2018

2019

2020
39

JAPANESE INVESTMENTS
TO THE NORDICS (2013-2018)

				

FINLAND
•
•
•
•
•
•
•
•

NORWAY•

Exabel Sanden (Investment)

3rd Eye Studios Oy Ltd ColoplNext (Investment)
Broadbit Yaskawa Electric (Investment)
IndoorAtlas Yahoo! Japan (Investment)
Inkron Nagase Group (Acquisition)
KIDE Clinical Systems Topcon (Acquisition)
Medfiles WDB Holdings (Acquisition)
Supercell Softbank, GungHo (Acquisition)
Teraloop Yaskawa Electric (Acquisition)

SWEDEN••••EINS Consulting NTT Data (Acquisition)
FishBrain Recruit Holdings (Investment)
Outfox Intelligence Dentsu (Acquisition)
Symfoni Software Fujitsu (Acquisition)

DENMARK•••

40

Magnetix Dentsu (Acquisition)
Nodes Monstar Lab (Acquisition)
Pie System DG Incubation (Investment)

				

ESTONIA
•
•
•
•
•
•
•
•

Fits Me Rakuten (Acquisition)
Funderbeam Mistletoe (Investment)
Jobbatical Mistletoe (Investment)
Lift99 Mistletoe (Investment)
Lingvist Rakuten (Investment)
Planetway Mistletoe, Tokusui, Sakura Internet (Investment)
Transferwise Mitsui, World Innovation Lab (Investment)
Xolo Mistletoe (Investment)

41

JAPANESE INVESTMENTS
TO THE NORDICS (2019-2020)

				FINLAND
•
•
•
•
•
•
•
•
•
•
•
•

NORWAY•••••

Brandpad Thorgate Ventures III (Investment)
Girff Aviation Dronefund VC (Investment)
Kahoot Softbank (Investment)
Nevion Sony Corporation (Inventment)
Oncolmmunity NEC (Acquisition)

Attractive.ai Keisuke Honda (Investment)
Canatu Oy Denso (Investment)
Combinostics NordicNinja VC (Investment)
Flexound NordicNinja VC (Investment)
Hatch Entertainment Docomo (Investment)
Logmore NordicNinja VC (Investment)
MaaS Global NordicNinja VC, Denso and others (Investment)
Meru Health IT-Farm Corporation (Investment)
Nightingale Health Kirin and Mitsui (Investment)
Sensible 4 NordicNinja VC (Investment)
Sensire Yokogawa (Investment)
Varjo NordicNinja VC (Investment)

SWEDEN•••••

Einride NordicNinja VC (Investment)
Exeger Softbank (Investment)
Inkonova Terra Drone (Investment)
Tracklib Sony Innovation Fund (Investment)
Voi NordicNinja VC (Investment)

DENMARK
•
•
•
•
•

42

AddiFab Mitsubishi Chemical (Investment)
Chainalysis Mitsubishi UFJ (Investment)
Grazper Yokogawa (Acquisition)
Unibio Mitsubishi Corporation (Investment)
WARM Sony Innovation Fund (Investment)

				

ESTONIA
•
•
•
•
•
•
•
•

Bolt NordicNinja VC (Investment)
Clanbeat Mistletoe (Investment)
Cleveron ITOCHU (MoU for R&D)
Realeyes Docomo (Investment)
Startship Technologies TDK ventures, Recruit (Investment)
Tera VC ITOCHU (Limited Partner)
Thorgate Ventures III Alesco ventures (Limited Partner)
Veriff NordicNinja VC (Investment)

43

FURTHER READING
In this section, we have listed five links to interest
organisations and companies, providing detailed reports
and study regarding the Nordic ecosystem.

•

Atomico: www.atomico.com•

Dealroom: www.dealroom.co

Atomico is a London-based VC firm that delivers

Dealroomdelivers

high-quality

data

on

Europeancomprehensive data and sharp analysis on the European

companies and ecosystems, reporting on trends, researchecosystem, including the Nordic region, and produces theon companies and investor profiles.

report “The State of European Tech.”••Startup Heatmap Europe: www.startupheatmap.eu

Nordic Innovation: www.nordicinnovation.org

Startup Heatmap Europe benchmarks the attractivenessNordic Innovation is an intergovernmental body whichof startup hubs and maps ecosystems in Europe, including

promotes entrepreneurship and innovation in the Nordic

the Nordics.

region. Sector reports from Nordic Innovation are freely
available and can be found under the “Publications” tab.
•Startup guide: www.startupguide.com
Startup guide has published a comprehensive handbook
on the Nordic ecosystem, covering hubs, companies,
investor groups and relevant general information on eachof the countries.

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This report has been developed by

In a collaboration between

With support from

Asia House
46|

Indiakaj 16, Copenhagen|www.innovationlabasia.dk|

hello@innovationlabasia.dk