Tech deals in the Nordics
Notable recent deals in food & groceries, fashion & beauty, enterprise software, IT security, media and fintech.
Food & groceries on the menu - Clas Ohlson, the DYI retailer, acquired a strategic 10% of Mathem, the online grocer, to offer Clas Ohlson products through Mathem. Meanwhile, Matsmart, the “food waste reduction” site, raised SEK 100 million from Axel Johnson, social investor Norrsken and IKEA. Valedo Partners acquired a majority of Pinchos, an innovative “app restaurant”. Altor, the Swedish buyout firm, acquired a minority stake in O’Learys, a chain of Boston inspired sports bars.
Fashion & beauty deals looking good - Axel Johnson, in another bold move, acquired 70% of Skin City, the online skin care store. Vaultier7, a London-based VC, invested a reported $7.5 million in Axel Arigato, the sneakers company from Gothenburg. NA-KD, the Swedish direct-to-consumer fashion site for women, raised $45 million in a round led by Partech Ventures (US).
Enterprising software investments - Quinyx, a Stockholm-based workforce management company, raised $12 million from Battery Ventures. DP Organiser, riding on the wave of GDPR compliance, closed SEK 30 million in around led by Industrifonden. Norway's Visma, always hunting, acquired OptiWay, a specialist in geographic IT. Denmark’s Via Equity bought a majority of Continia, software solutions provider for Microsoft Dynamics NAV. Mapillary, a Malmö-based imagery platform, raised $15 million from BMW i Ventures.
Safe bets on IT security - Outpost24 (vulnerability management solutions) acquired SecludIT, a cloud infrastructure security company. ABN Amro's fintech venture fund participated in a $17.5 million raise for cybersecurity firm BehavioSec. Web security company Detectify raised €5 million led by Insight Venture Partners (US).
Content is king in media deals - United Screens, the Swedish multi-platform video network, was acquired by German media giant RTL Group for SEK 120 million. Tele2 and Comhem merged to form a leading “integrated connectivity provider” combining a mobile network with a wide range of content. Egmont, the Danish media group, acquired a majority in Ingager, the Facebook ad agency, while also increasing ownership in Outnorth, the outdoor e-tailer.
Banking on fintech - Bridgepoint Development Capital acquired a significant stake in FCG, a specialist in financial compliance services. Finland’s Zervant, providing online invoicing software, has announced €6 million in funding. TransferGalaxy, a global mobile money transfer service, was backed by Alfvén & Didrikson with SEK 30 million. Nordic Capital acquired Trustly, the direct payment provider. The “bank challenger” Qapital raised SEK 250 million from the banks Swedbank and SEB, among others, for expansion in the US. Peer-to-peer lending site Lendify raised SEK 112 million.
