⦿ INSIGHTS

Report: Shape of the New Nordics 2023

A perspective on pre-seed to Series A technology startups and VCs across the Nordics and Baltics, based on findings from byFounders' original database.
Report: Shape of the New Nordics 2023
WRITTEN BY
Matias Salonen
Investor
Magnus Hambleton
Investor
Martin Krag
Partner
WRITTEN BY

Throughout the year, we at byFounders keep track of the pre-seed to Series A rounds in the Nordics and Baltics - or the New Nordics, as we call it.

This year, we are again sharing some insight into what we’ve seen, and highlighting a few companies from each country.

Interested in knowing:

  • How much capital was invested in New Nordic tech startups?
  • Who most active investor were?
  • How active non-European investor participation were?
  • How much funding impact startups received?
  • What the share of diverse founding teams or repeat founders was?
  • What new VC funds launched in the region?

We hope you enjoy the report, which you’ll find below.

More about the author(s)
Matias Salonen
Investor

As part of the investment team, Matias sources and evaluates investment opportunities, builds our internal investment theses and helps out our portfolio companies. Additionally, Matias plays a key role in supporting our fund operations and portfolio management and supports our data-driven VC efforts. Matias holds a B.Sc in Finance from Aalto University.

Growing up in Finland and Australia, Matias has always been curious about the world, with a passion for reading and exploring new places. Outside work, you can find him spending time road cycling, running and bouldering, as well as occasionally hiking and surfing.

Prior to joining byFounders, Matias played an active role in the Helsinki startup ecosystem, and tried out various advisory roles at companies like JLL, Nordea and Bain & Company.

Magnus Hambleton
Investor

Magnus Hambleton is a former product leader and currently an investor at byFounders, who writes about AI, economics and philosophy at analogmantra.com.

Martin Krag
Partner


Martin leads investments and works with portfolio companies in a board capacity.

Particularly, he's focussing on frontier tech such as AI, climate tech, bits-to-atoms as well as verticalized SaaS and fintech. He is a former entrepreneur, having founded and worked with several startups in Denmark, Seoul, and Beijing.

Prior to working in tech, he spent a number of years as a professional online poker player, honing a skill set in game theory, math, and psychology - traits he now applies to venture investing. Martin holds a Master's in Political Science from Aarhus University and International Relations from Sogang University, Seoul.

Outside of work, he spends his time mountain biking and cold water surfing, or playing with his son and daughter.

More about the author(s)
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External
January 10, 2024

Report: Shape of the New Nordics 2023

A perspective on pre-seed to Series A technology startups and VCs across the Nordics and Baltics, based on findings from byFounders' original database.
External
April 18, 2023

We are Publishing our First Impact-Awareness Report

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