A few slides on Nordic VCPrepared by Gil Dibner @gdibnerblog: yankeesabralimey

Helsingin tuomiokirkko, Helsinki, FinlandBuilt 1830-1852

Record VC inflows into Europe & Israel

248 343 285 354 369345

312 556731 565

539

935

1,154 7921,509

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Qtr3 Qtr4 Qtr1 Qtr2 Qtr3

2014 2015

Amou

nt In

vest

ed (U

S $M

)

Pace of VC Investment in Europe and Israel

Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2)

Nordic VC flows

37 51 28 48 4987 24 49 85 69

132 8399 111

0

100

200

300

400

500

600

700

800

900

Qtr3 Qtr4 Qtr1 Qtr2 Qtr3

2014 2015

Amou

nt In

vest

ed (U

S $M

)

Pace of VC Investment in Nordics

Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2)

124219 190

526+

250245

Nordic VC flows relative to other countries

2,6772,655

1,8601,106

990494

390183174

15392

605856493937312413763111

UKIsrael

GermanyFrance

SwedenNetherlands

SpainIreland

DenmarkFinland

BelgiumSwitzerland

HungaryNorwayEstonia

PortugalGreecePoland

ItalySlovenia

CzechLatvia

AustriaIcelandSerbia

Lithuania

0 500 1,000 1,500 2,000 2,500 3,000

Total VC investment volume by country12 months ended September 2015 (US $M)

Top 25 largest Nordic VC investments

11

1213

20

23

2529

384060

526

12

15

16171820

22

23

29

74

16

12

23

22

0 10 20 30 40 50 60 70 80 90 100

ZoundRecordedFuture

NoveldaJolla

MagineKNCMiner

EnevoFalcon Social

KioskedRealmNeo4j

FyndIQTictailRelex

Thin FilmSeriously

AdCashMathem

Clothes (Boozt)Trustly

BimaSaltside Technologies

TrueCallerTrustpilot

Spotify

Nordic VC Investments,Twelve months ended September 2015 (US $M)

Consumer

Enterprise

Government

OEM

SMB

17 Nordic VC investments with US VCs

1

2

2

8

23

60

526

6

6

7

9

12

18

20

22

22

0 10 20 30 40 50 60 70 80 90 100

Qapital

Mapillary

EveryWhere

Foap

GameAnalytics

Wake.io

Omniata

FishBrain

Pipedrive

RecordedFuture

Realm

Neo4j

Tictail

Relex

Seriously

TrueCaller

Spotify

Nordic VC Investments with US VCs involved Twelve months ended September 2015 (US $M)

Consumer

Enterprise

OEM

SMB

Is Nordic VC interest different?

Productivity

Security

Employment

Electronics

Health

Adtech

Infrastructure

Lifestyle

Marketing

Financial

0 20 40 60 80 100

European & Israeli venture financing by target marketTwelve months ended September 2015

(number of investments, top 10 verticals)

Consumer

Enterprise

SMB

OEM

Telecom

Government

Entertainment

Productivity

Employment

Development

Data

Education

Financial

Social

Lifestyle

Marketing

Gaming

Electronics

0 2 4 6 8 10 12 14

Nordic venture financing by target marketTwelve months ended September 2015

(number of investments, top 10 verticals)

Consumer

Enterprise

SMB

OEM

Government

Entertainment

Productivity

Employment

Development

Data

Education

Financial

Social

Lifestyle

Marketing

Gaming

Electronics

0 2 4 6 8 10 12 14

Nordic venture financing by target marketTwelve months ended September 2015

(number of investments, top 10 verticals)

Consumer

Enterprise

SMB

OEM

Government

Is Finnish VC interest different?

FinancialAdtech

Commun…CRM

SocialSecurityFashion

PaymentsHealthTravel

DataERP

ElectronicsMarketing

LifestyleEducation

Gaming

0 1 2 3 4 5 6 7 8 9

Finnish venture financing by target marketTwelve months ended September 2015

(number of investments, top 10 verticals)

Consumer

Enterprise

SMB

OEM

Government

Nordic unicorns

http://www.atomico.com/explore-d3

Consumer Applications Gaming Enterprise

Is there something in the water?

When it comes to unicorns, the Nordic region punches well above its weight

Nordics/Baltics UK Germany France Benelux

Unicorns 7 7 5 2 1Annual VC

inflow $1.4B $2.7B $1.9B $1.1B $586M

Unicorns/$B 5.00 2.59 2.63 1.82 1.71

Population 33M 64M 80M 66M 28M

Unicorns/M 0.21 0.11 0.06 0.03 0.04

Is there something in the water?

Probably

Based in , I was previously a partner at . Before that, I helped run the

European seed program for . I moved to London after seven years in

during which I worked as a VC with and . I’m originally from .

My VC investments include and . Angel investments include and many more.

If you found this useful, I hope you’ll subscribe to my blog. 13

Gil DibnerTo invest in the best European & Israeli enterprise startups,

consider backing me on here. Lots of exciting stuff in thepipeline – and you’ll be in pretty good company.