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Denmark #24: Highlights of Nordic Startup Scene in 2023, 4 predictions for 2024 & Freya Biosciences raised $38 million Series A.

By 5 January 2024February 12th, 2024No Comments3 min read

Top News

  1. VCs including Crowberry Capital and Creandum shared their predictions for 2024. (link)
  2. Martin Krag from byFounders shares 3 main takeaways from 2023 and 4 predictions for 2024. (link)
  3. In his essay, Nnamdi Iregbulem, argues that investors have raised their expectations for Series A rounds and don’t see Series A as indicative of product market fit. A recommended read. (link)
  4. Entrepreneurs met with the Minister for Digitalization Marie Bjerre to discuss opportunities for entrepreneurs in AI. (link)
  5. The highlights and the lowlights of 2023 in the Nordic startup scene. (link)
  6. Active investors are declining in the US according to data from Pitchbook. (link)
  7. In 2023, big tech companies significantly invested in AI startups, contributing to two-thirds of the total $27 billion invested in AI. (link)
  8. Mathilde Lyet from Dreamcraft Ventures notes that founders have been overly optimistic when seeking venture capital in 2023, but that the market is adjusting with founders adjusting their expectations as well. (link)
  9. Aarhus startup goes from zero to a turnover of over 100 million DKK in 2.5 years. (link)
  10. New York Times sues OpenAI for copyright infringement. (link)

Latest on Funding

🔬 Freya Biosciences, focused on improved reproductive health in women, raised $38 million Series A, led by Sofinnova Partners and OMX Ventures, along with others. (link)

💻 Inventure led a $2.5 million investment in UltiHash, a sustainable data storage platform, joined by PreSeedVentures, Tiny VC, Futuristic VC, The Nordic Web and more. (link)

🤖 Seasony, creating robotics for indoor farming, raised €1.5 million from North Ventures, EIFO and others. (link)

💻 Magic Feedback, a Copenhagen-based AI startup, raised € 1.2 million pre-seed, led by and supported by angel investor Geeta Schmidt. (link)

🏥 Medichanical Engineering, a medtech company creating equipment for hip replacement surgeries, raised 3.7 million DKK from DanBan investors and the DanBan Co-investment fund. (link)

🍳 Barma, the e-learning platform for hospitality, raised an undisclosed amount from Anyhow and Cand.selv. (link)

⚡️ ENFOR, a pioneer in energy production and optimization has been acquired by Danfoss. (link)

🤝 itm8 announced a merger consolidating 13 companies, to grow and become a full-service IT provider in the Nordics. (link)

Latest on Talent

💳 Pleo hires a new CFO, Soren Westh Lonning, which could be a sign of Pleo gearing up for IPO. (link)

⭐️ Heartcore Capital welcomes Lørke Rud Hansen to the team as Principal. (link)

⛳️ Daniel Laursen joins Players 1st as their new CMO. (link)

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