IT’S HOT IN THE NORDICS!
Culture, Global, Diversity, AND Humanity
This is my first “look ahead” for Renovata in the Nordics – at this time last year, we had been here for less than a month, all of our stuff was in boxes and our two dogs looked confused…
The first thing that comes to mind as I write this is to say thank you! Thank you to our clients, my partners, our team and all of those who have supported us this year.
In January of 2018, we opened a new Stockholm office. We went from not knowing our way around, to learning this amazing city. Stockholm is incredibly alive and vibrant, with a technology ecosystem second to none, and an investment community to rival any other world-class market.
A great deal of our business in the Nordic countries now comes from new relationships, coupled with a portion from friends we have known well here for many years, and from existing relationships across Europe. We’ve built new relationships and become active in the tech and investor ecosystem & community.
We are delighted to be a sponsor of Stockholm’s Tech Meetups, Tyler Crowley’s monthly technology gathering for investors, entrepreneurs and anyone else interested in or connected to the technology ecosystem in Nordics and beyond.
We attended our second SLUSH conference and will be at the Nordic Business Forum and various other events next year.
We have been very fortunate to be able to become immersed so quickly in the amazing tech culture of Stockholm and more broadly across the region. I say that because it’s key to both Renovata’s presence here in 2019 and also a general driver of consistent outperformance in the tech sector here.
The mature business, startup and investor communities here are closely connected and constantly looking for and creating the robust deal flow we see today. This will continue and build.
This is not new. Remember Nokia and Skype? Today, the region is still churning out unicorns like Spotify, iZettle and Klarna.
So, as one CEO asked me today, what about the year ahead?
In short, More, More, More!
- Investors
World-class investors are here in force, i.e. Atomico and Index, the consistent performers also include Northzone, EQT, Creandum, Dawn Capital, Oxx, and many others. Funding here is still exceptionally strong.
- Sectors
It’s harder to discern sector trends – Scandinavia is maybe a touch more consumer-focused than B2B – but the hottest sectors here match those elsewhere: fintech, media, (all with lots more data AI and Machine Learning), and a particularly flourishing MedTech scene.
- To Watch
Those that think Globally (some are Renovata clients) include:
- Pleo (fintech, expense reporting)
- Gelato (SaaS printing, disrupting an industry)
- Kry (medical care by video)
- Sana Labs (AI for education),
- ZIVVER (email Security)
- Casumo (redefining gaming)
All these businesses have been thinking globally from the outset: they see the whole world as their market and that is where they hunt for Talent.
All are led by CEOs that care deeply about culture and who they bring into the business. These people also possess humanity, self-awareness, passion, ambition, and humility, dispelling the popular notion that you have to be an arrogant narcissistic to lead.
- Talent and Diversity
The region will continue to benefit from a powerfully/progressive ingrained cultural gender-blindness. Tech is still male-dominated here (there are still “too many Johans” – just kidding!) but the Nordics have come out of the traps faster than anyone to promote their high-performing female entrepreneurs. Just look at Jessica Schultz, Sophia Bendz, and Natalia Brzezinski.
- Where
And – just in case it needs emphasizing – there’s massive activity from founders and investors making waves outside of Stockholm. We’re seeing more activity across the region in Finland, Norway, and an exciting growth scene in Copenhagen.
2019 is showing signs of being an equally spectacular year here, and we’ve already got some big events like the Nordic Business Forum and Tyler Crowley’s Stockholm Tech Week in our calendar.
Corporate Dyak 