ArcticStartup Media

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ArcticStartup Media

We report on digital startups and growth entrepreneurship from the Nordic and Baltic countries. Own also European startup print magazine called CoFounder.

ArcticStartup is the leading online media reporting on startups and promoting growth entrepreneurship in Northern Europe. Also known for event brands such as Arctic15, Santas Christmas Pitch, Megamatch and Nordic Deep Tech Business Summit. A community for anyone who is interested in the Nordic and Baltic startup scene. ArcticStartup helps the startup ecosystem with matchmaking, connecting, scoutin

g, consulting, sharing information, organizing events, organizing trips to other events, building bridges between large corporations and startups, and also offering internship and job positions in the Nordics and Baltics. ArcticStartup was founded in 2007 and is currently led by Jan Ameri and Vedat Öndas. Headquartered in Helsinki, Finland. ArcticStartup covers Finland, Sweden, Norway, Denmark, Iceland, Estonia, Latvia, and Lithuania. Sign up for the weekly newsletter at www.arcticstartup.com
For advertising inquiries, email us at [email protected]

28/10/2025

Copenhagen’s Formalize gains €30 million Series B to strengthen governance and risk tools

Copenhagen-based Formalize has raised €30 million in Series B funding to expand its compliance software across Europe. The round was co-led by Acton Capital and BlackFin Tech, with participation from West Hill Capital and CIBC Innovation Banking. Formalize develops a governance, risk, and compliance platform that helps small and mid-sized enterprises manage evolving EU regulations such as GDPR, NIS2, DORA, and ISO 27001. The company plans to use the new funding to deepen its presence in major European markets, particularly in the DACH region and France, and to strengthen its local teams.

https://arcticstartup.com/formalize-raises-e30-million-series-b/

28/10/2025

Finnish SpinDrive raises growth funding to expand magnetic bearing technology

Finnish industrial technology company SpinDrive has raised growth funding led by Rhapsody Venture Partners and Innovestor to expand its presence in the United States and launch a new product line. The company develops active magnetic bearing (AMB) systems that use magnetic levitation instead of mechanical contact to reduce friction and eliminate the need for oil-based lubrication. The new funding will support the rollout of Magma X100, a compact controller that extends AMB applications to smaller-scale industrial machinery. By improving the efficiency of electric motor–driven systems, the company aims to address energy losses in industrial processes, a significant contributor to global electricity use and emissions.

https://arcticstartup.com/spindrive-raises-growth-funding/

28/10/2025

Grasp secures $7M Series A to expand AI systems for finance, Founded by Ex-McKinsey Consultants and Ericsson Engineer

Stockholm-based AI startup Grasp has raised $7 million in Series A funding, led by Octopus Ventures with participation from Yanno Capital, to support its international growth and product development. Founded in 2020 by former McKinsey consultants Richard Karlsson and Johan Devér, and former Ericsson AI engineer Simon Hällqvist, the company builds multi-agent AI systems designed to automate analytical and presentation work in investment banking and management consulting. Grasp’s technology connects domain-specific AI agents to industry datasets and tools, enabling faster and more consistent financial analysis. The company will use the funding to expand operations—starting with a new London office—and to strengthen its engineering and sales teams.

https://arcticstartup.com/grasp-raises-7m-series-a/

28/10/2025

Latvia’s Desktop Commander gains investor support for AI automation on the desktop

Riga-based Desktop Commander has raised €1.1 million in pre-seed funding led by 42CAP, with participation from BADideas Fund. The company develops an open-source tool that allows artificial intelligence to interact directly with a user’s computer through the Model Context Protocol (MCP), enabling it to manage files, operate the terminal, and execute code based on plain language instructions. The approach aims to make desktop automation and local AI integration more accessible, particularly for non-technical users. The investment will support the launch of a paid version of the product and the expansion of its user base and integrations within the growing MCP ecosystem.

https://arcticstartup.com/desktop-commander-raises-e1-1m-pre-seed/

27/10/2025

Sweden’s Lithea AB raises new funding to advance localized cancer therapy

Lund-based Lithea AB has raised €852K (SEK 9.3 million) in a directed share issue from existing investors to continue the preclinical development of its lead candidate, LIT1001. The company is developing a localised drug delivery system designed to release chemotherapy directly into tumours, initially targeting osteosarcoma, a rare bone cancer that mainly affects children. The new funding will support further laboratory studies, manufacturing preparation, and regulatory work ahead of first-in-human trials. LIT1001, which has received Orphan Drug designation from the U.S. FDA, is part of Lithea’s broader platform for targeted drug delivery that may apply to other solid tumours.

https://arcticstartup.com/lithea-ab-raises-e852k/

27/10/2025

Swedish Cellcolabs secures $12 million to expand stem cell manufacturing capacity

Swedish biotech company Cellcolabs has secured $12 million in funding from Titian Capital’s life sciences arm, bringing its total raised capital to $37 million. Cellcolabs develops large-scale production methods for Mesenchymal Stem Cells (MSCs) used in medical research and clinical applications. The company plans to use the new funds to advance its technical capabilities and expand into international markets. The investment reflects continued interest in scalable manufacturing for regenerative medicine, where demand for standardised, high-quality stem cells is increasing as clinical use cases evolve.

https://arcticstartup.com/cellcolabs-raises-12-million/

27/10/2025

Finland’s Innomost adds industry veteran Niko Mellanen to lead sales amid growing demand for PFAS alternatives

Finnish bio-based materials company Innomost has named Niko Mellanen as its new Chief Sales Officer. The company develops bio-based alternatives from upcycled birch bark, aiming to replace certain fossil-based components in coatings and packaging. Mellanen has more than 20 years of experience in the paper, board, and packaging sectors, including positions at Stora Enso and Delfort, where he worked on barrier coatings and the commercialization of new materials such as microfibrillated cellulose (MFC). At Innomost, he will oversee business development and sales of the company’s birch bark–based functional ingredients, used in barrier coatings, adhesives, and textiles.

https://arcticstartup.com/innomost-named-niko-mellanen-as-cso/

24/10/2025

Norwegian Riff scores $16M Series A to bring AI app building to every business doer

Oslo-based Riff, formerly Databutton, has raised $16 nillion in a Series A led by Northzone, bringing its total funding to $21 million. The vibe coding platform helps business teams build and launch production-ready AI applications using starter apps, templates, and expert guidance, aiming to tackle the high failure rate of enterprise AI initiatives. Existing investors Skyfall Ventures, Maki.vc, Sondo Capital, and Global Founders Capital joined the round, alongside new backer Illusian. Riff plans to use the funding to scale adoption across industries including financial services, logistics, healthcare, and manufacturing, enabling teams at companies like Twilio and Cognite to turn AI potential into tangible business impact.

https://arcticstartup.com/riff-formerly-databutton-raises-16m-series-a/

Credit: Trond He

24/10/2025

Building for International Scale from Day One

Nordic startups are proving that ambition and access can coexist. Daniel Uusitalo highlights how the region’s culture of learning, scientific curiosity, and structured support systems are helping founders think globally from day one — not just as an afterthought.

From bold funding rounds in AI and quantum tech to international-first strategies in hiring, product design, and partnerships, Nordic founders are showing that global orientation isn’t optional — it’s essential. Confidence, clarity, and leveraging the Nordic ecosystem as a launchpad can turn world-class ideas into global impact.

Read the full article by Daniel Uusitalo here:
https://arcticstartup.com/building-for-international-scale-from-day-one/

24/10/2025

Swedish Cytely raises €3 million to make “smart microscopy” the new standard in science

Lund-based deeptech startup Cytely has raised €3 million in a round led by Ugly Duckling Ventures, with participation from existing investor Icebreaker.vc, to expand access to its smart-microscopy platform. Cytely turns ordinary microscopes into real-time data engines, eliminating manual bottlenecks and allowing labs to generate statistically powered results in minutes instead of months. Already adopted at Lund University and other leading research institutions worldwide, the platform helps scientists quantify complex cellular phenomena — from viral latency to cancer research — with unprecedented speed and accuracy.

The fresh funding will be used to enhance Cytely’s intelligent acquisition tools, broaden compatibility with microscope brands, and develop one-click quantitative workflows that make data-centric discovery accessible to every lab. The company’s broader goal is to build a global discovery network where researchers can share validated methods, re-analyze datasets, and accelerate breakthroughs in human biology and disease prevention.

https://arcticstartup.com/cytely-raises-e3-million/

22/10/2025

Tallinn’s Yaga expands into Africa and MENA after €4 million raise

Tallinn-based Yaga, the pre-loved fashion marketplace, has raised €4 million in a pre-Series A round led by Specialist VC, with support from H&M Group Ventures, Trind Ventures, Startup Wise Guys, and a network of angel investors. Yaga enables users to buy and sell second-hand fashion through a secure, app-based platform that combines escrow-protected payments with localised logistics. The startup plans to use the new funding to expand into Africa and the Middle East, scale its team, and make circular fashion more accessible and engaging for consumers.

https://arcticstartup.com/yaga-raises-e4m-pre-series-a/

22/10/2025

Sweden’s Magma Math raises $10 million to expand AI-powered classroom platform

Stockholm-based EdTech startup Magma Math has raised $10 million in a funding round from existing investor Five Elms Capital. The company provides an AI-driven platform for K-12 classrooms, designed to support teachers in implementing math instruction and assessing student understanding. The new funding will be used to further develop the platform’s AI capabilities, expand the team, and extend the service to additional schools internationally, including in the US, UK, Sweden, and Germany. Magma Math’s tools combine AI insights with established math pedagogy to support classroom instruction and student learning.

https://arcticstartup.com/magma-math-raises-10-million/

Credit: Binniam Eskender

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