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]

22/07/2025

Danish startup Quadsat extends Series A to focus on military applications

Quadsat has raised a €5 million extension to its Series A round, led by Join Capital and North Ventures, alongside existing investors Seraphim Space, Export and Investment Fund of Denmark (EIFO), Helge Munk Holding and TPC Management. Based in Odense, Denmark, the company develops platform-agnostic RF spectrum intelligence and geolocation technology used in satellite communications and defense. The new funding will be used to accelerate product development for defense applications, expand commercial operations, and grow its presence in NATO member countries. Quadsat’s tools are currently used for detecting and locating RF interference and jamming—capabilities increasingly relevant in multi-domain military operations. The investment comes amid growing demand for electronic warfare solutions driven by geopolitical instability and advances in defense technology.

https://arcticstartup.com/quadsat-raises-e5-million/

21/07/2025

Danish AI recruitment startup raises €4 million seed round to tackle frontline hiring inefficiencies

Copenhagen-based Kiku has raised €4 million in seed funding to accelerate its AI-driven recruitment platform for high-volume frontline hiring. The round was led by Cherry Ventures, with participation from Yellow and angel investors Fredrik Hjelm and Felipe Navio. Kiku addresses inefficiencies in the $100B+ frontline hiring market—where high turnover and lengthy recruitment cycles are the norm—by using AI to screen, qualify, interview, and onboard candidates within minutes. With this new capital, Kiku plans to scale its engineering and go-to-market teams, expand product capabilities, and support rapid adoption across industries like retail, hospitality, and logistics.

https://arcticstartup.com/kiku-raises-e4-million-seed/

21/07/2025

Swedish AI startup hits $1.8B valuation just eight months after launch

Just eight months after launching, Stockholm-based Lovable has raised a record-breaking $200 million Series A round at a $1.8 billion valuation, led by Accel and backed by 20VC, byFounders, Creandum, Hummingbird, Visionaries Club, and several prominent angel investors. The startup is building an AI platform that enables anyone—regardless of coding experience—to design, build, and deploy production-grade software using natural language. With less than 1% of the world able to code, Lovable aims to empower the other 99% by making software creation as simple as a conversation. The new capital will be used to accelerate product development, expand engineering and research teams, and support its rapid global growth.

https://arcticstartup.com/lovable-raises-200m-series-a/

16/07/2025

Danish Ageras makes eighth acquisition as it eyes Pan-European fintech consolidation

Ageras, the Copenhagen-based software platform for small business administration, has acquired Dutch payroll software company Employes in its eighth acquisition to date. Founded in 2018, Employes provides do-it-yourself payroll tools tailored to the Dutch regulatory system and serves more than 6,000 businesses. The deal strengthens Ageras’ presence in the Netherlands and adds payroll capabilities to its existing suite, which includes accounting, banking, and invoicing tools. The acquisition follows Ageras’ 2024 purchase of French business banking app Shine and reflects the company’s continued strategy to consolidate core financial tools under one platform. Ageras, which reported €55.5 million in 2024 revenue, is backed by investors including Investcorp, Coller Capital, and Lazard, and is expected to pursue further acquisitions across Europe.

https://arcticstartup.com/ageras-acquires-employes/

15/07/2025

European SaaS players Semine and Rydoo combine to integrate AP and expense tools

Semine, a Norway-based provider of AI-driven accounts payable automation, has merged with expense management platform Rydoo. The deal, announced on July 14, brings together two SaaS companies focused on financial process automation. While the terms were not disclosed, the merger is expected to expand Semine’s reach beyond the Nordic region by leveraging Rydoo’s international footprint. Semine brings a strong customer base, proprietary AI technology, and domain expertise in invoice processing, while Rydoo contributes its global presence and experience in employee expense tracking. The combined company plans to integrate their technologies to offer end-to-end spend visibility, real-time analytics, and ERP integrations for finance teams across Europe.

https://arcticstartup.com/semine-acquired-by-rydoo/

15/07/2025

Swedish Opper AI raises oversubscribed pre-seed to build infrastructure for AI developers

Opper AI, a Stockholm-based startup, has closed a €2.5 million pre-Seed round to support the launch of its Task Completion API, a platform designed to help developers deploy large language models (LLMs) in production environments. The round, which was oversubscribed, included investments from Luminar Ventures, Emblem Venture Capital, Greens Capital, and several angel investors. Opper AI offers an infrastructure layer that allows developers to define tasks using structured JSON instead of manually crafting prompts. The API manages prompt generation, model selection, evaluation, and fallback routing across over 80 models, aiming to increase reliability and scalability. The new funding will be used to expand the product’s capabilities, support early enterprise adoption, and grow the engineering team.

https://arcticstartup.com/opper-ai-raises-3m-pre-seed/

15/07/2025

With global trade demanding speed, Norwegian startup gets €13M to build trust infrastructure

Oslo-based fintech company Two has raised €13 million in a funding round led by Idékapital and Shine Capital, with participation from new investor Investinor and existing backers including Sequoia Capital, Antler, and LocalGlobe. The company, which has now raised over €40 million in total, is building TwoNet, a real-time trust infrastructure designed to simplify B2B transactions by embedding instant credit decisions and guaranteed settlement directly into the payment flow. Two aims to replace slow, manual processes that dominate cross-border trade with AI-driven risk assessment tools and scalable APIs. The new funding will support expansion into the U.S. and Western Europe, and enable the company to scale its platform for larger enterprise clients.

https://arcticstartup.com/two-raises-e13m/

11/07/2025

Estonian Vok Bikes secures $6 million to replace vans in Europe’s cities

Tallinn-based Vok Bikes has raised $6 million in a Series A funding round led by SQM Lithium Ventures, the corporate venture arm of global lithium producer SQM International Lithium. Existing investors Metaplanet, Specialist VC, Sunly, and state-backed SmartCap also participated, the latter through its Green Fund supported by the EU’s NextGenerationEU recovery plan. Vok develops four-wheeled electric cargo bikes designed specifically for city logistics, offering an alternative to vans in urban delivery networks. The company plans to use the funds to expand its operations across Europe, scale production, and strengthen logistics partnerships.

https://arcticstartup.com/vok-bikes-raises-6-million-in-a-series-a/

11/07/2025

Danish AI startup GetWhy extends Series A round to support U.S. expansion and product growth

Copenhagen-based startup GetWhy has raised an additional €17 million in funding, extending its Series A round and positioning it among the largest early-stage financings in Denmark. The round was led by PeakSpan Capital, with participation from Arbejdernes Landsbank. GetWhy develops generative AI tools that analyze video-based consumer interviews to deliver insights for enterprise clients. The company’s platform is used by brands such as Heineken, Nestlé, and eBay to conduct qualitative research at speed and scale. With the new funding, GetWhy plans to grow its team, continue product development, and establish a U.S. office in 2025 to support its growing client base in North America, which currently accounts for 60% of its revenue.

https://arcticstartup.com/getwhy-raises-e17-million/

10/07/2025

Lithuanian medtech startup BrachyDOSE secures backing for radiotherapy precision tool

Kaunas-based medical technology company BrachyDOSE has secured €554,000 in funding to conduct clinical testing of its radiation dose measurement system used in cancer treatment. The round was led by Coinvest Capital, contributing €300,000, with additional investment from BSV Ventures, as well as business angel groups LitBAN and EstBAN. BrachyDOSE develops a combined hardware–software solution designed to measure and predict radiation exposure during radiotherapy. The investment will be used to complete CE and MDR certification, which are required for medical device commercialization in the European Union. The company has previously worked with hospitals in Lithuania to validate its technology in clinical settings.

https://arcticstartup.com/brachydose-raises-e554k/

10/07/2025

Norway & US-based Actithera raises $75.5M Series A to advance radioligand therapy pipeline

Actithera, an Oslo and Cambridge-based biotech company focused on radioligand therapies, has closed a $75.5 million Series A financing round to support the clinical development of its lead fibroblast activation protein (FAP)-targeting candidate and further build out its discovery platform and preclinical pipeline. The round was co-led by M Ventures , Hadean Ventures, Sofinnova Partners and 4BIO Capital, with participation from Bioqube Ventures, Surveyor Capital, Innovestor, Investinor, and Arkin Bio Ventures II. Founded by Dr. Andreas Goutopoulos, Actithera uses a proprietary platform combining covalent targeting, rational drug design, and radiochemistry to develop small molecule radioligands aimed at improving tumor retention and therapeutic precision. The funding will be used to initiate clinical trials and expand the company’s pipeline of radiopharmaceutical candidates.

https://arcticstartup.com/actithera-raises-75-5-million/

08/07/2025

Alliance VC announces €100M Nordic fund to back the next wave of AI-native startups

Nordic venture capital firm Alliance VC has announced the first close of its third fund, Alliance Nordic III, with backing from leading institutional LPs including Saminvest (Sweden), KLP (Norway), Investinor (Norway), Smedvig (Norway), and Telenor (Norway). The fund aims to deploy €100 million to early-stage tech startups across the Nordic region, with a core focus on AI-driven companies.

The new fund cements Alliance VC’s commitment to identifying and scaling globally ambitious founders from Sweden, Norway, Denmark, and Finland. Over the next few years, it plans to invest in 25 to 30 startups, issuing initial tickets between €300,000 and €3 million, from pre-seed to Series A stages.

https://arcticstartup.com/alliance-vc-announces-e40-million/

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