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
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28/01/2025

Danish startup leverages Innobooster funding to cut dermatology consult times to under 60 seconds

Miiskin, a Copenhagen-based digital dermatology platform, has secured the prestigious Innobooster Grant to advance its AI-driven workflows and autonomous treatment plans for acne care. The company, which provides online dermatology consultations, aims to streamline doctor-patient interactions using artificial intelligence to reduce manual workloads and improve diagnostic efficiency.

Miiskin’s new AI Engine will assess skin conditions and generate personalized treatment plans in under a minute, with a goal of achieving 90% completion within one minute. The funding will enable Miiskin to enhance its platform, reducing patient wait times, improving treatment accessibility, and reducing physician burnout. By integrating medical-grade imaging and AI-assisted prescription tools, Miiskin aims to empower both dermatologists and patients while ensuring accurate and affordable care.

https://arcticstartup.com/miiskin-awarded-innobooster-grant/

28/01/2025

Swedish startup’s seed financing hits €21.5M to advance cancer and autoimmune disease treatments with BiCE™ technology

Aarhus-based Commit Biologics has secured a €5.5 million seed financing extension from Korys, bringing its total funding to €21.5 million. This follows an earlier €16 million investment from Novo Holdings and Bioqube Ventures, announced when the company emerged from stealth last May. The Danish biotech startup, which is pioneering the activation of the complement system to combat cancer and autoimmune diseases, will use the funds to advance its Bispecific Complement Engaging (BiCE™) platform and progress towards drug candidate selection. Korys joins existing investors Novo Holdings and Bioqube Ventures, further strengthening Commit’s financial backing.

Alongside the investment, Korys’ Senior Investment Manager, Eva Van Overmeire, will join Commit’s Board of Directors. To lead the next phase of development, Commit has appointed Chief Scientific Officer Mikkel Wandahl Pedersen as Interim CEO. The funding extends Commit’s financial runway into late 2026, allowing the company to refine its modular BiCE™ technology, which leverages the body’s innate immune response to selectively target and destroy tumor and autoimmune-related cells.

https://arcticstartup.com/commit-biologics-raises-e5-5m-seed/

28/01/2025

Chalmers spinout raises €1 million to build pilot plant in Gothenburg

Adsorbi, a Chalmers University spinout, has secured €1M in funding from Metsä Spring, Chalmers Ventures, Jovitech Invest, and Sweden’s Innovation Agency to scale its cellulose-based air purification material. The fresh capital will fund the construction of a pilot plant in Gothenburg, expand its product line, and accelerate customer adoption. Adsorbi’s bio-based material offers a sustainable alternative to activated carbon, efficiently capturing pollutants like nitrogen oxides and aldehydes while cutting CO₂ emissions by 50%. With partnerships in filtration, footwear, and museum conservation, the company is poised to capitalize on tightening EU air quality regulations.

https://arcticstartup.com/adsorbi-raises-e1m/

28/01/2025

Danish startup scores €2.4 million to scale smart energy solutions across Europe

Hybird Energy, a Danish startup revolutionizing energy management with AI-powered intelligent electrical panels, has secured €2.4 million in funding to scale its operations across Europe. The round was co-led by BackingMinds and Transition, with participation from 2degrees, EIKON Capital, Notion Capital’s Pioneer Fund, and a network of strategic angel investors, including former executives from Pleo, OculusVR, and M***a. Hybird’s technology provides real-time transparency into electricity, water, and heating consumption, enabling businesses to optimize energy use and reduce costs by an average of 30%. With this funding, the company plans to expand its automation capabilities, integrate adjacent utilities, and strengthen its role in balancing Europe’s strained energy grid.

https://arcticstartup.com/hybird-energy-raises-e2-4m/

24/01/2025

€26.5M Series B Funding pushes Swedish company’s endometriosis therapy to next stage

Stockholm-based Gesynta Pharma has raised €26.5 million (SEK 304 million) in a Series B funding round led by Innovestor Life Science, with participation from Hadean Ventures, Industrifonden, Linc, Foreground Capital, Catalyze Capital, Stephen Industries, and Amboy Street Ventures. The Stockholm-based biotech company is advancing vipoglanstat, a non-hormonal drug candidate targeting inflammation in endometriosis, a condition affecting millions of women worldwide. The funding will support a Phase II clinical trial in Europe, enrolling 190 patients to assess the drug’s safety and effectiveness. With existing treatments often proving inadequate or causing significant side effects, the trial will evaluate vipoglanstat’s potential as a disease-modifying alternative.

https://arcticstartup.com/gesynta-pharma-raises-e26-5m-series-b/

24/01/2025

With $5.6M in new funding, Swedish startup expands global plane tracking via DePIN

Wingbits, a Stockholm-based Web3 startup, has raised $5.6 million in a funding round led by Borderless Capital and Bullish Capital, with participation from Antler Global, Tribe Capital, The Spartan Group, Heartcore Capital, and SNZ Capital. The company is building a decentralized flight tracking network using blockchain technology, aiming to address inefficiencies in the current system, which relies on volunteer-operated antennas. By offering financial incentives for data contributions, Wingbits seeks to improve tracking accuracy and expand coverage in underserved regions. The new funding will support the rollout of its custom-engineered tracking devices and further development of its blockchain-based reward system ahead of its mainnet launch.

https://arcticstartup.com/wingbits-raises-5-6m/

24/01/2025

Copenhagen-based startup attracts €3.1M investment to advance smart travel planning

Copenhagen-based Tryp.com has raised €3.1 million in a funding round led by Iberis Capital, with participation from EdenBase, ITV, GMPVC German Media Pool, and Jacob Gade. Founded in 2020, the travel platform offers an AI-driven system for planning multi-destination trips, consolidating various transport and accommodation options. The new funding follows a period of growth in which the company increased its marketing spend and expanded its AI capabilities, including the introduction of Sandra, an AI travel assistant. Tryp.com plans to use the investment to further develop its platform and scale its operations as it seeks to strengthen its position in the travel technology market.

https://arcticstartup.com/tryp-com-raises-e3-1-million/

23/01/2025

Estonian company secures €5 million investment from SmartCap to accelerate growth

Tallinn-based Elcogen secures €5 million investment from SmartCap to accelerate growth. Elcogen enables delivery of efficient, affordable green hydrogen and emission-free electricity. This strategic investment will fuel Elcogen’s growth trajectory, enabling the company to further expand operations, scale production capacity, and drive business development to better serve existing and new customers worldwide.

https://arcticstartup.com/elcogen-raises-e5m/

23/01/2025

Finland’s Remod Oy eyes expansion with new investment to strengthen IT solutions

Remod Oy, an IT and information management services company based in Oulu and Tampere, has secured €700,000 in funding to support its growth. The company provides IT solutions, including remote support and on-site services, to clients across Finland. With this investment, Remod aims to enhance and scale its offerings, focusing on creating more standardized and scalable services. The funding will also allow the company to make key hires and strengthen its decision-making capabilities. The investors— Korpun Siemen Oy, Ääkköset Oy, and E Corp Oy—bring expertise in various sectors, including cybersecurity, and are expected to play a significant role in guiding Remod’s development. The company intends to use the investment to further innovate and maintain a strong focus on high-quality and secure IT services.

https://arcticstartup.com/remod-raises-e700k/

23/01/2025

Swedish healthtech company lands $260M to expand preventative healthcare services across Europe and US

Neko Health, a Stockholm-based company focused on preventative healthcare, has secured $260 million in Series B funding to expand its services across Europe and the US. The round was led by Lightspeed Venture Partners, with support from other investors like General Catalyst, O.G. Venture Partners, Lakestar and Atomico, joining original investors Prima Materia. Founded by Hjalmar Nilsonne and Daniel Ek, Neko Health’s technology offers a quick, non-invasive body scan that checks for a range of health risks, including skin cancer and heart disease. This funding will help Neko Health expand its locations and invest further in research and development to enhance its diagnostic capabilities. The company’s broader goal is to shift healthcare toward preventative measures, addressing growing consumer interest in early detection and wellness.

https://arcticstartup.com/neko-health-raises-260m-series-b/

23/01/2025

Stockholm’s Open Payments raises €3M to advance open banking for businesses

Stockholm-based Open Payments has raised €3 million in a funding round led by Alfvén & Didrikson, with participation from Industrifonden and existing investors. The company provides an Open Banking platform focused on B2B payments, offering a single API that integrates multiple bank connections. The new funding will support product development and expansion across Europe. Open Payments has seen significant growth, with increased transaction volumes and broader market coverage, particularly in the Dutch banking sector.

https://arcticstartup.com/open-payments-raises-e3-million/

22/01/2025

Iceland’s DTE names new CEO as company eyes Series B funding and market growth

DTE, an Icelandic company specializing in metals analysis, has appointed Jakob Ásmundsson as its new CEO to lead the company through its next growth phase. Asmundsson brings extensive experience in scaling businesses, particularly in guiding companies through significant transformations. He will focus on enhancing DTE’s operational performance and expanding its product offerings, particularly in real-time molten metal analysis for the aluminium industry. This strategic move follows the onboarding of a new CFO in December, signaling the company’s preparedness to secure Series B funding. Co-founder Karl Ágúst Matthíasson will transition to Director of Strategy and Growth, continuing to support DTE’s strategic initiatives and expansion.

https://arcticstartup.com/dte-appoints-ceo-jakob-asmundsson/

22/01/2025

Lithuanian startup targets enterprise AI needs with new $8M-funded orchestration platform

Vilnius-based nexos.ai has raised $8 million in funding, led by Index Ventures, with participation from Creandum, Dig Ventures, and several prominent angel investors, including Olivier Pomel (CEO of Datadog), Sebastian Siemiatkowski (CEO of Klarna), through Flat Capital, Ilkka Paananen (CEO of Supercell) and Avishai Abrahami (CEO of Wix). The company is developing an AI orchestration platform designed to help enterprises manage and optimize the growing complexity of AI models. As AI adoption expands, businesses face challenges in deploying and integrating AI efficiently while controlling costs and ensuring performance. nexos.ai aims to solve these issues by offering a platform that provides access to over 200 AI models from various providers, including OpenAI and Meta. The funding will be used to further refine the platform and address the increasing need for tools that streamline AI deployment across organizations.

https://arcticstartup.com/nexos-ai-raises-8m/

22/01/2025

Icelandic biotech company raises €26.5M in oversubscribed Series A to advance dementia and skin disease treatments

Arctic Therapeutics (ATx), an Icelandic drug discovery company, has closed a €26.5 million oversubscribed Series A financing round with backing from a group of international investors. These include the EIC Fund, Kaldbakur, Sanos Group, Cerebrum DAO, and The Lurie Family Foundation, alongside investors connected to Icelandic unicorn Kerecis. The funding will support the advancement of ATx’s lead drug candidates, AT-001 and AT-004, into clinical trials. AT-001, aimed at treating rare forms of familial dementia, including Alzheimer’s, and AT-004, which targets inflammatory skin diseases like acne vulgaris, will benefit from this investment to further explore their therapeutic potential.

https://arcticstartup.com/arctic-therapeutics-raises-e26-5m-series-a/

22/01/2025

Finnish MailMoo closes pre-seed funding to drive growth and innovation in B2B video engagement

MailMoo, a Helsinki-based SaaS startup, has raised €300K in pre-seed funding to further develop its AI-powered video personalisation platform. Led by Innovestor, with additional support from Monttu Ventures and a syndicate of twelve angel investors with expertise in SaaS and B2B technology, the funding will enable MailMoo to expand its engineering team and enhance the platform’s features. Founded in 2024 by Janus Joenpolvi (CEO), Veeti Roponen (CTO), and Miro Kymäläinen (COO), the company aims to streamline cold outreach and eCommerce engagement by automating the creation of personalised video content at scale.

https://arcticstartup.com/mailmoo-secures-e300k-pre-seed/

22/01/2025

Lithuanian fintech ArcaPay’s growth surge leads to acquisition by Ebury, enhancing regional fintech landscape

Lithuanian fintech company ArcaPay, known for its cross-border B2B payment solutions, is being acquired by Ebury, a UK-based financial services provider owned by Banco Santander. ArcaPay has grown across the Baltics and Finland, serving over 1,500 SMEs with currency risk management and international transactions. The acquisition will integrate ArcaPay into Ebury’s global network, expanding its service offerings and market reach. Pending regulatory approval, the deal reflects increasing competition in the region’s fintech sector, where alternative financial service providers are challenging established banks.

https://arcticstartup.com/arcapay-acquired-by-ebury/

21/01/2025

Swedish startup joins forces with Sigma Technology for a greener education future

Re:Play, a Swedish startup dedicated to sustainable learning in preschools, has partnered with Sigma Technology to digitalize its platform, making repurposed educational materials more accessible. The collaboration has already resulted in an IT platform used by preschools in Kronoberg County, with additional developments underway, including a sales portal, rental system, and knowledge-sharing module. By leveraging industrial surplus as learning resources, Re:Play aims to enhance sustainability in early education. Sigma Technology’s involvement, including student collaboration from Linnaeus University, ensures continuous innovation. The partnership will extend into 2025, focusing on further digitalization and sustainable solutions for preschool environments.

https://arcticstartup.com/replay-partners-with-sigma-technology/

21/01/2025

Estonian Modash takes over Promoty to enhance influencer CRM tools for brands

Tallinn-based influencer marketing platform Modash has acquired Promoty, a CRM-focused influencer platform, to enhance ecommerce brands’ ability to scale creator partnerships. Modash, known for its extensive influencer search and analytics capabilities, aims to integrate Promoty’s workflow tools, streamlining brand-creator collaboration. The move follows Modash’s $12M Series A funding and reinforces its expansion in the Nordics, Baltics, and beyond. With a growing presence in North America and deeper Shopify integration, Modash is positioning itself as the go-to platform for brands seeking efficient, data-driven influencer marketing solutions.

https://arcticstartup.com/modash-acquires-promoty/

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