ArcticStartup Media

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ArcticStartup Media

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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14/02/2025

Finnish startup secures €2.3M to advance stem cell therapy for corneal blindness

Tampere-based biotech startup StemSight has raised €2.3 million in funding to advance its stem cell-based therapy for limbal stem cell deficiency (LSCD), a condition that leads to corneal blindness. The investment, led by Voima Ventures and supported by Finnish family offices (Stephen Industries Inc. & Biothom Oy), private investors, and Business Finland, will fund preclinical studies, R&D, and manufacturing pilots to prepare for clinical trials. StemSight is developing an off-the-shelf therapy using induced pluripotent stem cells (iPS cells) as an alternative to corneal transplants, addressing the shortage of donor corneas, which affects 12.7 million people globally. LSCD, often caused by burns or injuries, currently lacks effective treatment for many patients, making the development of scalable cell therapies a potential step forward in vision care.

https://arcticstartup.com/stemsight-raises-e2-3-million/

13/02/2025

Nordic VC firm FSG secures €75M for life science and tech investments

Nordic venture capital firm Fåhraeus Startup and Growth AB (FSG) has completed the final close of its second fund, FSG Fund II, at €75 million (848 million SEK). The European Investment Fund (EIF) has joined as a key investor, contributing €20 million (233 million SEK), alongside existing backers such as Saminvest. Since launching in 2023, the fund has invested in six startups across the life sciences and technology sectors, including Saga Dx and BrightBid. With the additional capital, FSG aims to expand its portfolio and support early-stage companies in scaling their operations.

https://arcticstartup.com/fahraeus-startup-growth-e74m-fund/

12/02/2025

Swedish startup raises €6M seed to advance methane-reducing feed additives

Agteria Biotech, a Stockholm-based startup developing methane-reducing feed additives for cattle, has raised €6 million in a seed round co-led by Industrifonden and AgriZeroNZ, with participation from Norrsken Launcher and Mudcake. The company has created the AB-01 Molecule, a patent-pending compound designed to lower methane emissions from cattle in a scalable and cost-effective way. With cattle contributing approximately 5% of global greenhouse gas emissions, Agteria aims to advance regulatory approval for its solution, using the funding to conduct essential safety studies for animals, consumers, and the environment.

https://arcticstartup.com/agteria-biotech-raises-e6m-seed/

12/02/2025

Estonian startup moves to US after raising €4M for grid tech expansion

Gridraven, a Tallinn-based startup revolutionizing grid capacity with AI-powered Dynamic Line Rating technology, has raised €4 million to fuel its expansion into the U.S. The funding round was led by 42CAP and Icebreaker.vc, underscoring strong investor confidence in the company’s ability to optimize energy transmission without additional hardware. As part of its expansion, CEO Georg Rute is relocating to Austin, Texas, a key market experiencing surging electricity demand from data centers and electrification. The investment will be used to scale operations, grow the team, and accelerate product deployment. Gridraven’s technology has already demonstrated a 60% improvement in forecast accuracy and a significant capacity increase in trials with Estonia’s Elering, positioning the company as a game-changer in grid efficiency.

https://arcticstartup.com/gridraven-raises-e4m/

12/02/2025

Danish biotech companies collaborate to replace petrochemicals in premium skincare

Søborg-based biotech startups Cellugy and Bioli have formed a partnership to introduce a new sustainable skincare product. Bioli’s Moisturizing and Protecting Day Cream incorporates EcoFLEXY, a biofabricated cellulose-based ingredient developed by Cellugy, as a rheology modifier. EcoFLEXY is a biobased alternative to the commonly used petrochemical-based modifiers, offering a biodegradable solution for the cosmetics industry. The product is designed to be effective yet gentle, with a focus on sustainability, and aims to replace fossil-based ingredients with high-performance, environmentally friendly options. This collaboration highlights the growing shift toward sustainable practices in the cosmetics and personal care sector.

https://arcticstartup.com/cellugy-and-bioli-partner/

12/02/2025

Danish fintech startup’s €400K pre-seed fuels effort to make private stock trading more accessible

Copenhagen-based fintech startup ReBloom has raised €400k in a pre-seed round to develop its AI-driven platform for private secondary trading. Founded in 2024 by Camilla Molina Nysum and Daniel Abdulla Bobruk, the company seeks to improve accessibility to unlisted shares in companies like SpaceX and Revolut. ReBloom’s technology aims to streamline transactions and match investors with relevant opportunities based on their risk profiles. The funding will support platform development and expansion as private markets continue to grow, driven by companies delaying IPOs and investors seeking alternative liquidity options.

https://arcticstartup.com/rebloom-raises-e400ka-pre-seed/

11/02/2025

New collaboration explores seaweed’s potential in biomaterials and sustainable manufacturing

Nordic SeaFarm and FutureLab & Partners have officially joined forces to launch Manatee Biomaterials, a pioneering venture set to revolutionize biomaterials with ocean-based solutions. Combining Nordic SeaFarm’s expertise in regenerative seaweed cultivation with FutureLab & Partners’ cutting-edge innovation in circular economy technologies, Manatee Biomaterials will develop high-performance, renewable materials for industries seeking sustainable alternatives.

With projects like ALLGEA already in motion alongside Chalmers, Houdini, and Mounid, Manatee Biomaterials is kicking off 2025 with a strong foundation. The company will offer seaweed-based bulk and fraction grades, as well as tailored formulations for plastic replacements, packaging solutions, and furniture components. Open to joint developments and proof-of-concept collaborations, Manatee Biomaterials is poised to accelerate the adoption of ocean-based materials and drive the transition to a more circular and regenerative economy.

https://arcticstartup.com/manatee-biomaterials-a-joint-venture-by-nordic-seafarm-and-futurelab-partners/

11/02/2025

Sweden’s Course Corrected VC secures over €63 million for second fund to scale climate tech solutions

Course Corrected VC has successfully closed the first round of its second fund, raising over €63.9 million (SEK 720 million). The fund, backed by investors such as European Investment Fund (EIF), Saminvest AB, SEB Life and Pension, SEB Stiftelsen (SEB), will focus on early-stage companies in the climate technology sector. The firm plans to use this capital to scale decarbonization technologies and support the commercialization of solutions in areas like electrification, carbon capture, and energy efficiency. With a history of investing in disruptive climate startups, Course Corrected VC aims to address the global climate crisis while generating significant financial returns.

https://arcticstartup.com/course-corrected-vc-fund-ii-e66-5m/

11/02/2025

Innovatum Science Park secures funding to propel the next generation of industrial tech startups

Innovatum Science Park, which specializes in industrial technology, has received €48.1K (SEK 14.6 million) in funding following its continued recognition as an excellence incubator for 2025-2029 by Vinnova. The incubator, part of Sweden’s National Incubator Program, focuses on supporting hardware startups, particularly in deep tech and additive manufacturing. With this new funding, Innovatum will further develop its incubator systems and strengthen its role in the Production Technology Center (PTC) ecosystem. This includes providing startups with access to advanced technical equipment and valuable networking opportunities. The funding reflects the ongoing efforts to foster high-growth, knowledge-driven companies within Sweden’s innovation landscape.

https://arcticstartup.com/innovatum-science-park-receives-e48-1k/

11/02/2025

Former Massive Entertainment and Epic Games veterans land €4M seed for Swedish game studio

Dead Astronauts, a Malmö-based game studio, has secured an oversubscribed €4 million seed round led by Behold Ventures. The funding round also saw participation from Lifelike Capital, 1Up Ventures, Acequia Capital, and angel investors including Are Mack Growen, Matt Bilbey, Klaas Kersting, Asbjoern Malte Soendergaard GDC, and Kristian Segerstrale. The Malmö-based studio is developing VEIL, an open-world action-adventure game built in Unreal Engine 5, leveraging procedural content generation and custom tools to create a world inspired by Nordic landscapes and deep space. With the fresh capital, Dead Astronauts plans to expand its team, accelerate development, and push the boundaries of open-world game design.

https://arcticstartup.com/dead-astronauts-secures-e4m-oversubscribed-seed/

11/02/2025

Visa She’s Next Grant recognizes three female entrepreneurs in Finland

The 2024 Visa She’s Next grant has once again highlighted the innovative spirit of female entrepreneurs in Finland. This year, three exceptional women have been recognized for their contributions to their respective fields, each receiving a €10,000 grant along with a year of business coaching through Feminvest. Tytti Tamminen, founder of Moneybee, is revolutionizing financial management for businesses with automation-driven solutions that simplify bookkeeping and reporting. Anniina Kopperoinen, the mind behind LovePaws, develops natural and eco-friendly paw care products to protect dogs in varying conditions. Laura Ahti, creator of EQUESTRAIN, has designed a training app that helps equestrians improve their riding skills through structured coaching. These grants aim to empower female entrepreneurs, providing them with financial support and strategic guidance to scale their businesses.

https://arcticstartup.com/moneybee-lovepaws-equestrain-granted-e10k/

07/02/2025

Finnish Sustashift secures funding to scale CSRD reporting tool for European companies

Helsinki-based Sustashift has secured a funding round, led by Greencode Ventures with participation from Wave Ventures. The company focuses on automating CSRD reporting for businesses, offering a software solution that drastically reduces the time required for tasks like digital tagging, from 500 hours to just five seconds. The funding will support the scaling of this tool, designed to ease the compliance burden for both listed and non-listed companies.

https://arcticstartup.com/sustashift-raises-funding/

07/02/2025

Danish AI-driven insights startup boosts total funding to $64.5M with latest debt financing round

GetWhy, a Copenhagen-based AI-powered consumer insights platform, has secured $8.45 million (60 million DKK) in debt financing from CIBC Innovation Banking. This follows its $34.5 million Series A round from PeakSpan Capital in 2024, bringing its total funding to $64.5 million. The company develops AI-driven tools for qualitative consumer research, offering video-based insights at a lower cost and faster turnaround than traditional methods. The funding will support GetWhy’s expansion efforts and further development of its AI platform as it continues working with Fortune 100 brands to analyze consumer behavior.

https://arcticstartup.com/getwhy-raises-8-45m/

06/02/2025

Estonian startup DriveX grows with new Investment in AI-powered inspections

Tallinn-based startup DriveX has raised €1.2M to enhance its AI-powered windshield damage detection technology. The funding round, led by Carglass Estonia and supported by a development grant from the EIS Applied Research Program (RUP), will help DriveX expand its capabilities in vehicle inspections. The company’s technology assists insurers and repair services in assessing glass damage remotely, reducing unnecessary windshield replacements. Through its partnership with Carglass Estonia, DriveX aims to improve efficiency in damage assessments and spare part management. The company is also exploring broader applications for its technology in other repair sectors, aligning with Europe’s ‘Right to Repair’ initiative.

https://arcticstartup.com/drivex-raises-e1-2m/

06/02/2025

Finnish startup’s smart basketball technology selected for NBA’s emerging tech program

SportIQ, a Helsinki-based sportstech startup known for its smart basketballs and data-driven shooting software, has been selected for the NBA Launchpad program, a six-month initiative designed to support emerging technologies in sports. The program will provide SportIQ with access to NBA resources to refine its technology, which already tracks player shooting performance using sensors in the basketball. The technology provides insights into shooting technique, angle, power, and accuracy. As part of the partnership, SportIQ will work on expanding its technology’s applications to improve officiating accuracy, with the potential to influence not just basketball but other sports as well. This partnership offers SportIQ a platform to develop its products and explore new opportunities for integrating advanced technology into sports.

https://arcticstartup.com/sportiq-selected-for-nba-launchpad/

06/02/2025

Norwegian startup secures €13.6 million to further develop AI agents and voice-powered workflow

Oslo-based startup Tana has raised €13.6 million in Series A funding, bringing its total to €24.3 million. The round, led by Tola Capital and joined by Lightspeed Venture Partners, Northzone, Alliance VC, and firstminute capital, will be used to further develop Tana’s AI-driven workspace, which integrates knowledge graphs, object-based note-taking, and customizable AI agents.

Founded in 2021 by Tarjei Vassbotn, Olav Kriken, and Grim Iversen, Tana aims to streamline knowledge work by transforming unstructured data into structured, actionable output through features like their “Supertax” tool. The company has already built a user base of over 160,000 people, including representation from Fortune 500 companies. Tana’s founders are focused on addressing the fragmentation of current productivity tools and improving efficiency in work environments by leveraging AI.

https://arcticstartup.com/tana-raises-e13-6m-series-a/

06/02/2025

Latvian startup lands €4M seed round to tackle complex manufacturing requirements

Latvian startup Trace.Space has raised €4 million in seed funding from Cherry Ventures, Outlast Fund, Nebular, Fiedler Capital, and Change Ventures to improve requirements management for complex industrial products. The company’s AI-powered platform addresses inefficiencies in traditional systems by enabling real-time collaboration between manufacturers and suppliers, aiming to reduce delays in product development. With growing challenges in hardware-software integration across industries like automotive, aerospace, and medical devices, Trace.Space plans to use the funding to enhance its technology and expand its presence, particularly in Europe and the U.S.

https://arcticstartup.com/trace-space-raises-4m-seed/

06/02/2025

Baltic startup funding stabilizes amid selective investments, with AI and deeptech driving early-stage rounds

Change Ventures and FIRSTPICK have released their latest Baltic Startup Funding Report, revealing that pre-seed funding in Lithuania, Latvia, and Estonia has stabilized after a period of decline. AI and deep tech startups continue to attract high valuations, while seed-stage funding has rebounded, with median round sizes reaching €2M. Despite investor caution, Lithuania and Latvia have surpassed Estonia in pre-seed valuations, signaling a competitive shift in the region. Growth-stage funding, however, remains at its lowest since 2019, reflecting continued market hesitancy.

The latest report provides a comprehensive look at the region’s investment landscape in the second half of 2024. Covering Lithuania, Latvia, and Estonia, the report analyzes data from 564 pre-seed and seed rounds over the past six years, capturing over 60% of early-stage deals in the region.

https://arcticstartup.com/baltic-startup-funding-report-h2-2024/

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