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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04/12/2025

Norwegian startup Fronted secures $1 million to streamline cross-border employment

Norway-based startup Fronted has secured $1 million in pre-seed funding from Antler and Sondo Capital to further develop its AI-driven platform for managing global hiring and employment. The company is building a system that brings recruitment, onboarding, payroll, compliance and offboarding into one workflow—an attempt to streamline a process that today is handled across multiple tools. Founded by operators with backgrounds in cross-border employment, fintech and remote-work infrastructure, Fronted plans to use the new capital to expand its product and engineering teams and continue developing its unified platform. The team reports a 230% increase in ARR since mid-2025.

https://arcticstartup.com/fronted-raises-1-million-pre-seed/

Credit: Ben Grindheim ()

04/12/2025

Incore Invest closes second round at €40 million to fuel Europe’s SaaS and fintech growth

Stockholm-based Incore Invest has secured a second closing of its Incore Invest II fund at around €40 million, following an additional €15 million raised from new and existing investors. The fund targets high-growth SaaS and fintech startups across Europe, with a focus on scalable platforms and embedded finance solutions. The new capital boosts the firm’s capacity to pursue fresh investments and deepen engagement with portfolio companies.

https://arcticstartup.com/incore-invest-second-closing-of-its-ii-fund/

03/12/2025

Finland’s QMill and Montréal’s ÉTS team up to accelerate quantum-algorithm research

Espoo-based quantum-algorithm developer QMill and Montréal’s ÉTS have formalized a strategic research partnership that brings together QMill’s industrial expertise in near-term quantum software and ÉTS’s growing academic strength in quantum-algorithm science. The collaboration will focus on co-developing, testing, and benchmarking algorithms designed for real-world use cases—particularly in sectors such as energy, logistics, and telecommunications—while enabling shared research projects, talent exchanges, and direct technology-transfer channels. By linking Finland’s advanced quantum-computing community with Québec’s fast-rising quantum ecosystem, the two organizations aim to accelerate the path from theoretical breakthroughs to practical quantum impact.

https://arcticstartup.com/qmill-and-ets-strengthen-partnership/

03/12/2025

Finland’s NestAI lands €100 million from Nokia and Tesi to power AI-native defense

Espoo-based physical AI lab NestAI has raised €100 million in strategic investment from Nokia and Tesi, coinciding with a new partnership to co-develop AI-native defense and critical-infrastructure technologies. NestAI builds next-generation AI systems for unmanned vehicles, autonomous operations, and data-centric command-and-control platforms used in logistics, inspection, security, and defense. The fresh capital will accelerate R&D in physical AI, expand forward-deployed engineering capabilities, and deepen NestAI’s collaborations with European defense forces. For Nokia, the deal aligns with its push into secure, AI-driven defense connectivity, while Tesi’s participation reflects Finland’s strategy to back sovereign deep-tech with long-term geopolitical relevance.

https://arcticstartup.com/nestai-raises-e100-million/

03/12/2025

Finland’s Adalyon reshapes leadership as Ulrik Zeuthen becomes CEO, founder Cantell shifts to CSO role

Espoo-based Adalyon has named Ulrik Zeuthen as its new CEO, while founder Dr. Katarina Cantell moves into the role of Chief Scientific Officer, marking a structural shift as the company advances its work in AI-based speech biomarkers for clinical research. Zeuthen, previously a director at Novo Nordisk and a data strategist at Deloitte, brings experience in applying AI and data integration across pharmaceutical operations. Cantell, whose background spans behavioural science, digital health and biomarker development, will focus on the scientific direction of the company. Adalyon develops technology that analyses natural speech to identify cognitive and behavioural signals that may support patient selection, engagement, and monitoring in clinical trials.

https://arcticstartup.com/ulrik-zeuthen-joins-adalyon-as-ceo/

02/12/2025

Copenhagen’s Complir secures €1.7M pre-seed to build AI infrastructure for retail compliance

Copenhagen-based compliance startup Complir has raised €1.7 million in pre-seed funding to help retailers navigate the rising complexity of global product regulations. The round was led by Vendep Capital, with participation from Likeminded, Plug and Play, F-LOG Ventures, and several industry operators including former Coop Group CEO Kraen Oestergaard Nielsen, GS1 board member Per Thau, SAP-integration expert Jonas Büttcher, and The Nordic Web Ventures’ Neil S. W. Murray. Complir builds AI-enabled infrastructure that unifies product data and automates key compliance workflows—labelling, testing requirements, risk scoring, documentation, and regulatory monitoring—giving retailers instant clarity on market-access rules. The new capital will accelerate product development, expand category coverage, deepen ERP/PIM/PLM integrations, and support the company’s entry into new European markets as it aims to make global compliance a competitive advantage for retailers.

https://arcticstartup.com/complir-raises-e1-7m-pre-seed/

02/12/2025

After Kaiku Health, Finnish founders land €7.5M seed for their new venture to tackle rising complexity in global cancer care with AI

Helsinki-based Gosta Labs has raised a €7.5M seed round led by Voima Ventures, with backing from COR Group, Terveystalo, the Aho family, Reaktor and notable angel investors, bringing its total funding to nearly €10M. Founded by the ex-Kaiku Health team, the company is building an AI operating system for oncology that turns every patient visit into structured, high-quality clinical data in real time—automating documentation, improving guideline adherence, and reducing administrative burden for clinicians. The new capital will fuel global expansion to oncology centers across Europe and Australia while advancing the company’s medical-grade AI foundation and scaling its product for increasingly complex cancer care.

https://arcticstartup.com/gosta-labs-raises-e7-5m-seed/

26/11/2025

Swedish Kovant raises €1.5 million pre-seed as it debuts enterprise-focused agentic AI platform

Stockholm-based Kovant has secured €1.5M in pre-seed funding as it launches its enterprise AI platform publicly. The round was led by J12 Ventures, with participation from Ampli, Greens Ventures, and several angel investors, including Sarah Öhrvall—who will join the company’s board—and Emmanuel Martin-Chave of DataGuard. Kovant develops an “agentic” AI system that enables organisations to run operational tasks through coordinated teams of specialised AI agents, designed to work across areas such as procurement, supply chain, compliance, and customer support. The company’s approach centres on using small language models within controlled guardrails to reduce errors and ensure auditability. With the new funding, Kovant plans to expand its presence across the Nordics, Switzerland, and the Benelux region while continuing to work with large industrial and manufacturing customers.

https://arcticstartup.com/kovant-raises-e1-5m-pre-seed/

26/11/2025

Denmark’s Noahs secures €1.9 million to modernise convenience retail as sector shifts toward digital food services

Copenhagen-based food-tech startup Noahs has secured €1.9 million in fresh funding to accelerate its push toward modernizing the €1T global convenience retail sector. The round, led by PSV Tech with participation from prominent angels including former Coop Denmark CEO & CTO Kraen Nielsen, RBS & Associates President Bob Stein, and existing backer Torben Frigaard Rasmussen, values the company at €6.5M pre-money. Noahs builds a three-layered platform that turns analogue service stations, supermarkets, and travel hubs into digital, multi-brand food destinations—offering retailers a plug-and-play way to enter the fast-growing “foodvenience” economy. The new capital will fuel international expansion into the US and UAE, support product development, and prepare the company for a Series A in early 2026 as it aims for presence in 10,000 locations by 2030.

https://arcticstartup.com/noahs-raises-e1-9m/

26/11/2025

Norway’s Bsure raises $2.1 million to tackle identity blind spots in Microsoft environments

Norwegian identity-visibility startup Bsure has raised $2.1 million in seed funding to tackle one of the biggest hidden risks in modern IT: the blind spots inside Microsoft environments. The round was led by Scale Capital, with participation from existing US-based shareholders. Bsure gives companies a real-time map of users, access rights, and dormant accounts across Microsoft Entra ID and Microsoft 365—an issue that has grown more urgent as identities multiply and regulations like NIS2 and DORA demand continuous oversight. With more than 200 customers in nine countries, the company plans to use the fresh capital to grow its team, accelerate international expansion, and develop new AI-driven features that make identity risks easier to detect and act on.

https://arcticstartup.com/bsure-raises-2-1m/

Credit: Heidi Dokter

25/11/2025

Latvia’s TestDevLab acquired by Xoriant, expanding Baltic role in AI-Era QA

Latvia-based TestDevLab, known for its deep specialization in software quality engineering, has been acquired by global engineering firm Xoriant as part of the latter’s ongoing expansion into Europe. For TestDevLab—whose 500-person team works across test automation, performance and multimedia testing, accessibility, UX, and network simulation—the deal provides access to larger international delivery networks and broader enterprise markets. The company’s proprietary tools, including Loadero and its AI-driven Barko agent, will be integrated into Xoriant’s wider quality engineering and AI validation offerings.

https://arcticstartup.com/testdevlab-acquired-by-xoriant/

25/11/2025

Estonian PowerUP lands €10 million to scale dual-use hydrogen generators as demand for resilient power infrastructure intensifies

Tallinn-based PowerUP Energy Technologies has secured a €10 million Series A round to scale its hydrogen fuel-cell generators, a dual-use technology already proven in extreme operational environments. The round was co-led by defence-aligned venture firms Mercaton and ScaleWolf, with participation from SmartCap’s EU-backed Green Fund and existing investors. PowerUP develops silent, emission-free hydrogen generators used across defence, telecom, and industrial settings, with recent deployments—including in Ukraine—demonstrating their reliability under pressure. The fresh capital will accelerate manufacturing, expand sales operations across new commercial and defence markets, and advance R&D on higher-density models as the company pushes to meet rising international demand for resilient, off-grid power.

https://arcticstartup.com/powerup-raises-e10-million-series-a/

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