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]

17/12/2025

Denmark’s NobodyWho raises €2 million to push local, energy-efficient AI as an alternative to Big Tech LLMs

Copenhagen-based NobodyWho has raised €2 million in pre-seed funding from PSV Tech, The Footprint Firm, and Norrsken Evolve to advance its open-source approach to Small Language Models that run directly on users’ devices. The startup is positioning SLMs as a privacy-first, energy-efficient alternative to cloud-based large language models by enabling AI inference to happen locally on laptops and mobile phones, eliminating the need to send data to external servers. The fresh capital will be used to further develop the company’s on-device AI engine, grow its developer ecosystem and strengthen Europe’s AI sovereignty by offering a lower-cost, climate-aligned alternative to Big Tech’s cloud-centric AI infrastructure.

https://arcticstartup.com/nobodywho-raises-e2-million-pre-seed/

17/12/2025

Danish FarPay joins POM Group in bid to scale accounts receivable automation across Europe

Copenhagen-based fintech FarPay is entering a new growth phase following its acquisition by Dutch peer POM, in a transaction supported by investment firm Vortex Capital Partners. Known for its end-to-end automation of invoicing and accounts receivable across Scandinavia, FarPay will continue to operate as an independent brand within the POM Group, with its team, management, and operations remaining in Denmark. The deal gives FarPay access to additional capital, broader market reach, and POM’s expertise in intelligent payment solutions, dunning, and receivables management, enabling the company to accelerate product development and expand beyond the Nordics. Together, the two fintechs aim to build a scalable, AI-driven platform and position themselves at the forefront of accounts receivable automation across Europe.

https://arcticstartup.com/farpay-acquired-by-pom/

16/12/2025

Elvy secures €500 million to scale subscription-based home energy across Sweden

Stockholm-based home energy startup Elvy has secured €500 million in financing from Scayl and one of the fintech’s bank partners to expand its residential energy offering in Sweden. The company provides homeowners with solar panels, heat pumps and battery systems through a subscription model that covers installation, maintenance and energy optimisation, removing the need for large upfront investments. Elvy says the systems are managed by its own software to balance household energy production and consumption. The new financing will be used to increase deployment capacity, with the aim of equipping around 15,000 households as electricity prices remain volatile and demand for alternative energy solutions grows.

https://arcticstartup.com/elvy-raises-e500-million/

16/12/2025

Finnish startup SEATOM selected for NATO DIANA programme, receives €100K funding

Porvoo-headquartered SEATOM has been selected for NATO’s Defence Innovation Accelerator for the North Atlantic (DIANA) 2026 programme, joining the Operations in Extreme Environments challenge track. The Porvoo-based company, which is developing dual-use nuclear-powered maritime systems, will receive €100,000 in initial contractual funding and take part in DIANA’s six-month accelerator, working with defence stakeholders and test centres across NATO member countries.

https://arcticstartup.com/seatom-joins-nato-diana-2026/

12/12/2025

Subsea desalination startup Flocean extends Series A to $22.5M, adds Xylem as strategic investor

Oslo-based Flocean has expanded its Series A round to $22.5 million, adding Xylem Inc. as a strategic investor alongside existing backers Burnt Island Ventures, Freebird Capital, Katapult Ocean, and Nysnø Climate Investments, with new participation from Ari Emanuel, Orion, Rypples, and Wellers Impact’s Water Unite Impact Fund, as well as the CEO of Asset Buyout Partners. The Norway-based company develops subsea desalination systems designed to leverage deep-ocean pressure to reduce energy needs and minimize onshore infrastructure. Flocean says the new funding will support the launch of its first commercial demonstrator plant, Flocean One, planned for 2026 at Mongstad, and help advance ongoing municipal and industrial water projects across several global regions.

https://arcticstartup.com/flocean-raises-22-5m-series-a/

12/12/2025

Swedish Praktikverket raises capital to scale student–internship matching platform

Praktikverket, a young Swedish platform aiming to streamline how students find internships, has closed an oversubscribed investment round that values the company at nearly €1 million (SEK 10 million). Both existing and new investors took part, signalling early interest in tools that address structural gaps between education and the labor market. The funding will be used to speed up product development and expand commercial operations, including key hires and distribution efforts.

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

Credit: Mickael Tannus Photography AB

10/12/2025

Lithuania’s Aneli Capital launches €35 million fund for early-stage startups in the Baltics and CEE

Vilnius-based Aneli Capital has launched a €35 million early-stage fund to back Baltic, Polish, and wider CEE startups in ICT, robotics, energy, space, photonics, and smart manufacturing. With a plan to make 20 investments over its first five years, the fund aims to fill persistent regional gaps in capital access and scaling support. Backed by ILTE and Magna Polonia, Aneli Capital positions itself as a hands-on, fast-moving investor that prioritizes real traction over hype cycles—helping founders strengthen operations, prove unit economics, and get ready for follow-on rounds.

https://arcticstartup.com/aneli-capital-launches-e35m-venture-fund/

10/12/2025

Latvian Pats introduces faster invoice payments via Noda’s open banking network

Pats has integrated Noda’s pay-by-bank technology to offer instant invoice payments for the more than 20,000 freelancers and small businesses using its accounting platform. The move aims to address a persistent issue for Pats’ core user base—delayed and unpredictable cash flow—by enabling customers to complete bank transfers through a single link or QR code with immediate settlement. For Pats, the partnership provides the infrastructure needed to support users who operate across borders, as Noda’s network connects to over 2,000 banks in 30 European countries. The integration also streamlines payment and reconciliation workflows, aligning with Pats’ broader effort to simplify routine financial tasks for self-employed professionals.

https://arcticstartup.com/pats-partners-with-noda/

09/12/2025

Norway’s Enerin secures €15M Series A for industrial heat pump manufacturing

Norway’s Enerin has raised €15 million in Series A funding, with participation from Climentum Capital, The Footprint Firm, Johnson Controls and Move Energy, with participation from PSV Hafnium and Momentum. The company develops modular high-temperature heat pumps capable of supplying industrial process heat up to 250°C, targeting sectors that rely on fossil-fuel boilers. Enerin plans to use the funding to expand manufacturing capacity, formalise serial production, and advance the next generation of its HoegTemp system.

https://arcticstartup.com/enerin-raises-e15-million-series-a/

09/12/2025

Finnish Freepress raises €1 million to develop AI-driven news platform

Finnish news service Freepress has raised €1 million in seed funding to further develop its AI-driven news platform and prepare for international expansion. The round includes several experienced Finnish investors, led by Kustaa Poutiainen’s Stephen Industries Inc. Freepress uses a virtual AI editor to analyze large volumes of public and licensed news articles and generate summaries in users’ own languages. The company plans to allocate the new capital to product development, infrastructure, and publisher partnerships. As part of its model, Freepress intends to share up to half of its revenue with media outlets whose content appears on the service.

https://arcticstartup.com/freepress-raises-e1m-seed/

08/12/2025

Danish Skycore Semiconductors secures €5 million in a seed round to tackle AI data centers’ power bottleneck

Copenhagen-based Skycore Semiconductors has raised €5M in seed funding to commercialize its Power Integrated Circuit (IC) technology built for next-generation AI data centers moving toward 800V HVDC architectures. The round was led by the Amadeus APEX Technology Fund, with participation from First Momentum, Mätch VC, and Balnord, bringing the company’s total funding to €7.5M. Skycore develops silicon-validated Power IC solutions that deliver extreme power density and efficiency in compact form factors—addressing the mounting power-delivery bottlenecks of AI infrastructure. The new capital will fuel team expansion, product development, manufacturing scale-up, patent portfolio growth, and co-development projects with strategic partners as the industry accelerates its shift beyond traditional 54 VDC systems toward high-voltage architectures capable of powering AI factories.

https://arcticstartup.com/skycore-semiconductors-raises-e5m-seed/

05/12/2025

Danish Chromologics raises €7 million to accelerate regulatory push for natural food colours

Chromologics, the Copenhagen-based biotech spin-out from DTU, has raised €7 million from Novo Holdings, EIFO, Döhler Ventures, Collateral Good and The Synergetic Group, bringing its total funding to nearly €20 million. The company develops fermentation-based natural food colours, led by its flagship ingredient Natu.Red®, a heat- and pH-stable alternative to synthetic red dyes. The fresh capital will be used to complete EFSA and FDA regulatory submissions, scale up production with a large-scale CMO partner, and prepare for commercial launch amid accelerating global demand for sustainable, synthetic-free colour solutions.

https://arcticstartup.com/chromologics-raises-e7m/

Credit: Thomas-Isbrandt

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