Industrifonden is a Swedish venture capital fund that invests in early-stage tech and life science companies. According to their analysis, venture investments in Swedish tech companies from Q1-Q3 2015 exceeded $1 billion, distributed across more than 100 funding rounds. While a small number of investors and deals accounted for most of the funding, over 180 investors participated in at least one round. The industries receiving the most funding were media, finance, and ecommerce.

1. Analysis of Q1-Q3 2015 venture investment activity in Swedish private tech companies
Industrifonden Swedish
Tech Funding Report
Q1-Q3 2015
Copyright Industrifonden 2015

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Industrifonden is a Swedish venture capital fund, investing in early-stage tech and
life science growth companies. Founded in 1979, Industrifonden is a reinvesting
evergreen fund with SEK 4 billion (~$490 m) in assets.
About Industrifonden.
Copyright Industrifonden 2015
industrifonden.com
@industrifonden
/company/industrifonden

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The Swedish startup sector is booming and continues to punch above its weight in terms of global
winners. At the same time, access to capital is crucial for companies looking to grow at speed. Our
dataset of disclosed funding rounds shows that venture investments in Swedish tech companies
during 2015 has exceeded $1 billion, distributed across more than 100 funding rounds.
Summary.
Copyright Industrifonden 2015
While a small number of funding rounds and investors account for a large proportion of
total investment activity, more than 180 investors have participated in at least one funding
round in 2015. Active investors range from local business angels to international hedge
funds and corporate VCs.
Foreign investors continue to play an important role in the Swedish tech landscape,
participating in 37% of all funding rounds. However, foreign involvement is heavily
skewed toward later-stage rounds with 22% participation in <1 MUSD rounds compared
to being a part of all later-stage growth rounds.
The number of funding rounds per quarter has increased steadily throughout the year, mainly
driven by a higher amount of disclosed small rounds (<1 MUSD). This results in a minor
decrease in median rounds while average rounds are still heavily impacted by individual deals.
The companies that receive the most investments – both by deal count and deal size – are mainly
focused on consumers. Most well-funded sectors include Media, Finance and eCommerce.

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Swedish private tech companies reach $1 billion in disclosed venture investments YTD.
Q3 2015:
Copyright Industrifonden 2015
>$1bn(>SEK 8.2 billion) raised during Q1-Q3 2015
>100Funding rounds

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50%
Top 10 most active
investors involved in
50% of all deals
Top 10 funding rounds
make up 80% of total
disclosed deal value
80%
Top 10 funding rounds as % of total deal value Top 10 active investors as % of deal count
Copyright Industrifonden 2015

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High foreign investor activity in Swedish tech
landscape – led by USA, UK and Germany
Copyright Industrifonden 2015
37%
0
10
20
30
40
50
60
70
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
≤1 MUSD 1.1 - 6 MUSD 6.1 - 25 MUSD 25 - MUSD
Funding rounds with foreign
participation
Foreign participation Deal count
Deal count
34%
28%
14%
11%
7%
6%
Average number
of funding
rounds with
foreign
participation
Foreign
participation
by country
USA
UK
RoW
Germany
Denmark
Finland

7. 7 Copyright Industrifonden 2015
Note: Data from 34 funding rounds where the company has disclosed phase
0
5
10
15
20
25
30
35
40
45
Angel Seed Series A Series B Series C Series D
Average round size (MUSD)
3x
6.2x
3.7x
2x
1.2x
0.24 0.75 4.6
17.0
33.7
40.9
Snapshot: Average round sizes by phase

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Quarterly breakdown: Increasing number of small
funding rounds result in minor decrease in median
round sizes
Copyright Industrifonden 2015
Note: The inflated average deal size in Q2 2015 is mainly due to Spotify’s >$500m Series G financing
0
5
10
15
20
25
30
35
40
45
50
0
2
4
6
8
10
12
14
16
Q1 2015 Q2 2015 Q3 2015
Average deal size (MUSD) Median deal size (MUSD) Deal count
Deal countMUSD
0
5
10
15
20
25
30
<1
MUSD
1.1 - 6
MUSD
6.1-25
MUSD
25-
MUSD
<1
MUSD
1.1 - 6
MUSD
6.1-25
MUSD
25-
MUSD
<1
MUSD
1.1 - 6
MUSD
6.1-25
MUSD
25-
MUSD
Q1 Q2 Q3
Deal count

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SaaS, Media, and Finance most popular verticals by
number of funding rounds
Copyright Industrifonden 2015
Top 3 verticals by deal count
12% 11% 10%
Note: Deal count as percentage of total
Software-as-a-Service (SaaS) MediaTech FinTech

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Music, Finance and eCommerce most popular
verticals by total investment value
Copyright Industrifonden 2015
Top 3 verticals by total deal value
Note: Deal size as percentage of total
* Spotify’s Series G round represents ~98% of the total deal value for MusicTech
MusicTech* FinTech
54%
eCommerce
14% 9%

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Total venture investments – including undisclosed
funding – in Swedish tech companies estimated
north of $1.2 billion YTD 2015
Copyright Industrifonden 2015
Note: Estimation of undisclosed funding rounds is highly uncertain and can differ significantly from actual numbers. Estimation based on historic proprietary
figures and estimations from selected local investors.
Analysis puts undisclosed funding at >45% of
adjusted total value
• Total investments calculated as sum of total disclosed value and a
factor of total disclosed value adjusted for outsized funding rounds
• Estimation made up by:
o Proprietary deal history
o Peer analysis
o Analysis of disclosed investments with undisclosed amounts
Common types of undisclosed funding rounds
• Undisclosed new investment
• New investment with undisclosed amount
• Undisclosed follow-on/bridge round
• Follow-on/bridge financing with undisclosed amount

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Methodology
What’s included
• This report covers venture investments in Swedish private
tech companies
• Analysis based on proprietary database with 100+ funding
rounds from 2015
• 10+ parameters including deal size, stage, investors and
vertical
• Both first-time and follow-on investments.
• Deals are tracked in SEK. If originally reported in other
currencies, conversion is based upon exchange rate per date
of disclosure. Aggregate figures are subject to change due to
currency fluctuation.
What’s not included
• Investments in life science, med tech, bio tech, retail, and consulting
• Secondary investments and M&A deals
• Investments in public companies of any kind
• Grants, bank loans and other types of funding that is not intended to
result in ownership
Copyright Industrifonden 2015
For more information, contact:
Björn Bergström, bjorn.bergstrom@industrifonden.se The information contained in this report has not been independently verified as to its accuracy. No representation or
warranty, express or implied, is given by Industrifonden or any of its directors, partners, officers, affiliates, employees,
advisers or agents as to the accuracy or completeness of the contents of this report or any other document or
information supplied or any opinions or projections expressed herein or therein, nor is any such party under any
obligation to update the report or correct any inaccuracies or omissions in it which may exist or become apparent.

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Stay in touch.
Copyright Industrifonden 2015
industrifonden.com
@industrifonden
/company/industrifonden