December 15, 2017

Five for Friday: 2017’s biggest investment rounds

The forecast is favourable for Finnish innovations, after many local companies attracted significant funding this year.
The forecast is favourable for Finnish innovations, after many local companies attracted significant funding this year.

As the year winds down to its inevitable close, let’s take a look back at some of the more significant capital boosts that have made the headlines over the past 12 months.

MariaDB – EUR 25 million

Having developed the fastest growing Open Source database, this company landed backing of 25 million euros from EIB in May. The fattening of wallet will help accelerate expansion of the product’s capabilities, along with feature development in future.

“This funding is part of a multi-step strategy to strengthen MariaDB across Europe, America and Asia, and will help foster the next phase of growth for the company,” said Michael Howard, CEO of MariaDB Corporation.

Evondos – EUR 21.2 million

After creating medicine dispensing robots that assist with home care daily work, this Salo-based healthtech firm then received a 21.2-million-euro boost from Norwegian investment company Serendipity Partners to further their development in December. Along with the obvious business benefits, the company seeks to underline the importance of this improved cash flow for home work customers and families.

“More and more people will have a chance to enjoy better medical care, and we can help hard-working home care staff to do their work even better,” stated company CEO Jyrki Niinistö. “Also, [the] public sector will see benefits as better care can be provided with less costs.” – USD 20 million

Having surpassed one billion US dollars in annual ad spend on Facebook earlier this year, this ad optimisation solution provider also gathered a nifty amount of 20 million US dollars in funding in September.

“Everyone is an owner at and a secondary round was a way for us to reward the entire team and take off any pressure to sell or IPO,” commented CEO and founder Kristo Ovaska, “We, in return, gained a partner that will help us take our business to the next level through their network, by helping us build out a global leadership team and with access to a large fund if we ever need capital for acquisitions or more aggressive expansion.

Kuuhubb – USD 20 million

This Helsinki-based digital company received a 20-million-US dollar funding boost in August from investors in Canada, Switzerland and Finland.

A significant part of this capital injection was used to finalise its acquisition of the Finnish Recolor creators Sumoing. Now it has assumed the post of the global leader of colouring book applications, with a focus on apps tailored to a female audience.

The company “also intends to use the funds to invest in several new app vendors,” we wrote, adding that back in the summer it had “also managed to bring in Kellogg and Cosmopolitan as brand partners”.

ICEYE EUR 13 million

Also in August, Finnish SAR microsatellite company ICEYE raised an additional 13 million euros towards scaling up operations and the planned launch of three microsatellites equipped with SAR technology.

“Having the support and insight from our investors will not only help ICEYE execute on our vision to democratise access to data worldwide, but it will also allow us to build out brand-new capabilities for our customers and partners,” said Rafal Modrzewski, CEO and co-founder, ICEYE.