August 20, 2020
DAILY BRIEF: Long drink stars, pet food delivery, vertical farming, emotional data and growth capital
Hollywood actor Miles Teller has brought some star wattage to The Long Drink.
The Long Drink
All the daily Finnish business news that works: iFarm, Alvar Pet, The Long Drink, NayaDaya, Sponsor Capital and CapMan Growth make headlines.
Alvar Pet and iFarm secure funding, NayaDaya forms a significant data partnership, The Long Drink welcomes new star owners, and Sponsor Capital and CapMan Growth launch investment funds.
Finnish startup Alvar Pet has raised one million euros in a seed funding round led by Maki.vc and participated by other Finnish and Swedish investors. Alvar Pet will use the capital to scale its eco-friendly dog food delivery service as part of its mission to minimise the carbon “pawprint” of pets. The startup offers its customers tailored monthly plans with meals made from Nordic ingredients, such as Baltic herring, oats and faba beans. Since the service was launched in Finland in April, Alvar Pet has delivered some 300 000 meals and is now looking to expand to new markets, starting with major cities in Sweden and Germany.
Ilari Haataja / Hanna Lemmetti
Finland-based iFarm has raised four million US dollars in a funding round led by Gagarin Capital. Also Matrix Capital, Impulse VC, IMI.VC and a group of business angels took part in the round. The funding will go towards the iFarm Growtune technology platform, which enables growers to choose from multiple varieties of vertical farms and plants with the help of iFarm’s in-house expertise and artificial intelligence (AI). In addition, the company will optimise its automated production lines to reduce labour costs and finish experiments with several new crops. The company currently has over 50 projects lined up for Europe and the Middle East in 2020.
Finnish emotion and behaviour data pioneer NayaDaya has signed a collaboration contract with Statista, a leading provider of market and consumer data. The Finnish startup has developed a science-based analytics platform that uncovers the emotional and behavioural impact brands and phenomena have on people, which can be used to understand and connect with consumers and citizens. The partnership will enable it to distribute and promote the data worldwide.
Finnish private equity investor Sponsor Capital has closed its fifth fund, Sponsor Fund V, at 202 million euros. Together with co-investments from Sponsor Capital’s partners, the collective investment capacity of the fund will be 216 million euros. The fundraising was carried out during the challenging market situation of the spring and early summer but exceeded its target within the time frame. As with previous Sponsor Capital funds, the new fund will focus on building significant growth in small and medium-sized Finnish companies. Typically the turnover of the companies is between 15 and 150 million euros at the time of the investment, but the funds are also allocated to smaller businesses if they are planning significant growth projects.
The Long Drink, a Finnish beverage company expanding rapidly in the US, has announced that popular music producer Kygo and professional golfer Rickie Fowler have joined it as co-owners. The stars were added to a long list of well-known backers after co-owner and actor Miles Teller urged Kygo to try the beverage at his wedding in Hawaii in 2019. The brand is gaining momentum in the US, where it has expanded in multiple states and is set to launch across California, Florida and Arizona next month. Long drink is a very popular alcoholic beverage in Finland, with roots dating back to the 1952 Summer Olympic Games in Helsinki.
The Long Drink / Facebook
Helsinki-headquartered CapMan Growth has launched an 85 million-euro growth fund that makes significant minority investments in growth-stage companies with serious growth and expansion ambitions. Find out more by clicking the headline.
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