Nordic Secondary Fund

Nordic Secondary Fund, established in 2019 and based in Copenhagen, Denmark, focuses on acquiring secondary investments in growth-stage technology companies within the Nordic and Baltic regions. The fund targets companies that have successfully completed a Series A funding round from venture capital or corporate investors and possess proven scalable business models supported by a documented market for their products or services. By concentrating on this specific investment niche, Nordic Secondary Fund aims to capitalize on the growth potential of established companies in these regions.

Peter Sandberg

Founding Partner and Managing Director

27 past transactions

Varjo

Venture Round in 2023
Varjo Technologies develops headset capable of both virtual and augmented reality. It uses that phrase with two meanings in mind. For one thing, the company’s headset offers resolution in the center of the screen that is good enough to hide individual pixels. But the headset’s display also mimics how human vision works in general. The high-density displays occupies the center of the field of view in headset, and surrounds by lower-resolution displays at the left and right edges. The company was founded in 2016 and is headquartered in Helsinki, Finland.

Bob W

Secondary Market in 2022
Bob W is a provider of short-stay accommodation services that offers an alternative to traditional hotels. The company operates a managed marketplace of serviced apartments that combine the quality standards and amenities of a lifestyle hotel with the authenticity and functionality of a home. Each apartment is locally designed, work-friendly, and equipped with hotel linens and professional cleaning services. Additionally, the accommodations feature fully equipped kitchens, access to local gyms, and curated breakfast options. This approach allows travelers to easily find and enjoy short-stay accommodations tailored to their needs while ensuring a high standard of service and ecological mindfulness.

Hiber

Secondary Market in 2022
Hiber AB provides a browser-based game creation and social gaming platform. It allows users to design own games without the need to code and play the games created by other users on the Web browser, mobiles, tablets, and personal computers. Hiber AB was founded in 2017 and is based in Gothenburg, Sweden.

Pixieray

Secondary Market in 2022
Pixieray modernizes traditional eyeglass optics by introducing a pioneering adaptive solution giving anyone perfect vision.

TransferGo

Secondary Market in 2022
TransferGo Ltd. is a London-based payment service provider, established in 2012, that specializes in international money transfers. The company caters primarily to migrant workers, allowing them to send money to their relatives without incurring high bank fees. Operating under a digital account-to-account model, TransferGo offers a cost-effective alternative to traditional banks and cash bureaus, often ensuring same-day delivery of funds to the designated recipient. As a licensed payment institution regulated by the Financial Conduct Authority, TransferGo is recognized for its secure financial transactions. The company charges a fixed fee for transfers, along with a currency conversion fee ranging from 0.6% to 1.5% per transaction, making it an attractive option for both personal and commercial money transfers.

Fastspeed

Secondary Market in 2022
Fastspeed is a startup providing telecom services. Their mission is to provide one of the market's best broadband solutions. They will do this by offering high-quality broadband (fiber and coax), which is fast, stable and with a good customer service. They will make it a super attractive price and will offer their high-speed products across Denmark. They look forward to delivering to you!

Bokio

Secondary Market in 2021
Bokio AB is a Swedish company based in Gothenburg, established in 2015, that specializes in developing and marketing accounting software tailored for small business owners. The software facilitates bookkeeping, invoicing, and payroll services through the use of artificial intelligence, allowing users to manage their financial tasks independently. In addition to its core accounting features, Bokio functions as a marketplace, offering additional services that simplify various aspects of running a small business. These services include assistance in finding optimal insurance and pension solutions, as well as options for invoice sales to enhance liquidity. Bokio also provides services for sending payslips and invoices by handling printing, envelopes, and postage.

Unacast

Secondary Market in 2021
Unacast AS operates an online platform for connecting beacons and other proximity sensors to online marketing platforms. It offers uRETARGET, which enables to retarget customers online to bring them back to the store; uMONETIZE that monetizes data from beacons and other proximity sensors; and uNETWORK that shares anonymous subsets of data to unetwork and get subsets in return. The company was incorporated in 2014 and is based in Oslo, Norway. Unacast AS operates as a subsidiary of Unacast, Inc.

Sonarworks

Secondary Market in 2021
Sonarworks Ltd. is a software company based in Riga, Latvia, founded in 2012. It specializes in sound calibration technology that enhances audio quality on various headphones and speakers without any physical modifications. The company's flagship products include Reference 4, which is tailored for studio use and offers both studio and headphone editions, and True-Fi, designed for general listeners. Sonarworks' software is utilized by professional recording studios worldwide, with over 3,000 studios employing its technology to ensure accurate sound reproduction. The company emphasizes bridging the gap between sound creators and listeners by eliminating noise shortcomings and enabling users to experience music as intended by the artists. Sonarworks distributes its software online and through dealers, contributing to its international reach and influence in the audio industry.

Na-kd

Secondary Market in 2021
Na-kd is an innovative online fashion marketplace that caters primarily to a global audience of fashion enthusiasts. The platform focuses on providing a diverse range of women's clothing, including trousers, jeans, sweaters, trendy dresses, and accessories. By leveraging a mobile-based shopping experience, Na-kd simplifies the process of purchasing fashionable apparel. Additionally, the company offers a unique merchant service designed to enhance the e-commerce capabilities of digital brands and social influencers, thereby expanding its reach and influence within the fashion industry. Na-kd is backed by the founding team of a successful online fashion store, which adds to its credibility and expertise in the sector.

Cobiro

Secondary Market in 2021
Cobiro is an Artificial Intelligence for Google Adwords and Google Shopping which helps small businesses grow by automating Google advertising. More than 3,000 online stores have been part of the training of its algorithms during the past 4 years. The platform currently manages more than 170 million keywords and Cobiro significantly outperforms humans in the optimisation efforts. Cobiro was founded by Bo Krogsgaard and Anders Ibsen who have both spent a huge amount of time managing online marketing and conversions.

Funderbeam

Secondary Market in 2021
Funderbeam is an equity crowdfunding platform established in 2013, with its main office in Tallinn, Estonia, and a subsidiary based in Zagreb, Croatia. It offers a unique marketplace for early-stage investments, allowing investors to buy and sell equity stakes in private companies. Utilizing blockchain technology, Funderbeam provides transparency and security in transactions, enabling founders to raise capital while granting early-stage investors access to liquidity. The platform serves as a vital resource for high-growth private companies by facilitating investment opportunities and helping clients manage their private market portfolios. Through its innovative approach, Funderbeam has positioned itself as a significant player in the global startup ecosystem.

Fiizy

Secondary Market in 2021
Fiizy, based in Tallinn, Estonia, provides financing solutions that streamline the process of obtaining loans at the point of sale. Founded in 2011, the company connects consumers with a wide range of approved loan offers from various creditors, making financing more accessible. By utilizing a white-label SaaS platform, Fiizy employs machine learning to analyze data from lenders and customers, allowing businesses to present the most suitable financing options. This innovative approach not only simplifies the loan application process but also enhances customer conversion rates, ultimately transforming the banking experience for consumers.

Empirical

Secondary Market in 2021
Producer of distilled spirits intended to offer flavored new liquids and experiences from traditions across the globe. The company specializes in maximizing flavor creation, extraction, and precision fermentation for flavor and its product range includes varieties of wines, rarities, and sparkles manufactured out of oysters, roasted chicken skin, smoked juniper, bergamot, and fruit pith, enabling consumers to taste the new flavor in alcoholic drinks.

Mintos

Secondary Market in 2021
Mintos Marketplace AS operates an online platform that connects retail and institutional investors with borrowers from non-bank lenders. Founded in 2015 and based in Riga, Latvia, Mintos aims to make investing in loans a mainstream asset class, similar to stocks or real estate. The marketplace allows individual investors to start with small amounts and provides a diversified supply of loans to choose from. By facilitating the flow of capital across borders, Mintos is transforming financial services and promoting financial inclusion globally. It serves as a peer-to-peer lending marketplace, catering to consumers in need of affordable loans while offering investors the potential for attractive returns.

Challengermode

Secondary Market in 2021
Challengermode AB is an esports platform based in Stockholm, Sweden, that enables gamers to compete in a variety of popular computer and console games, such as League of Legends and Counter-Strike. Founded in 2014, the platform facilitates competitions, tournaments, and leagues through automated tournament infrastructure and game integrations, making it accessible for both casual and competitive players. Challengermode aims to create a digital gaming arena that mirrors the accessibility of traditional sports, allowing users to socialize and compete while providing organizers with tools for community building and monetization. By connecting gamers, brands, organizers, and game developers, Challengermode strives to enhance the competitive gaming experience for a diverse audience.

Goodiebox

Secondary Market in 2021
Goodiebox ApS is an online cosmetic company based in Copenhagen, Denmark, that specializes in providing a subscription service for cosmetics and beauty products aimed at women aged 15 to 35. Founded in 2012, the company curates a selection of items, including face masks, cleansers, shampoos, and lotions, from both large international brands and smaller niche brands. This approach allows brands to market their products directly to a targeted audience, fostering a relationship between beauty brands and consumers. Goodiebox emphasizes convenience by enabling customers to access a wide range of everyday beauty products through a single platform.

CathVision

Secondary Market in 2021
CathVision ApS develops low-noise electrophysiology (EP) recording system to guide medical professionals to the right spot for cardiac ablation. The company's recording system, CathVision Cube, interfaces with all existing diagnostic catheters, mapping catheters, and ablation catheters. The company also develops software which allows real-time streaming and multiple review windows for analyses, at a remote work station and on monitors of physician. CathVision ApS was founded in 2010 and is based in Copenhagen, Denmark.

Norlase

Secondary Market in 2021
Norlase is an emerging global ophthalmic medical device company developing next-generation laser solutions for the treatment of retina and glaucoma disease. Norlase is comprised of worldwide industry leaders and experts in ophthalmology, laser technology, medical device development and customer care.

Varjo

Secondary Market in 2020
Varjo Technologies develops headset capable of both virtual and augmented reality. It uses that phrase with two meanings in mind. For one thing, the company’s headset offers resolution in the center of the screen that is good enough to hide individual pixels. But the headset’s display also mimics how human vision works in general. The high-density displays occupies the center of the field of view in headset, and surrounds by lower-resolution displays at the left and right edges. The company was founded in 2016 and is headquartered in Helsinki, Finland.

GoMore

Secondary Market in 2020
European sharing economy service in the personal transportation sector. GoMore offers carpooling, peer-to-peer car rental, and private car leasing with a lease-and-rent-out model. 800,000+ users across Spain, Denmark, Norway, and Sweden.

MapsPeople

Secondary Market in 2020
Mapspeople A/S develops navigation platform. It offers MapsIndoor, an indoor navigation platform based on Google maps. The company was founded in 1897 and is based in Nørresundby, Denmark with additional offices Austin, Texas and Copenhagen, Denmark.

Click & Grow

Secondary Market in 2020
Click & Grow LLC develops a technology based indoor gardening solution that helps plants to grow using automatically controlled technology. It offers Smart Herb Garden, a gardening solution that lets multiple plants to grow at a time. The company also offers Smart Herb Garden Refill, a technology solution with nano-tech growth medium that releases right amount of water, oxygen, and nutrients for plants. In addition, it offers Smart flowerbed, a home garden solution for herbs and flowers; Smart flowerbed Refill, a gardening solution that measures the vitals of plants and makes sure the environment is suitable; and gardening accessories. The company offers its products online in the United States and Europe. Click & Grow LLC was founded in 2010 and is based in Palo Alto, California.

Actimo

Secondary Market in 2020
Actimo ApS is a Copenhagen-based company that specializes in developing a mobile communication platform designed to enhance dialogue between businesses and their employees or customers. Founded in 2010, the platform provides solutions for messaging, mobile training, and internal communications, allowing managers to optimize customer satisfaction and operational efficiency. Actimo's application enables team leaders to connect with their workforce, facilitating the dissemination of important information, tracking performance, and encouraging employee engagement. The company also offers API and automation solutions to streamline processes. Actimo operates as a subsidiary of Kahoot! AS.

ROOM

Secondary Market in 2020
ROOM is rethinking the modern workplace through affordable, sustainable and flexible solutions that make more room for people at work by designing modular and creative office products that help companies of all sizes build a better work environment. Launched in May 2018 by serial entrepreneurs Brian Chen and Morten Meisner-Jensen, ROOM is backed by Slow Ventures, a leading venture capital firm that was one of the original investors in Casper. Honored by TIME Magazine as one of the Best Inventions of 2018, ROOM is already building the workplace of tomorrow for over 1,500 customers ranging from high-growth start-ups to Fortune 500 companies including Nike, Google, NASA, Salesforce, Uber, Shopify, Wayfair, and more. Learn more about ROOM at www.room.com.

OnRobot

Secondary Market in 2020
On Robot manufactures robot equipment for automation tasks throughout the industry. It provides plug and produce end-of-arm tools and software solutions that help manufacturers take full advantage of the benefits of collaborative robots. The company integrates grippers, sensors, and other cobot equipment to facilitate the use of technology in applications such as packaging, quality testing, material handling, machine tending, assembly, and welding. On Robot was founded in 2015 and is based in Odense, Denmark.

Klarna

Secondary Market in 2019
Klarna is a payment solutions provider that specializes in eCommerce, offering services for both consumers and merchants in several countries, including Sweden, Germany, Austria, Switzerland, and Norway. Founded in 2005 and headquartered in Stockholm, Klarna enables shoppers to select how and when to pay for their purchases through a variety of options such as card payments, direct banking, and installment plans. The company is particularly known for its "buy now, pay later" model, which allows consumers to finance retail purchases without interest over time. For merchants, Klarna provides a comprehensive suite of services that includes technology solutions, credit risk management, and customer administration, facilitating a streamlined shopping experience both online and in-store.
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