Introduction

The Nordics are home to over 14k funded startups which raised $5.6B in 2024. Cities like Stockholm, Helsinki, and Copenhagen have become key players in the global startup landscape. In the Nordics region, there are upcoming cities such as Oslo and Reykjavik that are also attracting substantial investments and fostering a culture of entrepreneurship.

Venture Capital

By stage

Below we break venture capital into three distinct stages:

• Startup stage ($0-15M rounds)
• Breakout stage ($15-100M rounds)
• Scaleup stage ($100M+ rounds).

This provides more consistent and timeless segmentation of the startup & venture capital landscape (more so than self-reported round labelling, which are applied inconsistently, especially between business cycles). Early stage Access Nordic startups early-stage investment on the platform. Breakout stage Access breakout-stage funding rounds into Nordic startups here on the Dealroom platform. Scaleup stage Megarounds of $100M+ have become much scarcer in the Nordics in recent years since the record highs seen in 2021.

By country

The chart shows the VC investment that has gone into each Nordic country and the percentage change with the previous year on a percentage basis.

By industry

Explore all investment rounds into each industry in the Nordics on the Dealroom platform here.

By Segment

Explore the most funded segments in the Nordics below.

Investors

Most active investors in the Nordics There are more than 700+ investors headquartered in Nordic countries with at least one recorded round. Early stage VC investment sources of capital Local investors play a foundational role at early-stage, especially in Norway, Sweden and Finland. In Norway, local investors represent 59% of early-stage investment since 2017. Later stage VC investment sources of capital Late-stage investors are more geographically diverse, but local investors maintain a significant role, particularly in Denmark. In Denmark, local investors represent 36% of late-stage investment since 2017.

Unicorns

Follow the link to explore all Nordic unicorns on the Dealroom platform.

International comparisons

Country benchmarking

Sweden, Norway, Finland and Denmark rank within the top 15 countries in Europe for VC investment while Iceland ranks within the top 50 European countries. Compare Nordic startup ecosystem metrics against its European and global counterparts down below or here on the Dealroom platform.

City benchmarking

When looking at Nordic leading ecosystem hubs in the continent, Stockholm leads the region amongst the top 5. Copenhagen and Oslo are also key players in the continent with a host of other Nordic cities featuring in the top 50 European hubs by VC investment.

Related Content

Reports: Nordics startup ecosystem report 2023 Reports: Browse all Nordics reports on Dealroom.co Dealroom Data: Explore all 10k +funded startups Dealroom Data: Explore all Nordic funding rounds