Nordics
Introduction
The Nordics are home to over 13k funded startups which raised $9.3B in VC investment in 2023, for Nordic startups based in the Nordics and those that have since relocated.
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 labeling, 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 proportion of VC investment that has gone into each Nordic country on a percentage basis, showcasing the same trend seen in the chart above.
By industry
While there has been a general fall in VC investment into the Nordics region, with most of the leading industries experiencing a similar proportionate fall in investment.
Certain industries such as Home Living, Robotics and Semiconductor startups in the Nordics have seen growth in investment on the previous year against the general trend.
Explore all investment rounds into each industry in the Nordics on the Dealroom platform here.
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 Sweden.
In Sweden, local investors represent over 40% 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 over 40% of late-stage investment since 2017.
Unicorns
The Nordics have produced 10 new unicorns in 2022, bringing the region’s total unicorn count to 70+.
Follow the link to explore all Nordic unicorns on the Dealroom platform.
International comparisons
Country benchmarking
Sweden, Norway and Finland rank within the top 10 countries in Europe for VC investment while Denmark and Iceland rank within the top 15 and 50 European countries respectively.
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 and ranks 4th after startups based in the city raised over $5B of VC investment in 2022.
Helsinki 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 such as Reykjavík and Gothenburg.
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