back to guides



In recent years, the Nordic region has emerged as a powerhouse in the global startup ecosystem, showcasing a unique blend of innovation, sustainability, and high-quality education.

The Nordic region, consisting of Sweden, Denmark, Norway, Finland, and Iceland, has fostered an environment conducive to the thriving of startups.

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

Nordic startups raised $9.3B in 2022. This value represents a 23% decrease against 2022's levels.

Early stage
Nordic startups have raised $2.1B in early-stage investment in 2023, just a 13% decrease from 2022.

Iceland and Norway, the two smallest Nordic ecosystems by VC funding, were the fastest growing in early-stage investment.

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

In the Nordic region, for VC investment raised, Sweden stands out as a frontrunner, followed by Finland, Norway, Denmark, and Iceland.

The below 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.


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.


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 Data: Explore all 10k +funded startups
Dealroom Data: Explore all Nordic funding rounds