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Nordics

Continent / region · Europe · Pop. 28.3M · #17 region by EV

A public taster of the full Nordics ecosystem on Dealroom — request a demo for live deal flow, founder pedigrees, AI-talent maps, and the full cap table for every company below.

7,038 Pool of Funded Startups

New Startups

1,976 Annual Startups FoundedAll new ventures

722 Annual Startups FundedReceived investment

get funded 37%

6,146Startups

2,745 Pre-Seed Startups$100K–1M

2,036 Seed Startups$1–4M

Pre-Seed to Seed 26%

1,365 Series A Startups$4–15M

Seed to Series A 23%

747Breakouts

493 Series B Breakouts$15–40M

A to Series B 30%

254 Series C Breakouts$40–100M

B to Series C 40%

145Scaleups

96 Mega Scaleups$100–250M

reach Mega 1.4%

49 Mega+ Scaleups$250M+

reach Mega+ 0.70%

107Valuation Outcomes

96 Unicorns($1–10B valuation)

reach Unicorn 1.4%

10 Decacorns($10–100B valuation)

reach Decacorn 0.14%

1 Centicorns($100B–1T valuation)

reach Centicorn 0.014%

Pre-Seed

2,745

Seed

2,036

Series A

1,365

Series B

493

Series C

254

Unicorn

Decacorn

* C→Unicorn and Unicorn→Decacorn rates are derived from current counts (no founding-cohort data); the four mid-funnel rates use Dealroom's cohort tracking.

01 VC investment

How much venture capital flows into the Nordics

VC investment into the Nordics-headquartered, VC-backed companies, broken down by round size, company location, sector and funding stage.

02 Top hubs

Top startup hubs in the Nordics

The Nordics’ leading ecosystems — switch between metro areas (HQ regions) and countries, and rank by VC funding, newly minted unicorns, all-time unicorn and thoroughbred counts, combined enterprise value or EV growth. VC funding, new unicorns and EV growth all follow the period slider (EV growth re-windows an annual 2015–2025 EV series) plus the round-size bands.

03 Outcomes over time

How the Nordics compound: unicorns and enterprise value

Cumulative unicorns & $1B+ exits, decacorns ($10B+), or combined ecosystem enterprise value — all VC-backed companies founded since 1990, the same lens as the hubs ranking — stacked by country or metro since 2015.

04 Share of Europe

How much of Europe is the Nordics

Unicorns and decacorns minted in the last ten years, companies at $100M+ revenue, and VC raised in startup, breakout and scaleup rounds — each as a share of the European total. The by-year view shows the same shares per calendar year.

05 Global comparison

Unicorns, decacorns and centicorns — a global comparison

Companies count where they were founded or are headquartered. Values are per 1M people or totals, as a share of the US (US = 100%) or absolute; bars scale to the largest value in each column. Hover any value for the per-1M rate and absolute count.

06 EV constellation

The Nordics’ VC-backed companies, sized by value

One bubble per company — area is current enterprise value, grouped by country or metro (HQ region), counted where founded or headquartered (a company that moved appears in both clusters). Covers every VC-backed company founded since 1990 — the shaded cluster totals follow the platform’s HQ lens; Spotify, Genmab and Visma anchor the map. Switch Counting to “Unicorns & thoroughbreds” to keep only the named outcomes.

07 Largest rounds

Largest funding rounds in the Nordics

A live treemap of the largest VC rounds. Each cell is one round into Nordic-headquartered companies, filterable by round size and grouped by Dealroom sector.

Largest rounds in the Nordics - 2025–2026

Every $40M+ VC round into Nordic-headquartered companies in 2025–2026, grouped by Dealroom sector.

- rounds · - raised

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08 Academia

The Nordics’ academic flywheel

Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to the Nordics.

University-linked startup formation

1,806

University spinouts

7,949

Total alumni-founded companies

5,712

Of which startups (<$15M raised)

1,797

Breakouts ($15M-100M)

440

Scaleups ($100M+)

University ranking By alumni who went on to found startups · 387 tracked

#	University	City	Founders	Companies
1	Copenhagen Business School	Frederiksberg	2,292	2,658
2	KTH Royal Institute of Technology	Stockholms kommun	1,897	2,065
3	Stockholm University	Stockholms kommun	1,338	1,573
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Unlock the full university ranking for Nordics on Dealroom

#	University	City	Founders	Companies
1	KTH Royal Institute of Technology	Stockholms kommun	1,897	2,065
2	Stockholm University	Stockholms kommun	1,338	1,573
3	Lund University	Lund Municipality	1,137	1,310
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