Nordic Defence Tech Report 2025

The EU and Nordic countries are sharpening their defence and dual-use technology strategies, produced in partnership with Danske Bank.

Key findings

• Nordic defence and dual-use tech startups are now worth $5.4B combined, up 4.9x from $1.1B in 2019.
• VC funding into Nordic defence and dual-use tech is projected to reach $563M in 2025, 2.3x the $241M of 2024, with Finnish quantum firm IQM taking most of the increase.
• Quantum computing is the fastest growing Nordic sector in 2025, with funding projected up 1703% on 2024, while defence and defence application funding fell 49%.
• The Nordics lead Europe in defence and dual-use VC per capita at $53 since 2019, ahead of the UK at $51, and Finland leads the Nordics at $203.
• Nordic investors provide 61% of early-stage VC funding to the region's defence and dual-use startups, and 34% of funding at rounds of $15M and above.