The State of the Swedish Tech Ecosystem

Sweden consistently ranks as one of the world’s most innovative countries. This is an overview of the state of the Swedish Tech Ecosystem in 2024/25.

Key findings

• Sweden raised €22.7B of VC between 2020 and 2024, fourth in Europe behind the UK, Germany and France, and first per capita at €2.4K per million inhabitants.
• Six companies have raised €11B of the €23.5B of VC that went into Sweden since 2020, nearly half of the country's total.
• Swedish startups are now worth €319B combined, up 1.5x from €210B in 2020.
• Sweden ranked second in Europe for climate tech VC between 2020 and 2024 with €12B, of which €5.3B went to Northvolt alone.
• Female-founded companies took 9.9% of Swedish VC between 2020 and 2024, below the 13% European average and below every Nordic peer.