Unicorns & thoroughbreds
Unicorns in Sweden
Dealroom tracks 48 unicorns headquartered in Sweden — companies that reached a verified $1B+ valuation — worth $193.6B combined, plus 31 thoroughbreds generating $100M+ in annual revenue. Updated August 2026.
48Unicorns ($1B+ valuation)
1Valued at $10B or more
31Thoroughbreds ($100M+ revenue)
$193.6BCombined unicorn valuation
Every unicorn in Sweden
All 48 companies headquartered in Sweden that reached a verified $1B+ valuation, ranked by latest valuation. Click a company for its full Dealroom profile.
| # | Company | Sector | HQ | Founded | Valuation | Status |
|---|---|---|---|---|---|---|
| 1 | Spotify | eCommerce & Marketplaces | Stockholms kommun | 2006 | $98B | IPO 2018 |
| 2 | Neko Health | Health Tech & Medtech | Stockholms kommun | 2018 | $7B | Private |
| 3 | Lovable | AI | Stockholms kommun | 2023 | $6.6B | Private |
| 4 | Legora | Other | Stockholms kommun | 2023 | $5.6B | Private |
| 5 | Fortnox | Fintech | Växjö kommun | 2001 | $5.3B | IPO 2007 |
| 6 | Klarna | Fintech | Stockholms kommun | 2005 | $4.5B | IPO 2025 |
| 7 | Veoneer | Transportation | Stockholms kommun | 2018 | $4.5B | IPO 2018 |
| 8 | Sinch | Other B2B Software | Stockholms kommun | 2008 | $4.2B | IPO 2015 |
| 9 | Stegra | Energy | Stockholms kommun | 2020 | $4.1B | Private |
| 10 | Camurus | Biotech & Life Sciences | Lund Municipality | 1991 | $4B | IPO 2015 |
| 11 | Bioarctic | Biotech & Life Sciences | Stockholms kommun | 2003 | $3.2B | IPO 2017 |
| 12 | Olink Proteomics | Biotech & Life Sciences | Uppsala kommun | 2016 | $3.2B | Private |
| 13 | NetEnt | Consumer Services | Stockholms kommun | 1996 | $2.7B | IPO 2007 |
| 14 | Silex Microsystems | Semiconductors | Järfälla | 2000 | $2.5B | Private |
| 15 | Zettle | Fintech | Stockholms kommun | 2010 | $2.4B | Private |
| 16 | Kry | Health Tech & Medtech | Stockholms kommun | 2015 | $2B | Private |
| 17 | Tink | Fintech | Stockholms kommun | 2012 | $2B | Private |
| 18 | National Electric Vehicle Sweden - NEVS | Transportation | Trollhättans kommun | 2012 | $1.8B | Private |
| 19 | BONESUPPORT | Biotech & Life Sciences | Lund Municipality | 1999 | $1.7B | IPO 2017 |
| 20 | NCAB Group | Robotics | Stockholms kommun | 1993 | $1.7B | IPO 2018 |
| 21 | Bambora | Fintech | Stockholms kommun | 2015 | $1.6B | Private |
| 22 | Vitrolife | Biotech & Life Sciences | Göteborgs Stad | 1994 | $1.5B | IPO 2002 |
| 23 | Embracer | Other | Karlstads kommun | 1999 | $1.5B | IPO 2016 |
| 24 | Epidemic Sound | Consumer Services | Stockholms kommun | 2009 | $1.4B | Private |
| 25 | Mips | Other | Täby | 2001 | $1.4B | IPO 2017 |
| 26 | MilDef Group | Semiconductors | Helsingborgs kommun | 1997 | $1.3B | IPO 2021 |
| 27 | Paradox Interactive | Other | Stockholms kommun | 1999 | $1.3B | IPO 2016 |
| 28 | Boozt | eCommerce & Marketplaces | Malmö kommun | 2006 | $1.2B | IPO 2017 |
| 29 | Plejd | Energy | Mölndals kommun | 2009 | $1.2B | IPO 2016 |
| 30 | Byredo | eCommerce & Marketplaces | Stockholms kommun | 2006 | $1.1B | Private |
| 31 | Trustly | Fintech | Stockholms kommun | 2008 | $1.1B | Private |
| 32 | Sana Labs | Sana AI | Edtech | Stockholms kommun | 2016 | $1.1B | Private |
| 33 | Calliditas | Biotech & Life Sciences | Stockholms kommun | 2004 | $1B | IPO 2018 |
| 34 | Hemnet | eCommerce & Marketplaces | Stockholms kommun | 1998 | $1B | Private |
| 35 | Xvivo perfusion | Biotech & Life Sciences | Göteborgs Stad | 1998 | $972M | IPO 2012 |
| 36 | Oatly | eCommerce & Marketplaces | Malmö kommun | 1990 | $966M | IPO 2021 |
| 37 | Storytel | Consumer Services | Stockholms kommun | 2005 | $944M | IPO 2015 |
| 38 | Apotea | Biotech & Life Sciences | Stockholms kommun | 2011 | $933M | Private |
| 39 | Einride | Transportation | Stockholms kommun | 2016 | $747M | Public via SPAC 2026 |
| 40 | RevolutionRace | eCommerce & Marketplaces | Borås kommun | 2013 | $742M | IPO 2021 |
| 41 | Raysearch Laboratories | Biotech & Life Sciences | Stockholms kommun | 2000 | $728M | IPO 2004 |
| 42 | Instabee | Transportation | Stockholms kommun | 2022 | $638M | Private |
| 43 | Evolution | Consumer Services | Stockholms kommun | 2006 | $616M | IPO 2015 |
| 44 | BHG Group | eCommerce & Marketplaces | Malmö kommun | 2006 | $605M | Private |
| 45 | Truecaller | Other | Stockholms kommun | 2009 | $592M | IPO 2021 |
| 46 | Cint | Other B2B Software | Stockholms kommun | 1998 | $243M | Private |
| 47 | CELLINK | Biotech & Life Sciences | Göteborgs Stad | 2016 | $116M | IPO 2016 |
| 48 | Mojang Studios | Consumer Services | Stockholms kommun | 2009 | — | Private |
Thoroughbreds — the $100M+ revenue tier
Dealroom's revenue milestone: 31 Sweden companies past $100M in annual revenue, proof of traction beyond paper valuations.
| # | Company | Sector | HQ | Founded | Valuation | Status |
|---|---|---|---|---|---|---|
| 1 | Recipharm | Biotech & Life Sciences | Stockholms kommun | 1995 | $3.8B | IPO 2014 |
| 2 | Stillfront | Consumer Services | Stockholms kommun | 2010 | $803M | IPO 2015 |
| 3 | Acast | Consumer Services | Stockholms kommun | 2013 | $778M | IPO 2021 |
| 4 | Mathem | eCommerce & Marketplaces | Stockholms kommun | 2009 | $726M | Private |
| 5 | Snow Software | Other B2B Software | Solna kommun | 1997 | $721M | Private |
| 6 | Leovegas | Consumer Services | Stockholms kommun | 2012 | $629M | IPO 2015 |
| 7 | Humble Group | Food | Stockholms kommun | 2009 | $566M | IPO 2024 |
| 8 | Voi | Transportation | Stockholms kommun | 2018 | $375M | Private |
| 9 | Doktor.se | Health Tech & Medtech | Stockholms kommun | 2016 | $275M | Private |
| 10 | Matsmart | Energy | Stockholms kommun | 2014 | $251M | Private |
| 11 | NA-KD.com | eCommerce & Marketplaces | Göteborgs Stad | 2015 | $182M | Private |
| 12 | Zound Industries | Consumer Services | Stockholms kommun | 2008 | $169M | Private |
| 13 | Surgical Science | Other | Göteborgs Stad | 1999 | $133M | IPO 2017 |
| 14 | Nelly Group (previously Qliro) | Fintech | Stockholms kommun | 1999 | $132M | IPO 2010 |
| 15 | Tobii | Cybersecurity | Danderyd | 2001 | $110M | IPO 2015 |
| 16 | Novedo Holding | Energy | Stockholms kommun | 2020 | $91M | Private |
| 17 | SolTech Energy | Energy | Stockholms kommun | 2006 | $77M | IPO 2015 |
| 18 | BabyShop | eCommerce & Marketplaces | Stockholms kommun | 2006 | $73M | Private |
| 19 | Asarina Pharma | Biotech & Life Sciences | Solna kommun | 2006 | $55M | IPO 2018 |
| 20 | Rebtel | Fintech | Stockholms kommun | 2006 | $48M | Private |
| 21 | Footway | eCommerce & Marketplaces | Stockholms kommun | 2011 | $43M | IPO 2015 |
| 22 | Maximum Entertainment | Consumer Services | Umeå kommun | 2009 | $33M | IPO 2018 |
| 23 | Orexo | Biotech & Life Sciences | Uppsala kommun | 1995 | $30M | IPO 2005 |
| 24 | Colabitoil Sweden AB | Energy | Gävle kommun | 2013 | $23M | Private |
| 25 | Frilans Finans | Fintech | Uppsala kommun | 1999 | $15M | Private |
| 26 | Bitrefill | Fintech | Stockholms kommun | 2014 | $12M | Private |
| 27 | Quickbit eu AB | Fintech | Stockholms kommun | 2016 | $3M | Private |
| 28 | Transmode Systems | Other | Stockholms kommun | 2000 | — | Private |
| 29 | Acne Studios | Other | Stockholms kommun | 1996 | — | Private |
| 30 | OX2 | Energy | Stockholms kommun | 2004 | — | IPO 2021 |
| 31 | Odd Molly | eCommerce & Marketplaces | Stockholms kommun | 2002 | — | IPO 2007 |
Frequently asked questions
How many unicorns are there in Sweden?
Dealroom tracks 48 unicorns headquartered in Sweden as of August 2026, worth $193.6B combined. 1 of them are valued at $10B or more.
What are the biggest unicorns in Sweden?
The three most valuable are Spotify, Neko Health, Lovable. Stockholms kommun is the top hub with 31 of them.
What counts as a unicorn — and what is a thoroughbred?
A unicorn is a company that reached a $1B+ valuation, verified by Dealroom. A thoroughbred is Dealroom's revenue-based tier: a startup-era company generating $100M+ in annual revenue — traction, not just paper valuation.