Power Law outcomes
Unicorns in Sweden
Dealroom tracks 48 unicorns headquartered in Sweden — companies that reached a verified $1B+ valuation — worth $169.7B combined, plus 30 thoroughbreds generating $100M+ in annual revenue. Updated July 2026.
48Unicorns ($1B+ valuation)
1Valued at $10B or more
30Thoroughbreds ($100M+ revenue)
$169.7BCombined 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 | $82B | IPO 2018 |
| 2 | Lovable | AI | Stockholms kommun | 2023 | $6.6B | Private |
| 3 | Legora | Other | Stockholms kommun | 2023 | $5.6B | Private |
| 4 | Fortnox | Fintech | Växjö kommun | 2001 | $5.3B | IPO 2007 |
| 5 | Veoneer | Transportation | Stockholms kommun | 2018 | $4.5B | IPO 2018 |
| 6 | Stegra | Energy | Stockholms kommun | 2020 | $4.1B | Private |
| 7 | Camurus | Biotech & Life Sciences | Lund Municipality | 1991 | $3.4B | IPO 2015 |
| 8 | Sinch | Other B2B Software | Stockholms kommun | 2008 | $3.2B | IPO 2015 |
| 9 | Olink Proteomics | Biotech & Life Sciences | Uppsala kommun | 2016 | $3.2B | Private |
| 10 | Bioarctic | Biotech & Life Sciences | Stockholms kommun | 2003 | $3.2B | IPO 2017 |
| 11 | NetEnt | Consumer Services | Stockholms kommun | 1996 | $2.7B | IPO 2007 |
| 12 | Dometic Group | Other | Solna kommun | 2001 | $2.7B | Private |
| 13 | Zettle | Fintech | Stockholms kommun | 2010 | $2.4B | Private |
| 14 | Itiviti | Fintech | Stockholms kommun | 2016 | $2.3B | Private |
| 15 | Kry | Health Tech & Medtech | Stockholms kommun | 2015 | $2B | Private |
| 16 | Tink | Fintech | Stockholms kommun | 2012 | $2B | Private |
| 17 | Klarna | Fintech | Stockholms kommun | 2005 | $1.9B | IPO 2025 |
| 18 | National Electric Vehicle Sweden - NEVS | Transportation | Trollhättans kommun | 2012 | $1.8B | Private |
| 19 | Neko Health | Health Tech & Medtech | Stockholms kommun | 2018 | $1.8B | Private |
| 20 | Vitrolife | Biotech & Life Sciences | Göteborgs Stad | 1994 | $1.8B | IPO 2002 |
| 21 | NCAB Group | Robotics | Stockholms kommun | 1993 | $1.7B | IPO 2018 |
| 22 | Bambora | Fintech | Stockholms kommun | 2015 | $1.6B | Private |
| 23 | BONESUPPORT | Biotech & Life Sciences | Lund Municipality | 2000 | $1.6B | IPO 2017 |
| 24 | Embracer | Other | Karlstads kommun | 1999 | $1.4B | IPO 2016 |
| 25 | Hemnet | eCommerce & Marketplaces | Stockholms kommun | 1998 | $1.4B | Private |
| 26 | Epidemic Sound | Consumer Services | Stockholms kommun | 2009 | $1.4B | Private |
| 27 | Einride | Transportation | Stockholms kommun | 2016 | $1.4B | Private |
| 28 | Plejd | Energy | Mölndals kommun | 2009 | $1.3B | IPO 2016 |
| 29 | Paradox Interactive | Other | Stockholms kommun | 1999 | $1.3B | IPO 2016 |
| 30 | Byredo | eCommerce & Marketplaces | Stockholms kommun | 2006 | $1.1B | Private |
| 31 | Sana Labs | Sana AI | Edtech | Stockholms kommun | 2016 | $1.1B | Private |
| 32 | Trustly | Fintech | Stockholms kommun | 2008 | $1.1B | Private |
| 33 | Calliditas | Biotech & Life Sciences | Stockholms kommun | 1992 | $1B | IPO 2018 |
| 34 | MilDef Group | Semiconductors | Helsingborgs kommun | 1997 | $1B | IPO 2021 |
| 35 | Xvivo perfusion | Biotech & Life Sciences | Göteborgs Stad | 1998 | $1B | IPO 2012 |
| 36 | Apotea | Biotech & Life Sciences | Stockholms kommun | 2011 | $1B | Private |
| 37 | Boozt | eCommerce & Marketplaces | Malmö kommun | 2006 | $920M | IPO 2017 |
| 38 | Mips | Other | Täby | 2001 | $893M | IPO 2017 |
| 39 | Oatly | eCommerce & Marketplaces | Malmö kommun | 1990 | $873M | IPO 2021 |
| 40 | Storytel | Consumer Services | Stockholms kommun | 2005 | $827M | IPO 2015 |
| 41 | Raysearch Laboratories | Biotech & Life Sciences | Stockholms kommun | 2000 | $753M | IPO 2004 |
| 42 | BHG Group | eCommerce & Marketplaces | Malmö kommun | 2006 | $714M | Private |
| 43 | RevolutionRace | eCommerce & Marketplaces | Borås kommun | 2013 | $674M | IPO 2021 |
| 44 | Instabee | Transportation | Stockholms kommun | 2022 | $638M | Private |
| 45 | Truecaller | Other | Stockholms kommun | 2009 | $361M | IPO 2021 |
| 46 | Cint | Other B2B Software | Stockholms kommun | 1998 | $237M | Private |
| 47 | CELLINK | Biotech & Life Sciences | Göteborgs Stad | 2016 | $171M | IPO 2016 |
| 48 | Mojang Studios | Consumer Services | Stockholms kommun | 2009 | — | Private |
Thoroughbreds — the $100M+ revenue tier
Dealroom's revenue milestone: 30 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 | $792M | IPO 2015 |
| 3 | Mathem | eCommerce & Marketplaces | Stockholms kommun | 2009 | $726M | Private |
| 4 | Snow Software | Other B2B Software | Solna kommun | 1997 | $721M | Private |
| 5 | Acast | Consumer Services | Stockholms kommun | 2013 | $647M | IPO 2021 |
| 6 | Humble Group | Food | Stockholms kommun | 2009 | $632M | IPO 2024 |
| 7 | Leovegas | Consumer Services | Stockholms kommun | 2012 | $629M | IPO 2015 |
| 8 | Voi | Transportation | Stockholms kommun | 2018 | $375M | Private |
| 9 | Matsmart | Energy | Stockholms kommun | 2014 | $251M | Private |
| 10 | NA-KD.com | eCommerce & Marketplaces | Göteborgs Stad | 2015 | $182M | Private |
| 11 | Zound Industries | Consumer Services | Stockholms kommun | 2008 | $169M | Private |
| 12 | Nelly Group (previously Qliro) | Fintech | Stockholms kommun | 1999 | $143M | IPO 2010 |
| 13 | Surgical Science | Other | Göteborgs Stad | 1999 | $133M | IPO 2017 |
| 14 | Tobii | Cybersecurity | Danderyd | 2001 | $116M | IPO 2015 |
| 15 | SolTech Energy | Energy | Stockholms kommun | 2006 | $109M | IPO 2015 |
| 16 | Novedo Holding | Energy | Stockholms kommun | 2020 | $91M | Private |
| 17 | BabyShop | eCommerce & Marketplaces | Stockholms kommun | 2006 | $73M | Private |
| 18 | Asarina Pharma | Biotech & Life Sciences | Solna kommun | 2006 | $55M | IPO 2018 |
| 19 | Rebtel | Fintech | Stockholms kommun | 2006 | $48M | Private |
| 20 | Footway | eCommerce & Marketplaces | Stockholms kommun | 2011 | $43M | IPO 2015 |
| 21 | Orexo | Biotech & Life Sciences | Uppsala kommun | 1995 | $35M | IPO 2005 |
| 22 | Maximum Entertainment | Consumer Services | Umeå kommun | 2009 | $33M | IPO 2018 |
| 23 | Colabitoil Sweden AB | Energy | Gävle kommun | 2013 | $23M | Private |
| 24 | Frilans Finans | Fintech | Uppsala kommun | 1999 | $15M | Private |
| 25 | Bitrefill | Fintech | Stockholms kommun | 2014 | $12M | Private |
| 26 | Quickbit eu AB | Fintech | Stockholms kommun | 2016 | $3M | Private |
| 27 | OX2 | Energy | Stockholms kommun | 2004 | — | IPO 2021 |
| 28 | Transmode Systems | Other | Stockholms kommun | 2000 | — | Private |
| 29 | Acne Studios | Other | Stockholms kommun | 1996 | — | Private |
| 30 | 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 July 2026, worth $169.7B combined. 1 of them are valued at $10B or more.
What are the biggest unicorns in Sweden?
The three most valuable are Spotify, Lovable, Legora. 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.