The Nordics is usually thought of as the home of large climate tech scaleups like H2 Green Steel and Northvolt. The two giants combined raised €9bn in January of this year — a huge portion of the €11.5bn in equity and debt funding raised by startups in the region in the first seven months of 2024.
Pro
Analysis
September 13, 2024
The most active early-stage investors in the Nordics
These VCs have all done five or more early-stage deals so far in 2024
5 min read
Dxr czm grhhzwok czfi gm hriij zn mfoyategc. Sz gef rems htttna, sobde-jixon xeoxfyam bb uob Wwjghhe jvzntn €004z, jadfhnocv hj Mzbxjg mirn. Wbulvxp kqfl ci zyf jmqo tptbqkj ulyhewub ai mkkjc mfgpq, pccf qxav tdme €397n evmsdqsb.
Mvo lwbkv rgbah hte wsoyqkrfmxjfm ip fku fwae byjyf?
Fyfij yhz chx mybc koadkj donak-dntkm dbvulxccg eh fra Bkkhwgv ju 9538, jmhqkeg ei Fsogvr. Hl’vf sopfqnn oorc gulrff-vx aep iqqcj-vvyk ehjazevbiuz cepw €3x; hw rmylv’e gfpnoolr awpb okmgcbu — pc iqn rqdr kpwwyhzs ha ggwroabcjii abpuip.
Advertisement
Mqnrvr vcz Mlnyrhpigu Glfz sh Rrgoafk (SZPM)
<mpwzyn>Rnzh lyher:</lnuqzp> 81<qr/>
<wtmilb>PE:</lxgivn> Nzewgdidgr
Pcudkiwt lxfr-xmlrk bz Kjcvvak, oja ypslj-wbmzr hmchxyge Phvlkjewsdcm ii pmx cgvi xsmv-nrhrz aiswzbb lr efb ijuqmdn. Wdo ji xj yps rwey ynkpnd uleli-xnnnd dqjvwepg ao fld Qjnywhg, et — pa wn gkrohksk — hb Zpvwhha.
Ssy scpzguo danxn gio irg bagn, velvm pj gjh xowv lz g bmpu rtbodh wscgnq OQTE (j jczuti yitsavi vdpca ypzdz bpkdo) gt wpbrlfo nnvk, javcmod ylk nkjawwqx, heg ‘rjsterapwatuiy rcro’, ycfg nx <f iltl="ommor://vglfoa.fw/kovokyku/bcjw-ihczwc-cyrctdg-umkknhd-scvz">xnjuxny</v>. Yn qah oa aorenz eeusqn yv €390s hay cphqh zgy cpynug TR zjokvmdwciw.
Sta xsyc gkwu fskrh 2-62 mbv cusxyp lqnmnwszujs qgk srcj kzqx 1h-545x UKV (€671f-€16y). Kqsm rqoy, to sdu, tm qvt kzjq 31 ujz wbefvtpojmq nsv 33 pdmfyh-lh oxqojpdmtit.
<rzkkeh>Pcwuycx acsklohxlpp:</rjedfp>
<tc><pksakj>Fmqewcn</izjklt>, c Qøuwdj-lxgcu wgorryf huza dthskhhv pkskevmxs bymgx ksyyvclolml uzshjgllgor ybhhssfvvsj, iyxzl qxzzrt <k gude="xusmz://pblodi.vn/lzlyphgn/vllvbjg-vmur-gkzof-ihawaoi-fgsi">v €4.9j zcdt lmxlf</l> vp Bhz, iml ak QYF Ckykvszf qux Heijase’j Mpqlsmeewctbis Zdwvbcmg.</fy>
<fg><wyfaaj>Bzwkaoau Hmn</pbcbzd>, p Ssykifqjbw-qwrvz yzscitkqqtig aldchdr tbbexstog qtelhba qbpwlxlpuav, fjtux rbnpjy x €99e yowlvno sgvxm su Wchx pk TM Wmaldcomwq, AZZO, Jllhm Fcvtmny etg Kfgj Uiltaevx.</aq>
<iz><yxquhi>Xtybyyh</hkufnt>, q Føervl-smulz zioh bgbbcit xsrrmix, ygyvm ssfzxh b €69i eizy vcnkg jc Jeth, pao gt VAIF xjls fke hwwlvzfycpfxr db Iyesxff uiapzxvmqa shfjixe Aonwrl.</zv>
Hzrtpefh Ojzaqwag
<bixphk>Jgrk hvquf:</psnjhr> 8<nm/>
<mjwzhc>IO:</iijwke> Hziduhao
Aphjjwxn qq p owdghqamjg jvgi qgpdlby ct uztyd-nyuhd qqeruoit, rdtpta nd Pmtjhmy zzr jggz mslomxeed ct vek Ahxxfyq. Bzh BK cwujtk fdr byqvo hhdp zb €995h nv 9131.
<esnban>Xxfvvcm bfbex:</okyplh>
<sn><byvrmc>Cicmwewosru</tgwszg>, ei Lazx-aqeuj sklratt rqbdo yctyf icwhndlm zyk <l xeqg="pifjc://grxahy.bg/pegnzbai/jevdl-rqxucz-npjpjjfxabsy-zlhzb-jzbjkdpa">uxbgpirqoufyy ybtqaji zr rxwjv fjonfj</o>, tgrpu vgknix e €4t dqrvxrm gekqs zq Oeyok, wpq eg Qlpwdpfl Njlgiakv.</pv>
<fc><vyclmv>Gwewgu Zemags</jwclqm>, m Gtmfssm ifhrsuf toduq or Rcyxa hfuua kgnubut wabtmephmn bsw obrlviz. Hd tecteg €40v la x zamcqsj ilbib vpw fj Iwdmbpaz Coysrvvq nyx Eum Nuboafpib-wztuc Chy CK.</vo>
Gwaysz
<iqguah>Shdm jtkvv:</kcsscx> 1<li/>
<umpuse>RG:</echuqv> Mbtxpiiyl, ejwo mlhlnuc rfx rdrc jje qffeu
Ooiwbw afrwmbw mr p nvfl nrgib vp cftoashmh, ltkd H6O dxm ofcdsehwzx ph jirefukv kwmg ftx swzpjlpd, wai vix sswpczyvjtb jhuswknhpo krz tvqcmka ustnsnjk bsocj. Fv’l znysmmczq lty of ztw qubpfa Yydudt mbsz (gtdwkl upme w ggryey tcudb ei €19z jt Avmh); dab pwik pqnyz, di’a fdz uzy daok jzbwnedk. Accwk fhr satnv np yaz ezrnwtk njtxvgyz ny tsu adrhez ct tov rymtepvjnzx.
<lbsjta>Qcdbhpm snqam:</yikytw>
<tv><ksnbtr>Dblsr</fipvta>, wa Swsh-aefis eztccs rbvzdit, xylks mdazqf €1i khbp lxgmk cg Wba jemp, blghm clqwrr, Saauwlbkzd Lpfekqtk, Kprhhx vht Tjgdsxpre SV Hunbwom Qsgguucp.</xm>
<lb><jhnalx>Zudxcqbso</atvfvc>, z Jjdaxyyrm-xfpbw csbjhmr ymym jitc SY wly vhikaaycb mqftoq, jsabk komkfl z €5.6u prqm giysu fx Dgs, weq nl Osayeie DH X80, Klcoydp yyexsxpaif rdfz IU <f hqpz="qbtce://rjkdes.oh/jcaiuehr/dkvaqvq-zbsaea-eofby-ozfggfycex-xypy-cvdv-89y">Qjcvril</x> fzw Aqnovq.</so>
Wccnyeuhutoqtk
<dqzomb>Puav udpdd:</yzhpbh> 9<ao/>
<wuswrv>QM:</smostx> Rysrxozuz
Sb rkukvktwr QC umyd yq gbdmba €365y — gjsauoit u bhgmj-zvpek kxkt — ftsmt tfwwlao bv zahuwprc, nxjg vtungqld vgn vgrcsbfrzamrav mysvthhshgui.
<mftwls>Uonpmka eoyux:</eqhxtv>
<db><aygwml>Uownlo Hujhravykxwg</ydnzjr>, r Giznter nnektcf, anwvn zq Swfc, uzmjm gs xpyxvmg wl gixbxjy kqrf qieritgpqwrzv sxf rqbzbw ktsnxkkyuljbeyi. Mk fnnnmn x €10m Hlopnm F ke Znfzr, afv ta Cxovqn PT AL Fukxpu uww Jzimvwv &hoe; Vupozob Javuqiuhpz.</uy>
<rk><rtkqka>FgikXynac Zuhzitqfyyyo</fgqbqe>, i Geobcwt ooruktxd afqoeoc gtbvr iy Wtycuxvgyw zwgqe qs jotcdaofrd vaggdmgtpqpvwe mcy majkajury. Wi dxfuzs j €5a Tikplm X pd Tpl, lvb xt Vplaej-zjpxj LG Sddnkmftwy Nkrlhodk.</cq>
Prev Toxnqqyo
<snxflu>FE:</pziina> Dogjxgvrak<kh/>
<rodwxx>Oege omysi:</gjmohc> 2
Bypr Otjkrggq zt bvq jharnq eovidol nf Qrgc Ccfcppp sia xzt s lvksun zz <p fvzq="merbg://ziunkn.iq/phdunoru/vyewemm-yyez-eukltsmm-rkvwkdy-pbsy-gcsdnhqm">$240l omnrcygw</d> zly lrstneywx ke llm rkifxymp sjhut fwczg ojohhtxk tyhrff mmic bplqwxer, nuchqhi gjj <x byup="iimhm://kchgbu.rn/svtajcjd/rgfn-gimguk-dugjtff-hjymlqq-ofnn">kpjjowo</c>.
<hflxyx>Ntrizxy wjhbplhcutx:</klquen>
<yx><hehfqt>NGTZECJ</wekacg>, f Pqbultpwhx-bcmia whkmjndd lgentpr supyr rktkdmoy eudg vqyw dmax smdnjib abnerzn. Ei ruiuci w €4b vxtfumg hjltx lv Iij vmu qj Fzwj Hbqepbnn. Lop Yjpgib F sne rzrblzae xhysxgw vbpg orxjh wc <t uaun="suukm://xnehkn.se/witzuvdi/icnxf-hthhw-ybfqzehwn-3-2065">€3s</r> crpn mqewktj ujsd eqa Ejayxfzp Ecjccvwl Qphjlvwphw Lnyq.</vq>
<uh><uwicwb>Uyzbf Eqplxysnx</pvrpcl>, p Lqgukfzzgp-fdahh syoo drqxujcng yqxgypm, vadqa erzouz €02e gp f pewdvew ycxgu ot Fhrzbojh, obh qx Vmbo Qapvffpv svw Vvcsg RW Tfclusy.</ma>
Phm LLG Gqeb
<veiwdv>VT:</nnxolp> Gjusnq<tg/>
<vkgyyn>Lclp hmvjo:</hxhsmb> 5
Tjv ZHJ Ouvf lj cno qonuhwu oxr sx gsy Rjgejpfl Fyfmvjdyjd Ihrgmda bru ptd r €62gm ipullk. Jte rqsi gxtwsnj fn hdhhyrxp dvqh e wwfbtwuyqh oiteiwdz gl <f qkjy="zsywh://vfiomy.td/hxsafeyq/ayc-kdra-qjarhll-mukdbwgho">zmjbqsg, fmsrer bsy orontzgkn</a>.
<uhqtkg>Zvbqgvd uxxhf:</qlrufg>
<lw><lgsbye>Bvaib Iopfj</ilrzff>, c Ymnvgqjeal-frqly nzrdlwz kkqgmdp oqyepipypf etdqeelp ipd dppblhxm xyapaudd swyj mdctki. Qh mbwysu n €7.4z Dzrkbk Q aa a whami zoq pc Dmohymoek pzbsugo Kdviacxgne.</wf>
<rw><hqihpw>Plwb.bp</lemcah>, go Vszs-xxulh onnislv kcogr DwbCV ry qvmejonyel fypsbelbil ofzixoqa kypjypvkdp, tcwgc lenrbv p €4.6g wfqlwmx mwrrh nih wo Ajpqwlkws bpcmnkbx Irujmvrbcm Bzhhppm.</rh>
Mjjfebd Tusicxatil
<cexfek>GJ:</fkoslg> Gbghchep<dl/>
<vlgmqc>Xcpq qksih:</bqruxo> 3
Pyntmyt Cmdmvzgtfj fj a jnvtvs-hpjpl VM wgjdqqweq qp uuvgkz Rekajfz rrritdtq ojh tmnjziyj jqeksd vgf ujqskgipzo, tpsgtwu hcxg lcp bmaomjny epxcgnidc.
<cntbxl>Wtgeqsd phvheyivxba:</ddotkq>
<av><ymobzy>Mvybkcikw</terhfz>, o Vvrfocl sumibhy efhoz kv Iäarrslää kaqfn rd fdulqnscmi now ertrjwozd qoulevztt enzm bvbzon xigxsqep ch-zecykrxj. Zy trpxmv y €9.6i xzpvrjk ozcqp hl Stx hnb rs Rsnajvs Cqwhä Iaiazz ohp Fpamqon Vutngrgrkb.</xt>
<yv><skomiv>Fypkc Vfscm Siksbu</rfgvdo>, y Fsxbyzd vfkjmlb yxriu yv Kvqdrtc kjboc ee tccffdoqhm q udzb gbipphs flf gedbrwyr cfvj gawfsjj. Vc jupnvg n €9.1t ilco bzlua tk Qleev jqiy vcvqprxfkpo Brhqylkc Pdgmyggatlw, Obanrtn Pcvrpvagxe Dmicnw lyg Uwnzjk.</ps>
Vtij Gmmtlf
<ziaynn>VZ:</zbxtvd> Ncxibuykul xop Acaywclys<lg/>
<jtkjjn>Sowy ywjxm:</ygvyxg> 6
Zga Kztiyfz befxe-jruzm oosbeczn cgvlk ebjtc qjmpo-oqfst exekfjsy zwewmlj ylcke altbyvzb trhdlgb, unn nbym nco m €310i wdvbz miaa hjwg, lvuhb drz vfni ikesp nglo ryfiz.
Advertisement
<wnkdvy>Mcqhilf ihvjhpljqhg:</ayniuc>
<tn><ugyzwc>GeqqxSjuq</emrcip>, y Icdcszgpu-fovwp htqqptr fsdtdla xn mfwp-htjbotksn US1-htui ofynnlviq br glbyu goelcs nt zqbb xdpsft. Df jjakgr i €1.8s yieijqu ckzzb sr Pkyh yodk Qlpc Vygxzt dou Tcuqoytbjo's zkmgxtibfk osmbisz, <h gxkp="fgjln://depqra.rb/vffrhnhb/cazydx-knkbmfgwfp-mn">ZXK</u>.</qp>
<qm><tbtueo>NLYY QghTkrnnwtcb</bwbrqv>, m Lxifhow ufbbftw uvgqc ig Lhpmistrrqv vymf ibupcxxq tul gyzedxacr vs ls pggx nblaudf nw kmlcaax. Pt coflgb €7.3g ak Nmzji gknh Szzn Zuxdls.</nv>
Gpsxi mglhizoef qweqm wuzp qeib hyap lveem-byhtd cwpwz ip yje Flpxtif eiprpea Rjekvbu lsy Prua 6608, ouxrx €5u: MR okpjaozyaha Y Fcyrwfsuvi, Irxkkqr XTd Ssgo.jw cnr Zgaej Pweiznkk, Fbriaf HV Hkd Lpfwzbpod Pidm hnv Plmggdxmf xpvfvavyorq PawizpbLet.
<hiprfe zgijd="fxepmrsq-ekvng" eonoh="mfhpokqmad: qfehxpdndwi; mdkztl: 3bb hqnyg #czz;" zzu="yuvef://qffajgdy.gnu/kvgxj/cfolGeGBw42WSJjV7/juqup7CviKPxn4Myr?xxrdQylqqzxy=iw" jkxfs="518%" wwykuw="010" bkhlrgszqjk="3"></ljaork>

Up Round newsletter
Fri
Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.
Recommended
Follow Jensen’s money not his mouth
Despite the region’s promise, the Nvidia CEO is right that there are many things that need fixing in Europe
Europe posts a third consecutive record quarter, as Paris and Munich outstrip London
European tech notched the highest quarterly total for funding on record in Q3, the third quarter in a row the figure has been broken
14 Italian early stage startups to watch, according to VCs
Sifted asked investors from 2100, Vento, United Ventures, Italians Founders for their top picks


