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Nordic techies have clearly blazed a trail in Europe over the past two decades — consistently punching above their weight. 

The region has given rise to global giants like Spotify, Klarna and Skype, and its startup investment per capita far exceeds the regional average for many.

Like most European tech ecosystems, Nordic VC investment took a hit across the board in 2022, falling 29% year-on-year. But growing investor interest in core sectors — such as climate tech and sustainability — and a robust tech culture are tempering Nordic’s tech winter.  

This data was sourced from [Dealroom](https://dealroom.co/) and [Sifted's startup outreach](https://sifted.eu/pro/briefings) in the lead up to publication. 

Sifted compiled our annual list of most promising amongst Nordic startups. Which are the companies to watch in 2023?

The Nordic startups and scaleups to watch in 2023

The number of unicorns — current or exited — in an investor’s portfolio has long been considered a barometer of their success. The earlier the investment, the higher the return. 

Europe is home to over 120 unicorns, so who’s got the best eye — both in Europe and overseas — for finding needles in the haystack?

If there are any investors missing from this list, or something needs updating, please let us know by email at rankings@sifted.eu.

Sifted tracked Europe's finest cap tables for current or exited $1b+ startups.

Europe’s unicorn investors, tracked.

Europe’s unicorn investors

Unicorns aren’t the rare beast they once were in European tech — despite the long odds that companies shooting for that milestone still face. 

Europe is now home to over 120 unicorns, according to Sifted’s definition, 68 of which graduated in 2021 alone — more than triple the 18 new entries of 2020 and four times as many as all unicorns minted on the continent before 2014. That means Europe made more than five unicorns a month in 2021. 

To help you keep track of it all, Sifted’s team has compiled a list of Europe’s unicorns using data from [European Startups](https://europeanstartups.co/) and our own research — with valuation estimates from [Dealroom](https://app.dealroom.co/). We’ll update the list whenever a new company hits the billion-dollar valuation. 

Sifted defines a unicorn as a privately held, VC-backed company valued at $1bn. To be considered unicorns, startups must have: reached a $1bn valuation on any round previous to IPO or acquisition, been founded after 2005 and be both founded and headquartered in Europe. Companies valued at $1bn at IPO but never at any prior financing stage are not considered unicorns as they are no longer privately held at that valuation.

Note: if there is anyone missing from this list, or something needs updating, please let us know by email at rankings@sifted.eu

For an in-depth analysis of the latest unicorn cohort check out our Pro briefing on [Europe's 2022 unicorns](https://sifted.eu/pro/briefings/europe-2022-unicorns).

Europe’s startup unicorns

The European ‘boot’ is one of only four countries — the others being France, Switzerland and Belgium — that have maintained positive growth rates over the first three quarters of 2022. Some $1.8bn has been poured into Italian startups so far this year, just twelve months after investment surpassed the $1bn ceiling for the first time. 

Note: all featured companies were launched after 2010 and headquartered in Italy. Think we missed any? Let us know at rankings@sifted.eu

For in-depth early-stage analysis of all sectors and ecosystems, check out our [Pro briefings](https://sifted.eu/pro/briefings).

A late bloomer by many standards, Italy’s tech scene has been riding an exceptional growth wave in 2022.

The Italian startups and scaleups to watch in 2022

The small but mighty Benelux region (comprising Belgium, the Netherlands and Luxembourg) has recently emerged as one Europe’s most strategic startup ecosystems.

Its sectoral diversity, tech-driven institutions and network of international talent have led to the birth of more than 15k startups over the past decade, with both the Netherlands and Belgium above average when it comes to the most startups per 1m population.

Amongst ever evolving developments, we’ve listed 100 startups to watch across the three countries — a mix of new faces, established scaleups and under-the-radar innovators spanning all major tech sectors. Find out who joins the likes of Dott, Otrium, Lightyear and Mosa Meat.

Note: all featured companies were launched in 2015 or later and have raised at least once in the past two years.

For in-depth early-stage analysis of all sectors and ecosystems, check out our [Pro briefings](https://sifted.eu/pro/briefings).

Small but mighty: startups to watch across Belgium, the Netherlands and Luxembourg

Benelux startups and scaleups to watch in 2022

We compiled the first annual ranking of 100 VC-backed, business-to-business companies using a data based methodology. The vast majority are currently valued at over $100m and could some day join the ranks of Europe's $1bn-plus startups. 

Download the full report [here](https://sifted.eu/intelligence/reports/europe-s-rising-100).

This Sifted Intelligence report lists 100 high-flying business-to-business companies that could someday join the ranks of Europe's $1bn-plus startups.

Europe's B2B rising 100

The reference point of Europe’s tech landscape, the UK tops virtually every chart and metric of the region’s startup universe.

Its 48 unicorns and 40,000 startups get the most funding, close the most deals, and realise the most exits than any other country across the continent. It’s an increasingly mature tech space capable of pulling its weight against other global ecosystems.

While growth rates have slowed down in line with global market turmoil, the UK’s ecosystem value jumped 42.8% in 2021, and is steadily approaching $1tn — as much as Germany, France and Sweden combined, and third worldwide, according to Dealroom.

Sifted ranked the most promising startups across the UK in a weighted selection of new entries, older faces and fast-growing hits.

Note: if there is anyone missing from this list, or something needs updating, please let us know by email at rankings@sifted.eu

For in-depth early-stage analysis of all sectors and ecosystems, check out our [Pro briefings](https://sifted.eu/pro/briefings).

The UK is still Europe’s leading startup hub, attracting $40.6bn in venture capital funding in 2021

UK tech startups and scaleups to watch in 2022

Home to the likes of Cabify, Glovo, and Paack, Spain is not only the leader of southern Europe’s tech scene, but also a competitive player across the continent.

The value of the Spanish ecosystem — measured as the total valuation of its startups — has grown nearly 40% on average each year over the last five years. The country closed the doors to 2021 with a blazing $500m Series E for staffing marketplace Jobandtalent, and walked into 2022 with another €101m Series E for Barcelona-based TravelPerk, adding up to its growing unicorn tally.

High hopes are set upon the fleet of exciting startups leading the way in the country. Sifted ranked the most promising amongst them — including big hits, household names and fast-growing wonders.

Note: if there is anyone missing from this list, or something needs updating, please let us know by email at rankings@sifted.eu

For in-depth early-stage analysis of all sectors and ecosystems, check out our [Pro briefings](https://sifted.eu/pro/briefings).

Spain has a rapidly growing ecosystem of entrepreneurs, angel investors, early-stage incubators and venture capital funds.

The Spanish startups and scaleups to watch in 2022

A mere decade ago, the Baltic startup scene was just in its infancy.

Since then, the region has consistently punched above its weight, creating global success stories, including mobility startup Bolt, secondhand marketplace Vinted, print-on-demand service Printful, and Skype. Call it the land of unicorns.

Sifted compiled a list of the startups to keep an eye on across the three countries, a mix of new entries and some more familiar names boasting significant growth since their last feature. The list excludes startups that have relocated outside the region.

If there is anyone missing from this list, please let us know by email at rankings@sifted.eu

For in-depth early-stage analysis of all sectors and ecosystems, check out our [Pro briefings](https://sifted.eu/pro/briefings).

The Baltics is one of Europe's most exciting startup regions. So who should be on your watchlist?

The Baltic startups and scaleups to watch in 2022

German tech has long been the leader in continental Europe. The country already has dozens of VC-backed unicorns — companies valued at over $1bn — including the likes of Personio, Celonis, Gorillas, and Flink. But there’s also a notable fleet of fast-growing new players.

We’ve ranked the startups we think will be making moves in 2022.

Note: if there is anyone missing from this list, or something needs updating, please let us know by email at rankings@sifted.eu

For in-depth early-stage analysis of all sectors and ecosystems, check out our [Pro briefings](https://sifted.eu/pro/briefings).

Sifted ranked the up-and-coming German startups to watch in 2022

German tech startups and scaleups to watch in 2022

European fintech doesn’t need much of an introduction.

The three most highly-valued startups in Europe — Klarna, Checkout.com, and Revolut — are fintechs, and so are 35% of unicorns. Friendly regulators and eager consumers, as well as the tailwind of increased digital transformation needs have continued to buoy the sector.

While many of Europe’s biggest fintechs are household names, we’ve created a list of some of the promising — if maybe not as well known — fintech startups in Europe in 2022.

While we prioritise younger startups, we included all relevant ones, and at least one per European country.

Note: if there is anyone missing from this list, or something needs updating, please let us know by email at rankings@sifted.eu

For in-depth early-stage analysis of all sectors and ecosystems, check out our [Pro briefings](https://sifted.eu/pro/briefings).

Hot startups from the hottest European sector

The European fintechs to watch in 2022

French tech has long nipped at the heels of the UK and Germany — the two largest European tech ecosystems. 2021 showed France’s startups were truly a force to be reckoned with. 

French startups welcomed $13.1bn in funding in 2021, 11.6% of the total for the continent. There were 28 $100m+ deals, and more than 1,350 new startups were formed. 

But which companies will be the breakout successes of this year? We’ve ranked the promising startups that we think are the ones to watch in 2022 as French tech goes from strength to strength.

For in-depth early-stage analysis of all sectors and ecosystems, check out our [Pro briefings](https://sifted.eu/pro/briefings).

The startups from one of Europe's hottest tech hubs