One of the most active ecosystems in Europe, the Nordics have fostered some of the continent’s finest startups — including giants of the likes of Klarna, Pleo, Aiven, and Oda, as well as 15 more unicorns.
Four out of five countries had record-breaking spells in 2021, with the highest aggregate funding ever recorded in the region and some of the largest rounds in Europe. Even in view of unstable market conditions, Nordic startups are going strength to strength to consolidate their presence across the continent. Sifted ranked the most promising amongst them, including new faces, rising stars, and under-the-radar players.
Note: if there is anyone missing from this list, or anything needs updating, please let us know by email at [email protected]
For in-depth early-stage analysis of all sectors and ecosystems, check out our Pro briefings.
Sigtuna, Sweden
2019
Series C
€236.4m
€293.6m
Helsinki, Finland
2015
Series D
€122m
€274m
Førde, Norway
2016
Series C
€90.9m
€184.8m
Gothenburg, Sweden
2019
Series B
€96.4m
€159.8m
Helsinki, Finland
2016
Series C
€112.7m
€154.5m
Stockholm, Sweden
2015
Late VC
€44m
€150.7m
Oslo, Norway
2013
Series D
€113.6m
€148m
Copenhagen, Denmark
2015
Series C
€95.5m
€143.3m
Copenhagen, Denmark
2011
Late VC
€42.7m
€137.3m
Stockholm, Sweden
2014
Late VC
€57.1m
€118.7m
Copenhagen, Denmark
2014
Series F
€54.5m
€110.1m
Espoo, Finland
2018
Early VC
€40m
€107.5m
Copenhagen, Denmark
2015
Series C
€73.3m
€104m
Copenhagen, Denmark
2019
Series B
€70.9m
€103.1m
Stockholm, Sweden
2014
Series C
€24.6m
€101.6m
Stockholm, Sweden
2020
Series A
€95.5m
€95.5m
Stockholm, Sweden
2017
Late VC
€44.8m
€95.3m
Copenhagen, Denmark
2015
Late VC
€40.9m
€92.2m
Sundbybergs kommun, Sweden
2013
Series C
€90.9m
€90.9m
Odense, Denmark
2013
Late VC
€46.4m
€90.7m
Denmark
2020
Late VC
€86m
€86m
Helsinki, Finland
2016
Debt
€20m
€83.9m
Kópavogur, Iceland
2013
Series B
€50m
€80.6m
Stockholm, Sweden
2016
Early VC
€55m
€76.5m
Aarhus, Denmark
2015
Late VC
€35m
€73m
Kempele, Finland
2011
Debt
€15m
€71.5m
Copenhagen, Denmark
2015
Convertible
€30m
€68.5m
Oslo, Norway
2018
Series A
€54.5m
€68.2m
Copenhagen, Denmark
2020
Series A
€66.4m
€66.4m
Copenhagen, Denmark
2015
Series B
€56.4m
€65.5m
Copenhagen, Denmark
2014
Early VC
€54.5m
€65.2m
Espoo, Finland
2016
Series C
€45m
€62m
Stockholm, Sweden
2017
Series B
€40.9m
€61.4m
Stockholm, Sweden
2011
Late VC
€40.9m
€60.2m
Stockholm, Sweden
2016
Late VC
€31.8m
€56.1m
Stavanger, Norway
2014
Series B
€31.8m
€55.5m
Oslo, Norway
2012
Series C
€25.9m
€51.9m
Copenhagen, Denmark
2017
Series A
€51m
€51m
Flemming, Denmark
2016
Early VC
€50m
€50m
Copenhagen, Denmark
2016
Series A
€50m
€50m
Copenhagen, Denmark
2019
Series A
€50m
€50m
Oslo, Norway
2017
Late VC
€3.6m
€49.7m
Espoo, Finland
2015
Series B
€25.8m
€49.5m
Sundbybergs kommun, Sweden
2021
Series A
€36.4m
€47.9m
Gothenburg, Sweden
2018
Series A
€31.8m
€46.2m
Stockholm, Sweden
2014
Series A
€45.5m
€45.5m
Copenhagen, Denmark
2020
Series B
€45.5m
€45.5m
Copenhagen, Denmark
2017
Series A
€29.8m
€43.8m
Södertälje, Sweden
2014
Series B
€42.7m
€42.7m
Værløse, Denmark
2019
Series A
€40.9m
€40.9m
Hafnarfjörður, Iceland
2018
Early VC
€24.5m
€40.8m
Copenhagen, Denmark
2017
Series B
€27.3m
€39.3m
Helsinki, Finland
2016
Series B
€36.4m
€38.7m
Gothenburg, Sweden
2017
Series A
€24m
€35.1m
Stockholm, Sweden
2015
Series C
€22.7m
€35m
Stockholm, Sweden
2017
Series A
€25m
€31.9m
Gothenburg, Sweden
2018
Series A
€24m
€31m
Stockholm, Sweden
2021
Seed
€13.6m
€30.9m
Helsinki, Finland
2019
Series B
€20.8m
€30.2m
Helsinki, Finland
2021
Early VC
€29m
€29m
Helsinki, Finland
2010
Series B
€25.4m
€28.7m
København, Denmark
2018
Series A
€20m
€28.3m
Copenhagen, Denmark
2016
Series A
€24.6m
€28.1m
Oslo, Norway
2020
Private Placement VC
€25.3m
€25.3m
Oslo, Norway
2019
Early VC
€25m
€25m
Stockholm, Sweden
2016
Late VC
€17.8m
€24.3m
Stockholm, Sweden
2018
Series A
€20.9m
€23.9m
Helsinki, Finland
2017
Series A
€22.7m
€22.7m
Reykjavík, Iceland
2015
Series B
€18.2m
€22.6m
Oslo, Norway
2016
Series A
€15m
€21.8m
Gothenburg, Sweden
2016
Series B
€15.5m
€21.1m
Vedbæk, Denmark
2021
Series A
€20.4m
€20.4m
Espoo, Finland
2020
Series A
€15m
€20.4m
Espoo, Finland
2013
Series B
€16.4m
€20.4m
Copenhagen, Denmark
2020
Series A
€15m
€20m
Solna Kommun, Sweden
2019
Series A
€16.5m
€19.8m
Kongens Lyngby, Denmark
2016
Series A
€15.4m
€18.6m
Stockholm, Sweden
2019
Series A
€15.4m
€18.1m
Stockholm, Sweden
2016
-
€3.2m
€18m
Copenhagen, Denmark
2018
Series A
€16.4m
€17.7m
Reykjavík, Iceland
2018
Series A
€10.9m
€17.5m
Copenhagen, Denmark
2017
Series A
€13.6m
€16.9m
Oslo, Norway
2019
Series A
€12.7m
€15m
Helsinki, Finland
2014
Debt
€150m
€15m
Stockholm, Sweden
2020
Series A
€11m
€13m
Stockholm, Sweden
2014
Series A
€10m
€11.9m
Copenhagen, Denmark
2021
Early VC
€10.9m
€10.9m
Malmo, Sweden
2021
Series A
€7.9m
€10.2m
Helsinki, Finland
2022
Seed
€10m
€10m
Stockholm, Sweden
2021
Seed
€136.4m
€9.1m
Helsinki, Finland
2017
Seed
€5.6m
€6.2m
Stockholm, Sweden
2017
Seed
€2.6m
€5.3m
Helsinki, Finland
2017
Seed
€3.6m
€3.6m