Rankings

The Nordic startups and scaleups to watch in 2023

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 and Sifted's startup outreach in the lead up to publication.

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Stockholm, Sweden

2020

Series A

-

€355.4m

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Sigtuna kommun, Sweden

2019

Series C

€56.4m

€349.9m

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Helsinki, Finland

2015

Series D

€123.6m

€274.3m

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Espoo, Finland

2018

Late VC

€128m

€235.5m

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Sunnfjord, Norway

2016

Growth Equity VC

-

€184.8m

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Copenhagen, Denmark

2019

Series B

€122.7m

€172.7m

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Göteborgs Stad, Sweden

2019

Series B

€96.4m

€159.8m

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Copenhagen, Denmark

2019

Series B

€53.6m

€156.8m

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Helsinki, Finland

2016

Series C

€112.7m

€154.5m

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Göteborgs Stad, Sweden

2015

Late VC

€50m

€151.8m

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Stockholm, Sweden

2016

Late VC

-

€147.9m

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Copenhagen, Denmark

2015

Series C

€95.5m

€143.3m

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Helsinki, Finland

2017

Series A

€23m

€137m

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Stockholm, Sweden

2016

Lending Capital

€285m

€460m

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Copenhagen, Denmark

2020

Early VC

€132m

€132m

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Stockholm, Sweden

2017

Series C

€30m

€125.3m

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Helsinki, Finland

2016

Series D

€36.4m

€120.3m

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Oslo, Norway

2020

Grant

€2.8m

€116.2m

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Bærum, Norway

2016

Series C

€47.3m

€104.3m

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Copenhagen, Denmark

2015

Series C

€73.3m

€104m

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Odense, Denmark

2015

Late VC

€5.4m

€86.2m

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Lyngby-Taarbæk Municipality, Denmark

2020

Late VC

€86m

€86m

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Gothenburg, Sweden

2018

Series A

€31.8m

€85m

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Stockholm, Sweden

2016

Series B

€46m

€76m

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Aarhus, Denmark

2015

Late VC

€35m

€73m

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Copenhagen, Denmark

2015

Growth Equity VC

€50m

€71.5m

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Lappeenranta, Finland

2018

Series A

€34m

€69.1m

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Stockholm, Sweden

2019

Debt

€6.8m

€69.1m

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Copenhagen, Denmark

2015

Convertible

€30m

€68.5m

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Oslo, Norway

2018

Series A

€54.5m

€68.2m

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Copenhagen, Denmark

2020

Grant

€4.5m

€66.4m

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Copenhagen, Denmark

2015

Series B

€62m

€65.5m

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Espoo, Finland

2016

Series C

€45m

€62m

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Stockholm, Sweden

2016

Late VC

€31.8m

€56.1m

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Oslo, Norway

2017

Late VC

€2.5m

€52.1m

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Copenhagen, Denmark

2017

Series A

€51m

€51m

Logo

Copenhagen, Denmark

2017

Series B

€27.3m

€50m

Logo

Copenhagen, Denmark

2016

Series A

€50m

€50m

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Copenhagen, Denmark

2020

Series A

€30m

€50m

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Stockholm, Sweden

2016

Series B

€30.9m

€49.6m

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Stockholm, Sweden

2021

Series A

€36.4m

€47.9m

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Copenhagen, Denmark

2017

Grant

€9.3m

€45.5m

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Copenhagen, Denmark

2020

Series B

€45.5m

€45.5m

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Espoo, Finland

2016

Late VC

-

€44m

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Copenhagen, Denmark

2017

Series A

€29.8m

€43.8m

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Copenhagen, Denmark

2015

Early VC

€15m

€37.8m

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Aalborg, Denmark

2018

Series B

€37m

€37m

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Stockholm, Sweden

2016

Series B

€27.3m

€36m

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Göteborgs Stad, Sweden

2017

Series A

€24m

€35m

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Stockholm, Sweden

2015

Series C

€22.7m

€35m

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Kongens Lyngby, Denmark

2015

Series B

€27.3m

€34m

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Stockholm, Sweden

2017

Series A

€25m

€31.9m

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Odense, Denmark

2016

Late VC

€5.5m

€31.3m

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Oslo, Norway

2017

Early VC

€22m

€30.7m

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Stockholm, Sweden

2017

Series A

€19.1m

€30.6m

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Stockholm, Sweden

2021

Seed

€15m

€30m

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Stockholm, Sweden

2020

Early VC

€19m

€29m

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Copenhagen, Denmark

2018

Series A

€20m

€28.3m

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Copenhagen, Denmark

2016

Series A

€24.6m

€28.1m

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Aarhus, Denmark

2019

Early VC

€27.3m

€27.3m

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Stockholm, Sweden

2016

Series A

-

€26.1m

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Stockholm, Sweden

2016

Early VC

€15m

€25.6m

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Helsinki, Finland

2017

Series A

€25m

€25m

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Oslo, Norway

2019

Early VC

€25m

€25m

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Copenhagen, Denmark

2016

Series A

€17.3m

€23.4m

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Göteborgs Stad, Sweden

2016

Series B

€15.5m

€21.1m

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Espoo, Finland

2020

Series A

€15m

€20.4m

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Solna kommun, Sweden

2019

Series A

€16.5m

€19.8m

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Helsinki, Finland

2016

Series A

€14.6m

€19.3m

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Oslo, Norway

2015

Series A

€12.7m

€18.2m

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Oslo, Norway

2016

Seed

€5.5m

€18.1m

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Stockholm, Sweden

2019

Series A

€15.4m

€18.1m

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Stockholm, Sweden

2021

Seed

€13.6m

€18m

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Copenhagen, Denmark

2018

Series A

€16.4m

€17.7m

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Stockholm, Sweden

2018

Series A

€12.6m

€17.3m

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Copenhagen, Denmark

2017

Series A

€13.6m

€16.9m

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Linköpings kommun, Sweden

2016

Early VC

€8.8m

€16.8m

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Oslo, Norway

2020

Series A

€13.6m

€15.6m

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Helsinki, Finland

2017

Early VC

€2.2m

€15.2m

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Helsinki, Finland

2020

Series A

€13.6m

€15m

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Oslo, Norway

2015

Early VC

€14.8m

€14.8m

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Copenhagen, Denmark

2015

Series A

€13.6m

€14.6m

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Kongens Lyngby, Denmark

2018

Series A

€13.6m

€14.5m

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Copenhagen, Denmark

2017

Series A

€6m

€14m

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Stockholm, Sweden

2019

Seed

€13.6m

€13.6m

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Stockholm, Sweden

2020

Series A

€11m

€13m

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Reykjavík, Iceland

2015

Grant

€2.5m

€12.5m

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Stockholm, Sweden

2020

Series A

€10m

€11.9m

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Uppsala kommun, Sweden

2017

Series A

€9.6m

€11.5m

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Copenhagen, Denmark

2016

Series A

€2.2m

€11m

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Copenhagen, Denmark

2021

Early VC

€10.9m

€10.9m

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Stockholm, Sweden

2020

Seed

€9.1m

€10.9m

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Malmö kommun, Sweden

2015

Seed

€1.5m

€10.8m

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Helsinki, Finland

2018

Grant

€8m

€10.5m

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Malmö kommun, Sweden

2021

Series A

€7.9m

€10.2m

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Göteborgs Stad, Sweden

2017

Early VC

€10m

€10m

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Varbergs kommun, Sweden

2016

Grant

€2m

€9.8m

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Uppsala kommun, Sweden

2017

Series A

€9.3m

€9.3m

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Oslo, Norway

2015

Series A

€9.2m

€9.2m

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Oslo, Norway

2021

Early VC

€9.1m

€9.1m