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.
Stockholm, Sweden
2020
Series A
-
€355.4m
Sigtuna kommun, Sweden
2019
Series C
€56.4m
€349.9m
Helsinki, Finland
2015
Series D
€123.6m
€274.3m
Espoo, Finland
2018
Late VC
€128m
€235.5m
Sunnfjord, Norway
2016
Growth Equity VC
-
€184.8m
Copenhagen, Denmark
2019
Series B
€122.7m
€172.7m
Göteborgs Stad, Sweden
2019
Series B
€96.4m
€159.8m
Copenhagen, Denmark
2019
Series B
€53.6m
€156.8m
Helsinki, Finland
2016
Series C
€112.7m
€154.5m
Göteborgs Stad, Sweden
2015
Late VC
€50m
€151.8m
Stockholm, Sweden
2016
Late VC
-
€147.9m
Copenhagen, Denmark
2015
Series C
€95.5m
€143.3m
Helsinki, Finland
2017
Series A
€23m
€137m
Stockholm, Sweden
2016
Lending Capital
€285m
€460m
Copenhagen, Denmark
2020
Early VC
€132m
€132m
Stockholm, Sweden
2017
Series C
€30m
€125.3m
Helsinki, Finland
2016
Series D
€36.4m
€120.3m
Oslo, Norway
2020
Grant
€2.8m
€116.2m
Bærum, Norway
2016
Series C
€47.3m
€104.3m
Copenhagen, Denmark
2015
Series C
€73.3m
€104m
Odense, Denmark
2015
Late VC
€5.4m
€86.2m
Lyngby-Taarbæk Municipality, Denmark
2020
Late VC
€86m
€86m
Gothenburg, Sweden
2018
Series A
€31.8m
€85m
Stockholm, Sweden
2016
Series B
€46m
€76m
Aarhus, Denmark
2015
Late VC
€35m
€73m
Copenhagen, Denmark
2015
Growth Equity VC
€50m
€71.5m
Lappeenranta, Finland
2018
Series A
€34m
€69.1m
Stockholm, Sweden
2019
Debt
€6.8m
€69.1m
Copenhagen, Denmark
2015
Convertible
€30m
€68.5m
Oslo, Norway
2018
Series A
€54.5m
€68.2m
Copenhagen, Denmark
2020
Grant
€4.5m
€66.4m
Copenhagen, Denmark
2015
Series B
€62m
€65.5m
Espoo, Finland
2016
Series C
€45m
€62m
Stockholm, Sweden
2016
Late VC
€31.8m
€56.1m
Oslo, Norway
2017
Late VC
€2.5m
€52.1m
Copenhagen, Denmark
2017
Series A
€51m
€51m
Copenhagen, Denmark
2017
Series B
€27.3m
€50m
Copenhagen, Denmark
2016
Series A
€50m
€50m
Copenhagen, Denmark
2020
Series A
€30m
€50m
Stockholm, Sweden
2016
Series B
€30.9m
€49.6m
Stockholm, Sweden
2021
Series A
€36.4m
€47.9m
Copenhagen, Denmark
2017
Grant
€9.3m
€45.5m
Copenhagen, Denmark
2020
Series B
€45.5m
€45.5m
Espoo, Finland
2016
Late VC
-
€44m
Copenhagen, Denmark
2017
Series A
€29.8m
€43.8m
Copenhagen, Denmark
2015
Early VC
€15m
€37.8m
Aalborg, Denmark
2018
Series B
€37m
€37m
Stockholm, Sweden
2016
Series B
€27.3m
€36m
Göteborgs Stad, Sweden
2017
Series A
€24m
€35m
Stockholm, Sweden
2015
Series C
€22.7m
€35m
Kongens Lyngby, Denmark
2015
Series B
€27.3m
€34m
Stockholm, Sweden
2017
Series A
€25m
€31.9m
Odense, Denmark
2016
Late VC
€5.5m
€31.3m
Oslo, Norway
2017
Early VC
€22m
€30.7m
Stockholm, Sweden
2017
Series A
€19.1m
€30.6m
Stockholm, Sweden
2021
Seed
€15m
€30m
Stockholm, Sweden
2020
Early VC
€19m
€29m
Copenhagen, Denmark
2018
Series A
€20m
€28.3m
Copenhagen, Denmark
2016
Series A
€24.6m
€28.1m
Aarhus, Denmark
2019
Early VC
€27.3m
€27.3m
Stockholm, Sweden
2016
Series A
-
€26.1m
Stockholm, Sweden
2016
Early VC
€15m
€25.6m
Helsinki, Finland
2017
Series A
€25m
€25m
Oslo, Norway
2019
Early VC
€25m
€25m
Copenhagen, Denmark
2016
Series A
€17.3m
€23.4m
Göteborgs Stad, Sweden
2016
Series B
€15.5m
€21.1m
Espoo, Finland
2020
Series A
€15m
€20.4m
Solna kommun, Sweden
2019
Series A
€16.5m
€19.8m
Helsinki, Finland
2016
Series A
€14.6m
€19.3m
Oslo, Norway
2015
Series A
€12.7m
€18.2m
Oslo, Norway
2016
Seed
€5.5m
€18.1m
Stockholm, Sweden
2019
Series A
€15.4m
€18.1m
Stockholm, Sweden
2021
Seed
€13.6m
€18m
Copenhagen, Denmark
2018
Series A
€16.4m
€17.7m
Stockholm, Sweden
2018
Series A
€12.6m
€17.3m
Copenhagen, Denmark
2017
Series A
€13.6m
€16.9m
Linköpings kommun, Sweden
2016
Early VC
€8.8m
€16.8m
Oslo, Norway
2020
Series A
€13.6m
€15.6m
Helsinki, Finland
2017
Early VC
€2.2m
€15.2m
Helsinki, Finland
2020
Series A
€13.6m
€15m
Oslo, Norway
2015
Early VC
€14.8m
€14.8m
Copenhagen, Denmark
2015
Series A
€13.6m
€14.6m
Kongens Lyngby, Denmark
2018
Series A
€13.6m
€14.5m
Copenhagen, Denmark
2017
Series A
€6m
€14m
Stockholm, Sweden
2019
Seed
€13.6m
€13.6m
Stockholm, Sweden
2020
Series A
€11m
€13m
Reykjavík, Iceland
2015
Grant
€2.5m
€12.5m
Stockholm, Sweden
2020
Series A
€10m
€11.9m
Uppsala kommun, Sweden
2017
Series A
€9.6m
€11.5m
Copenhagen, Denmark
2016
Series A
€2.2m
€11m
Copenhagen, Denmark
2021
Early VC
€10.9m
€10.9m
Stockholm, Sweden
2020
Seed
€9.1m
€10.9m
Malmö kommun, Sweden
2015
Seed
€1.5m
€10.8m
Helsinki, Finland
2018
Grant
€8m
€10.5m
Malmö kommun, Sweden
2021
Series A
€7.9m
€10.2m
Göteborgs Stad, Sweden
2017
Early VC
€10m
€10m
Varbergs kommun, Sweden
2016
Grant
€2m
€9.8m
Uppsala kommun, Sweden
2017
Series A
€9.3m
€9.3m
Oslo, Norway
2015
Series A
€9.2m
€9.2m
Oslo, Norway
2021
Early VC
€9.1m
€9.1m