The Nordics Startup Ecosystem
Are the Nordics one of the best places to build a startup? We map out the ecosystem - discovering the latest startups, the investors to raise from, and where capital is flowing
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THE NORDICS ECOSYSTEM
Did you know the Nordics are home to just 28 million people? Despite being one of Europe's smallest regions, they produce hundreds of new startups annually - some of which go on to become unicorns.
With a lot of eyes on the region, after Lovable’s recent rise to fame, we take a closer look at what makes the Nordic startup ecosystem a place to watch, the most active investors and startup hubs in the region, the startups you should know about and which companies might just be the next breakout success story.
I’ve spent a lot of time in the Nordics, especially Sweden, and the energy there feels unique compared to other major European startup hubs like London, Paris, or Berlin where I’ve also spent a lot of time.
What I love about the Nordics is the fact that the cities are clean, people are kind (and well-dressed) and the startup scene is emerging - although it can feel a bit bleak in the winter, with the sun not rising until 8 AM and setting as early as 3 PM!
Throughout this edition, you will find:
A deep dive into the Nordics startup landscape
Success stories across the region
Who are the most active investors
The unicorns landscape
Become a paid subscriber and receive full access to the edition which includes:
Discovering 90+ of the most promising startups across the Nordics
Fundraising activity - which deals and stages are being funded
2025 European venture investing: City benchmarking on where the dollars are being invested
NORDICS SUCCESS STORIES
The Nordics have produced a remarkable array of success stories, especially in consumer products. Companies like Spotify, Klarna, and Skype stand out as global leaders. Here, we take a closer look at a few others - exploring what they set out to build and what they ultimately pioneered.
Spotify (Sweden, founded 2006)
Music streaming platform that revolutionized how people listen to music globally.
Pioneered the “freemium” model and helped combat music piracy.
Founded by Daniel Ek and Martin Lorentzon; now the world’s top music streaming service.
Klarna (Sweden, founded 2005)
Leading fintech company specializing in “buy now, pay later” and seamless online checkouts.
Disrupted online payments by letting customers pay after delivery, boosting e-commerce trust.
Founded by Sebastian Siemiatkowski, Niklas Adalberth, and Victor Jacobsson; now one of Europe’s most valuable fintechs.
King Games (Sweden, founded 2003)
Social and mobile gaming company best known for Candy Crush Saga.
Mastered the art of casual, addictive gameplay and viral growth through social networks.
Acquired by Activision Blizzard for $5.9 billion in 2016.
Supercell (Finland, founded 2010)
Mobile gaming powerhouse behind global hits like Clash of Clans and Hay Day.
Famous for its unique “cell-based” structure - small, autonomous teams and a “fail fast” approach.
Became one of the world’s most profitable gaming studios per employee; majority stake acquired by Tencent in 2016.
Kahoot! (Norway, founded 2012)
Game-based learning platform for education and business, enabling interactive quizzes and engagement.
Exploded in popularity during the pandemic, used by teachers and companies worldwide.
Went public, then taken private in 2023 in a $1.7 billion deal; continues to shape digital learning.
THE MOST ACTIVE INVESTORS
As with any startup ecosystem, success comes down to three things: startups, talent, and investors. So far this year, Nordic-born startups have raised over $5 billion.
The Nordics are home to some of the most respected investors, with a strong presence across all major hubs. In this market map, we highlight the most active investors by region. They include:
NORDIC UNICORNS
The Nordics are home to 85+ unicorns as of today. Sweden tops the amount for most unicorns, followed by Denmark, Norway, Finland and Iceland.
Observations from this market map:
Startups are mostly building in Software, Logistics, Health and FinTech.
The Nordic region is strong on gaming studios, having created the likes of King, Supercell, and Unity.
Trends to watch: Energy and Mobility. With strong hydroelectric resources and a push for clean energy, Nordic governments are backing initiatives as Denmark and Sweden aim for climate net zero by 2024.
Local vs Global. Nordic startups are forced to think internationally from day one because their domestic markets can't sustain significant growth, unlike German or French companies which can build substantial businesses locally first.
Spotify is turning into a mega startup factory - former employees have launched over 130 startups, collectively raising $2.3 billion. On top of this, Spotify has paid out more than $40 billion to creators. Read our edition on Spotify Startup Factories here.
SWEDEN IS THE NO.1 COUNTRY TO BUILD A UNICORN IN THE NORDICS
Sweden is currently home to the most number of unicorns. We break down how many there are across the region:
Sweden (50)
Denmark (18)
Norway (12)
Finland (7)
Iceland (2)
DISCOVER 90+ OF THE NORDICS’ MOST PROMISING STARTUPS
Over the past few years, we’ve tracked hundreds of startups, their founders, categories, and investors.
Discover 90+ of the most promising startups founded since 2023 that have each raised at least $1M - these might just be the next breakout success story!
Become a paid subscriber to access the data in full.
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FUNDRAISING ACTIVITY
Where is the capital going and what types of startups are being funded?
Below we break down where the capital is going into the following categories:
Pre-Seed ($0 to $1M)
Seed ($1M to $4M)
Series A (4M to $15M)
Series B ($15M to $40M)
Series C ($40M to $100M)
Growth ($100M to $250M)
THE IMPACT OF DOMESTIC CAPITAL
Good news: Our data shows founders are raising about 30% of their capital from Nordic investors. The rest comes from wider Europe, with roughly 20–25% coming from the U.S., depending on the year.