Sweden is a country that is a hotbed for top startups in its region. This is highlighted by the fact that the country creates more unicorns per capita than Silicon Valley. The overall value of the startup ecosystem in Sweden is $63 Billion, which is far above the global average of $28.6 Billion. Some of the most well-known Swedish startups that have achieved success are Klarna and Spotify, with many more being created every year.
Despite the small size of Sweden as a population, the ecosystem has done very well in growing larger and taking in VC funding. This is partly due to the fact that there is a diverse range of international players in the country's startup ecosystem. In the four years between 2017 and 2021, the ecosystem received $5.7 Billion in funding, compared to the global average of $4.5 Billion.
The Swedish government is very active and particular in helping its startups. For example, Vinnova is the country's own innovation agency and it helps the government to formulate policies relating to innovation. The agency also provides funding to businesses so they can conduct research and develop new technologies.
1. Capitainer
Year Founded: 2016
HQ: Stockholm, Sweden
Size: 1-10
Founders: Olof Beck
Capitainer is a Swedish startup that was founded in 2016 and is currently based in Stockholm, Sweden. The company has created a medical device that allows users to safely and effectively collect blood samples in the comfort of their own homes, without having to visit a medical facility. This helps to lead to better overall care outcomes. The company also offers a range of other sampling-related products.
Since being founded, the business has been successful in raising startup funding. The company's last funding round took place in December 2022. From all of the company's funding rounds, it has managed to raise a figure of $8.9 Million. This was achieved through the help of five investors.
2. Mavenoid
Year Founded: 2017
HQ: Stockholm, Sweden
Size: 51-100
Founders: Gintautas Milliasukas, Shahan Lilja
Mavenoid is a startup in Sweden that was founded in 2017 and is currently headquartered in Stockholm. The company has created a platform for hardware companies that utilises artificial intelligence technology for product support and troubleshooting. This helps them to automate their technical support processes. The supported products range from kitchen appliances to electric scooters and more.
The Swedish startup has raised a large amount of funding, with a total of $39.9 Million being raised from 12 investors. The last funding round for the business was completed in August 2022 for $30 Million and was supported by seven investors.
3. Einride
Year Founded: 2016
HQ: Stockholm, Sweden
Size: 251-500
Founders: Filip Lilja, Linnea Kornehed, Robert Falck
Einride is a Swedish startup that was founded in 2016 and is currently based in the city of Stockholm. The company provides a digital logistics solution for autonomous and digitized shipping through the use of EVs. They were the first company to use an autonomous electric freight vehicle on a public road back in 2019 and the aim for the business has been to make this test a wide-ranging reality across the world.
EV startups tend to attract a large amount of capital and Einride is no different, the business has managed to raise a figure of $652.3 Million in startup funding to support its mission. This funding was achieved through deals with 19 investors and the business had its last round of funding in December 2022, where it received $300 Million from Barclays.
4. Sib Solutions
Year Founded: 2017
HQ: Lund, Sweden
Size: 11-50
Founders: Lennart Bergstrom, Staffan Persson, Stefan Borg
Sib Solutions is a startup in Sweden that was founded in 2017 and is currently based in Lund, Sweden. The company has created a platform to improve logistics efficiency through the use of a mix of artificial intelligence, IoT technologies and advanced video analysis tools. This also provides users with a range of impressive and effective insights that can be easily actioned to improve logistical capabilities.
The Swedish startup has been successful in raising money to further its ambitions, with its last funding round taking place in December 2022, where it raised 50 Million SEK from Scania Growth Capital. In total, the business has raised 73 Million SEK from a pair of investors.
5. Funnel
Year Founded: 2014
HQ: Stockholm, Sweden
Size: 251-500
Founders: Fredrik Skantze, Per Made
Funnel is a Swedish startup that was founded in 2014 and is currently residing in the capital of Sweden. The company helps to provide and develop software solutions to marketers that allow them to automate their data collection processes in an effort to provide more actionable insights to these businesses. This will help them to better resonate with their target audience.
Funnel is one of the largest startups in Sweden and the amount it has raised reflects that. The business has managed to raise $133.8 Million in funding from nine investors at the time of writing. The business went through its last funding round in the first quarter of 2022, in a Series B funding round.
6. 1928 Diagnostics
Year Founded: 2014
HQ: Gothenburg, Sweden
Size: 11-50
Founders: Kristina Largerstedt
1928 Diagnostics is a Swedish startup that operates in the biotechnology field in Gothenburg. The company utilises cloud technology to analyse DNA data and then make discoveries that can assist medical professionals in the fight against antibiotic-resistant bacteria. They also provide outbreak tracing tools and diagnostics that can be used for infection controls in hospital settings.
The last funding round that the business went through took place in July 2018, where it raised $1.5 Million. In total, the startup has successfully raised a total of $8.6 Million, which was achieved through deals with a pair of investors.
7. Pulpac
Year Founded: 2018
HQ: Gothenburg, Sweden
Size: 51-100
Founders: Linus Larsson, Ove Larsson
Pulpac is a Swedish startup that was founded in 2018 and is currently based in Gothenburg. The company aims to reduce the environmental impact of the wide range of packaging found in the food and drink market. They make recyclable alternatives to many packaging currently available and have also created single-use items. The technology they are using is called Dry Molded Fiber.
Since being founded, the business has secured a total of $39.1 Million with the support of nine investors. The company's last funding round took place in November 2022, when the business raised $31 Million from eight investors.
8. Hiber
Year Founded: 2017
HQ: Gothenburg, Sweden
Size: 11-50
Founders: Mattias Johansson, Michael Yngfors
Hiber is a Swedish startup that was founded in 2017 and is currently based in Gothenburg, Sweden. The company has created an online platform solely targeted towards gamers. This platform provides a place where gamers can come together and share their content, as well as playing together for a better experience. The experience of Hiber is available both on mobile devices and PCs.
The last funding round that the business ran took place in June 2021, where it raised $15 Million from seven investors. The total funding since the company was established currently sits at $19.5 Million, with ten investors buying in. This highlights the strength of gaming as an industry sector, which has rapidly grown in the past two decades to become the most exciting sector within entertainment.
9. Normative
Year Founded: 2014
HQ: Stockholm, Sweden
Size: 51-100
Founders: Kristian Ronn
Normative is a startup in Sweden that was established in 2014 and is currently based in Stockholm. The company operates in the CleanTech sector and has created an AI-driven platform that allows businesses to accurately measure their carbon output, by monitoring purchases and business actions. This allows companies to be more mindful of the sustainability of their operations and helps the drive to net zero.
CleanTech startups see a lot of support with the current threat of client change and Normative is an example of this. The Swedish startup has successfully raised a total of $45.3 Million in startup funding, from eleven investors. The company's last round, was a successful Series B Round in July 2022.
10. Polarium
Year Founded: 2015
HQ: Kista, Sweden
Size: 251-500
Founders: Stefan Jansson
Polarium is a Swedish startup that was founded in 2015 and is currently based in Kista, Sweden. The company serves the global telecoms market through the provision of lithium-based power backup solutions. The benefit of their service is the decreased environmental impact, coupled with an increase in availability on these networks, which improves overall service for telecoms users.
Since being founded, the company has generated a large sum of startup funding. In total, the business has raised a figure of $222.8 Million from six investors. The company's last funding round took place in October 2018, where it raised more than $100 Million from three investors.
11. Textual
Year Founded: 2014
HQ: Gothenburg, Sweden
Size: 11-50
Founders: Henrik Gemoll
Textual is a startup in Sweden that was founded in 2014 and is currently based in Gothenburg, Sweden. The company has created an AI-powered software solution for e-commerce brands. The startup's platform automatically generates text content for product descriptions, marketing material and adverts. Their engine uses machine learning and incorporates advanced spelling and grammar checks ensure the content is high-quality.
The business has gone through a single funding round since being founded, with this round taking place in Febuary 2019, where the Swedish startup raised 12 Million SEK from an unknown number of investors.
12. Prosero Security Group
Year Founded: 2017
HQ: Kista, Sweden
Size: 251-500
Founders: Anders Uddfors
Prosero Security Group is a Swedish startup that was founded in 2017 and is based in Kista. The company works in the security sector and provides high-quality solutions for the installation and maintenance of a variety of different locks, alarms and other surveillance tools. The company helps to keep other businesses safe, minimizing the potential damage of theft or vandalism.
The business has managed to successfully raise funding in Oct 2017, when it raised an undisclosed amount from Armarda Credit Partners. Since then, the company has not publicly sought out any further funding.
13. EnginZyme
Year Founded: 2014
HQ: Stockholm, Sweden
Size: 51-100
Founders: Karim Engelmark Casimjee, Robin Chatterjee, Samuel Hargestam
EnginZyme is a Biotechnology startup in Sweden that was founded in 2014 and is currently based in Stockholm. The company has a green tech mission, as it uses biotechnology solutions to solve the problem of sustainable production of common goods. The aim is to use their solution to replace fossil fuels as a basis for manufacturing, which will aid the battle against climate change.
The business has been very successful in raising funding, as highlighted by its Series B Round in December 2022, where it raised 21 Million Euros from six investors. In total, the Swedish startup has raised 32 Million Euros from these same six investors, which highlights the level of belief in the company's research.
14. Digip
Year Founded: 2019
HQ: Stockholm, Sweden
Size: 1-10
Founders: Christian Vierling, Jimmy Horstrom, Viktor Johansson
Digip is a Swedish startup that was founded in 2019 and is currently based in Stockholm, Sweden. The company works in the legal technology sector and has created a solution to improve the process of intellectual property protection, whilst also decreasing the costs for customers.
The business has gone through a number of funding rounds since being founded, with the most recent taking place in December 2022, where it raised 1.2 Million Euros from two investors. In total, the company has raised 3.7 Million Euros from three investors.
15. Albert
Year Founded: 2015
HQ: Gothenburg, Sweden
Size: 11-50
Founders: Arta Mandegari, Salman Eskandari
Albert is a startup in Sweden that was founded in 2015 and is currently based in Gothenburg, Sweden. The company provides a platform to help those that need help with maths, the startup's AI platform tailors specific assistance based on the areas that the user is struggling with the most, which makes for a more effective learning environment.
The business has been very active in acquisitions, having taken over four other businesses in its lifetime. The Swedish startup has secured a large amount of startup funding, with $7.5 Million being raised between five investors.
16. Resolution Games
Year Founded: 2015
HQ: Stockholm, Sweden
Size: 51-100
Founders: Martin Vilcans, Mans Ullerstam, Paul Brady, Tommy Palm
Resolution Games is a Swedish gaming startup that was founded in 2015 and is based in Stockholm, Sweden. The company develops games in the virtual reality and augmented reality sphere- which is one of the most intriguing and fast-growing areas of gaming. They've already released a series of games ranging from sports, to shooters and more. The studio has also completed an acquisition to expand its capabilities.
The studio is well-backed, having received support from fifteen investors since being launched. These investors have allowed the studio to raise a total of $38.5 Million in funding. As the company continues to experience success.
17. Influencio
Year Founded: 2021
HQ: Stockholm, Sweden
Size: 251-500
Founders: Danjal Kanani, Daniel Daboczy
Influencio is a startup in Sweden that was founded in 2021 and is currently based in Stockholm. The company is a blockchain-based influencer marketing platform that utilises a blend of NFTs, along with GameFi, SocialFi and the Metaverse. Users are able to earn as they follow and interact with both their own audience and their idols.
Since being founded, the company has not yet publicly sought out any startup funding and with the fact, the business is a crypto-based platform, it is likely that there may be an element of crowdfunding through coin offerings in the future.
18. CAKE
Year Founded: 2016
HQ: Stockholm, Sweden
Size: 200-250
Founders: Karl Ytterborn, Nils Ytterborn, Stefan Ytterborn
CAKE is a Swedish startup that was founded in 2016 and is currently based in Stockholm, Sweden. The company is on a mission to make off-road biking better for the environment. They have developed their own electric bikes that run silently, to reduce noise pollution and are better for the environment due to being electric. They are also lightweight and high-performance, adding to their utility.
EV startups are becoming increasingly well-funded and CAKE is no exception, the startup has agreed to deals with four investors. The investments made by these parties have allowed the business to raise a figure of $74.4 Million.
19. VOI Technology
Year Founded: 2018
HQ: Stockholm, Sweden
Size: 501-1000
Founders: Adam Jafer, Douglas Filip, Filip Lindvall, Fredrik Hjelm, Johan Holmner, Keith Richman
VOI Technology is a Swedish startup that was founded in 2018 and is currently based in Stockholm. VOI is one of the most exciting startups in Sweden and has been tagged as a unicorn. The company provides a safe and affordable way of getting around various cities through its electric scooters.
The company has amassed a large amount of startup funding, with $515.6 Million being raised since 2018. This funding has come from the support of thirty investors across a large number of funding rounds.
20. Moralis
Year Founded: 2021
HQ: Stockholm, Sweden
Size: 51-100
Founders: Filip Martinsson, Ivan Liljeqvist
Moralis is a Swedish blockchain startup that was founded in 2021 and is currently based in Stockholm. The company provides a complete end-to-end solution for the development of blockchain platforms to power decentralized applications. This allows developers to place more emphasis on the front end, as there is a reliable solution powering the back end, which will improve the blockchain ecosystem.
The startup has successfully raised a large amount of funds in the small time since it was founded, with a total of $53.4 Million being invested to further the development of the company. This funding was achieved through the support of four investors.
21. Anocca
Year Founded: 2014
HQ: Sodertalje, Sweden
Size: 11-50
Founders: Reagan Jarvis
Anocca is a Swedish biotechnology startup that was founded in 2014 and is currently based in Sodertalje. The company works on analysing T-cells in an efficient manner, which is required to develop and deliver T-cell immunity to combat afflictions such as cancer and more. The company's research and development directly contribute to improved patient outcomes and quality of life.
Medical and biotechnology startups are very successful in Sweden and Anocca is an example of this. The Swedish startup has managed to raise a total of $73.6 Million to further its research and has secured this support from six investors. Recently, the European Investment Bank gave the company 25 Million Euros in support.
FAQs
How Many Startups Are There in Sweden?
It is currently estimated that there are more than 10,000 startups in Sweden.
What is the Average Investment in Swedish Startups?
Getting figures for the average investment across Sweden is difficult, however, in Stockholm, the average Seed Round is worth $950,000 and Series A is $2.7 Million.
What Startup Industries Are The Strongest in Sweden?
The two biggest startup sectors in Sweden are CleanTech and Life Sciences startups, which tend to receive a large amount of funding.
