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Mapping the Nordic region’s VC ecosystem

Venture investments in the Nordic region have steadily grown over the past decade as its startup ecosystem continues to mature.

By Leah Hodgson

Published

The Nordic region is home to one of the fastest-growing VC ecosystems in Europe, surpassing €10 billion (about $10.5 billion) in capital raised for the first time ever last year.

A total €11.9 billion was invested across 1,220 deals in the region in 2021, according to PitchBook data. So far this year, €3.5 billion has been raised, putting the Nordics on track for another strong year.

Sweden has historically led the way for Nordic VC, but its neighbors, notably Finland and Denmark, have been drawing more attention as their startups garner higher valuations.

Here’s a look at some of the key trends that are shaping the Nordics, showing how dealmaking, exit activity and fundraising have been impacted by the region’s maturation.

Featured image by arnaudbertrande/Getty images

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About Leah Hodgson

Leah Hodgson is a London-based senior reporter for PitchBook, covering the venture capital ecosystem across Europe and the Middle East. Leah, who joined PitchBook in 2018, graduated from the University of Surrey with a BA in international politics with French. She has previously been a radio reporter in France. She later turned to financial journalism, covering the wealth management industry.