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1、State of the Swedish Tech EcosystemMay 2025Page/2 “ForewordThe Sweden Tech Ecosystem database and this annual report are the result of a collaborative effort between Business Sweden,Vinnova,the Swedish Agency for Economic and Regional Growth,the Swedish Energy Agency,the Swedish Institute,and Swedis

2、h Incubators and Science Parks(SISP).It plays a key role in our ongoing mission to make ecosystem data freely available to all.The Swedish Tech Ecosystem website acts as a digital showcase for activities within our innovation ecosystem.Through this platform,our ambition is to connect investors and s

3、tartups,foster partnerships and business opportunities,and inspire the media to uncover and share compelling stories.It also provides talent with a way to explore new opportunities,while enabling companies to highlight their recruitment and collaboration needsall within an increasingly international

4、 context.Despite ongoing global economic uncertainty,Swedish startups continue to demonstrate remarkable resilienceand investor confidence remains strong.In 2024,Swedish startups raised a total of 2.4 billion in venture capital,maintaining Swedens position as a European leader in VC investment per c

5、apita.However,there is still significant untapped potentialparticularly if more later-stage capital were made available to support scaling companies.Sweden continues to solidify its reputation as one of the worlds most innovative nations.It now ranks among the global top 10 in terms of the number of

6、 unicorns and leads Europe in unicorns per capita,with particular strengths in advanced technology,the green transition,and life sciences.Sweden hosts one of Europes strongest climate tech sectors,with more than 500 active companies and a combined valuation of$28 billionrepresenting a 4.5x increase

7、since 2019.The country has also produced six climate tech unicorns to date.In the deep tech sector,where breakthroughs in science fuel transformative innovation,Swedish startups are reshaping industries from energy and logistics to security and advanced manufacturing.Since 2020,Swedish companies wit

8、h at least one female founder have raised 2.3 billion in venture capitalthe highest in the Nordics and fourth highest in Europe.Investments in female-founded startups continued to rise in 2024.However,only 9.9%of total VC funding went to companies with at least one female founder,underscoring the co

9、ntinued need for inclusive investment strategies.Swedens strong position on global innovation indexes,coupled with its ability to attract international investment,top talent,and high-quality ventureseven in times of global uncertaintyis a source of national pride.We remain deeply committed to foster

10、ing an open,world-class environment where startups from all backgrounds can grow,scale,and contribute to solving global challenges.”Page/3 What you need to know 2.3BVC investment raisedIn 2024and 1st in per capita VC since 2020 xxBEcosystem Valuationxx4thIn Europe for Female founded VC since 2020And

11、 1st in the Nordics with over 800 female founded startups4thGlobally for unicorns per capitaAnd is amongst the top 10 countries globally by number of unicornsSweden has a strong pipeline of 2.2K+startups,with most at early stageSwedish startups are now worth 319B and have a strong focus on Deep tech

12、,Climate tech,Medtech and Biotech.Late-stage funding remains reliant on foreign investors,with further opportunities to support female-founded startups.Sweden is one of Europes top tech ecosystems,but VC has been concentrated in just a few companiesSweden ranks 4th in Europe by total VC investment s

13、ince 2020 and 1st per capita.It is also the top ecosystem in Europe for unicorn creation per capita.But funding remains highly concentrated:six companies alone have raised nearly half of all capital since 2020.Fewer Swedish startups progressing to Series A/B,especially compared to the US,but,those t

14、hat do,scale beyond the European average.Unlocking Swedens next growth phaseSweden consistently ranks as one of the worlds most innovative countries,backed by a strong national support system and deep EU integration.Public actors and programmes,from local incubators to EU support,are essential to he

15、lp startups turn world-class research into high-growth companies,particularly in sectors like deep tech,climate,and health.1 Swedish tech update2 Outlook&opportunities3 Building Swedens Innovation EcosystemPage/4 Page/5 Sweden ranks#4 in Europe by VC investment since 2020,and first per capitaSource:

16、Dealroom.co.VC investment raised by startups HQ in each respective ecosystem.*Per capita ranking of top countries by VC investment raised since 2020 VC investment between 2020 and 2024 VC investment between 2020 and 2024,per million inhabitants*Page/6 Number of unicorns created(2025 YTD)Number of un

17、icorns per capita(2025 YTD)Sweden is among the top 10 countries globally by number of unicorns,and first per capita in EuropeSource:Dealroom.co.*Per capita ranking of top 20 countries by number of unicornsNumber of unicorns Number of unicorns and$1B exits per million inhabitants*Currently HQ Founded

18、,HQ relocated elsewhereCurrently HQ Founded,HQ relocated elsewhereSweden has 46 unicorns 40 HQ,6 relocated abroad view onlinePage/7 23.5 billionVC in SwedenSince 2020Swedens VC investment is highly concentratedsix companies have accounted for almost half of all capital raised since 202011B raised by

19、 the top 6 VC successesSource:Dealroom.co.|*Excluding any public companies.Page/8 Swedens funding landscape has shifted in 2024Fewer megarounds,while breakout stage investment is on the rise.VC investment in Sweden by StageDealroom.co.|VC investment raised by startups HQ in Sweden.Northvolt represen

20、ts 6.3B of investment between the years 2017 and 2023.Convertible rounds included in overall VC.VC investment in Sweden by stageEarly stage Breakout stage Late stage NorthvoltSource:Dealroom.co.VC investment raised by startups HQd in Sweden.Northvolt represents 6.3B of investment between the years 2

21、017 and 2023.Convertible rounds included in overall VC.Page/9 Sweden has a much higher share of late stage funding than other European countries and almost as much as the Bay Area60%of Swedens VC investment has gone to late stage fundingA significant proportion of Swedens venture capital is concentr

22、ated in late stage capital to these“mega-successes”Idea is to say that while VC is high,it is very concentrated in a few companies.Inspiration from this stacked chart.Another idea is to list top Swedish successes,how much they have raised and%of Swedish VC total.A few global champions have attracted

23、 most VC investment into Swedish companies.VC investment benchmarked by stage,2020-20240-15M15-100M100M+VC investment benchmarked by stage,2020-2024Source:Dealroom.co Page/10 Sweden sees fewer startups progressing to Series A/B,but those that do scale beyond the European averageThe gap with Bay Area

24、 and the US overall is stark at all stagesGraduation rate of startups from Seed,with seed year between 2015-2020 Source:Dealroom.co 1 Swedish tech update2 Outlook&opportunities3 Building Swedens Innovation EcosystemPage/11 Page/12 Swedish unicorns and US$1B+exitsVC backed Swedish companies,by stageP

25、re funding Swedish companies 140 Swedish startups raise their first VC round each year$100B+$10B-100B$1B-10B 387.5%5%4.7%4.2%4%33%Swedish startups/European startups by stageSweden has a strong pipeline of companies,with most still at early stage 2KEarly stage(100k15MTotal funding)218Breakout stage(1

26、5100MTotal funding)41Late stage(100M+Total funding)Source:Dealroom.co.Includes startups HQ in Sweden only.Page/13 Swedish startups are now worth 319B,growing 1.5x since 2020Excluding short-term fluctuations,both unicorns and the rest of the ecosystem have grown at similar rates since 2020,contributi

27、ng equally to Swedens overall EV growth.Source:Dealroom.co Combined ecosystem value of Swedish startups0200m 200m1.0b(Future unicorn)1.010.0b(Unicorn)10.0b+(Decacorn)Page/14 Startups founded by former employees of Swedish unicornsSwedens largest successes like Klarna and Spotify are breeding grounds

28、 for new entrepreneurs,fueling the ecosystem wheelI think for Tech Arena we can reuse the slide of last years report(maybe add a few more names but I would not worry to much about it).Importance of creating more large successes,as they can further propel the growth of the ecosystem Source:Dealroom.c

29、oPage/15 Founder factories in Europe and IsraelKlarna and Spotify are Europes biggest founder factories127 VC-backed startups were launched by former employees of the two Swedish unicorns Source:Dealroom.co.Data extracted from Dealroom x Accel report“Europe and Israels founder factories 2025”.Page/1

30、6 Pipeline of Swedish companies by stage and segmentSwedish startups have a strong focus on Deep tech,Climate tech,Medtech and Biotech These frontier sectors make up a large share of the early-stage pipeline,with strong breakout potentialSource:Dealroom.coPage/17 Sweden is Europes#2 climate tech eco

31、system by total VC raised since 2020VC investment in climate tech in Europe(2020-2024)6.7B5.3B6.7BSource:Dealroom.coPage/18 Late-stage climate tech VC(2020-2024)100M+roundsBreakout-stage climate tech VC(2020-2024)15-100M roundsStrong late-stage climate tech investment positions Sweden ahead,with Swe

32、den ranking#5 in Europe for early stage VCSource:Dealroom.co.VC investment raised by startups HQ in each respective ecosystemEarly-stage climate tech VC(2020-2024)0-15M roundsPage/19 VC funding into Swedish climate tech sub-sectors in 2024 view onlineSwedens climate tech investment is diversifyingIn

33、 2024,top rounds span frontier sectors including steel(Stegra),green buildings(Aira),renewable energy(Baseload Capital,CorPower Ocean),electric mobility startups like(Candela and Voi)2024 roundsSource:Dealroom.co.Companies may appear in more than one sectorImportance of creating more large successes

34、,as they can further propel the growth of the ecosystem Source:Fredrik Hjelm on LinkedInTop Swedish Climate Segments Explore visualization onlinePage/20 Page/21 Bernardita ArayaDirectorPage/21 Swedens tech ecosystem stands as a global benchmark for innovation,shaped by visionary policy,world-class e

35、ducation,and a vibrant entrepreneurial spirit.At CMPC Ventures,we are proud to deepen our engagement in this dynamic environment.Our collaboration with exceptional Swedish partners has already led to our first investment in Modvion a testament to Swedens power to turn bold ideas into sustainable sol

36、utions.We are very excited about our investment in Modvion,as it aligns with our sustainability and innovation commitments and represents a concrete step in fostering timber construction with disruptive developments that allow showing and exploring its versatility for high-technology uses.As in all

37、of our investments,we have put a team of technical,commercial and strategic experts in place to contribute to Modvions growth,and we hope to keep working with them side by side,sharing our vision of the tremendous role the forest plays in contributing to sustainability in industries such as construc

38、tion or energy.Page/22 Sweden ranks 4th in Europe and 1st in the Nordics for VC investment in female-founded startupsTop European countries by VC investment in female founded companies 2020-2024 view onlineCompanyAmountRoundDateIndustry97MSeries BFeb 2024Energy/Space 91M Series AMay 2024Fashion50MSe

39、ries CMay 2024Health50MSeries BOct 2024Education33.5MEarly VCMay 2024Fintech27.3MSeries AMar 2024Health8.9MEarly VCOct 2024Robotics7.6MLate VCJan 2024Fashion6.2MEarly VCNov 2024Enterprise Software6.1MEarly VCMay 2024Real Estate/EnergyTop 10 female founded VC rounds in Sweden in 2024 view onlineSourc

40、e:Dealroom.co Female-founded includes all startups with at least one female(co)foundersPage/23 Female founded VC as a%of total VC between 2020 and 2024Dealroom.co Female-founded includes all startups with at least one female(co)founders10%of VC investment raised by Swedish companies goes to female-f

41、ounded companiesFemale entrepreneurship remains an untapped potential as Sweden remains behind the European average and Nordic peersSource:Swedish female-founded companies mapped Explore the landscapePage/24 Swedish female-founded companies mapped Page/25 Swedish startups are spreading out geographi

42、cally,with 8 counties being home to over 100 startupsNumber of VC-backed startups25 25-50 50-100 100Whilst VC still remains concentrated in Stockholm,Vstra Gtaland has seen increased investment in recent yearsVC investment raised(2020-2024)$10M view onlineSwedens leading universities serve as hubs f

43、or nurturing entrepreneurial talent,both within the country and internationallyKTH ranks 12th in Europe by number of alums raising more than$10MSource:Dealroom.coPage/34 Stina LantzChief Executive Officer“Through the universities innovation offices and holding companies,as well as incubators and sci

44、ence parks,knowledge,capital,and expertise are mobilized across the country.Together,we build bridges from research to market and create the conditions for more strong companies to emerge.Its a model that not only fosters groundbreaking innovation but also contributes to increasing the share of vent

45、ure capital invested in female-founded and mixed-gender teams.Together,we are shaping a more inclusive and competitive innovation nation.”Stina LantzChief Executive OfficerPage/34 Page/35 Fund of funds Swedish Venture Initiative(SVI)*Venture Capital fundsGrant and equity investmentSwedish companies

46、funded by EU Framework Programmes(including EIC,EIC fund,EITs,etc.)*Beyond national programs,EU support plays a key role in strengthening Swedens innovation and venture capital ecosystem Stegra SunRoof Altris GreenIron AB Blykalla Echandia Asgard Therapeutics Koenigsegg Automotive Blixt Tech Earthba

47、nc Stegra Acast Anocca Exeger Northvolt Orbital Systems inRiver BrainCool Zettle ElectroluxFund of funds Swedish Venture Initiative(SVI)*Venture Capital funds Venture debt and equity co-investingSupport of the funding ecosystem Enerpoly CTEK Acast Novatron Fusion Group Symcel Collective Minds Radiol

48、ogy Cellevate BioLamina BONESUPPORT EmplicureSource:Dealroom.co.The Swedish Venture Initiative is a fund-of-funds platform managed by the EIF to boost equity financing for Swedish startups,co-funded with the Swedish government.It equals ALMI INVEST,ALMi GREENTECH and in Stockholm,TRIO Invest.In Vstr

49、a Gtaland,ALMI invest(SVI)is also co-funded by the Regions money too.In all other parts of the country its co-funded by the government only.EIT:European Institute of Innovation and Technology(EIT),EIC:European Innovation Council Stegra Acast Anocca Exeger Northvolt Orbital Systems inRiver BrainCool

50、Zettle Electrolux Enerpoly CTEK Acast Novatron Fusion Group Symcel Collective Minds Radiology Cellevate BioLamina BONESUPPORT Emplicure Stegra SunRoof Altris GreenIron AB Blykalla Echandia Asgard Therapeutics Koenigsegg Automotive Blixt Tech EarthbancPage/36 Number of funded startups backed by EU Fr

51、amework ProgrammesSweden as a key beneficiary of funding by EU framework Programmes:more than x+VC-backed companies funded.Swedish startups are major beneficiaries of EU Framework Programmes,ranking among the highest in funded startups per capitaSource:Dealroom.coPage/37 Global startup and venture c

52、apital intelligence platformDealroom.co is a global intelligence platform for discovering and tracking the most promising companies,technologies and ecosystems.Clients include many of the worlds foremost organizations such as Accel,Index Ventures,McKinsey,BCG,Deloitte,Google,AWS,Microsoft,Stripe.Dea

53、lroom partners closely with local tech ecosystem development agencies and enablers,to create a comprehensive multi-dimensional blueprint of the tech ecosystem,including capital,talent,innovation,entrepreneurship and overall economic dynamism.Business Sweden helps Swedish companies grow global sales

54、and international companies invest and expand in SwedenBusiness Sweden is commissioned by the Government and the Swedish industry with a unique mandate and a mission to help international companies gain access to the Swedish market and help domestic ones utilize it as a platform for expansion.Their

55、clients range from startups via small-and medium-sized businesses to multinational enterprises with tailor-made services catering to all of these segments.Public agency that promotes interest and trust in Sweden around the worldThe Swedish Institute operates in the fields of culture,education,scienc

56、e and business in seeking to strengthen international relations ties,and promote development.The agency builds up lasting relations between Sweden and other countries to enhance Swedens nation brand and international relevance.To this end,the Swedish Institute disseminates information,develops skill

57、s,promotes cultural exchange and cooperation,and provides funding and grants.Page/38 Last years intros+to add Swedish Energy Agency logo and introSwedish Energy AgencyThe Swedish Energy Agency is dedicated to its vision of sustainable energy for all and catalysing Swedish energy innovations within a

58、nd beyond Swedens borders.Our assignment is to unite sustainability,competitiveness,and security of energy supply for cost-efficient energy systems with minimum impact on health,environment and the climate.We are contributing to sustainable development across the world,while strengthening Swedens co

59、mpetitiveness and position as a prioritized partner for green and digital transition.We promote the export of innovative Swedish products and solutions within cleantech and attract international investments to Sweden.We also strive to have a positive impact on policy development,knowledge transfer,a

60、nd the exchange of best practices.The Swedish Energy Agency is the largest public funder of R&D in the Nordics within energy.Swedish Incubators&Science ParksSwedish Incubators&Science Parks(SISP)is the member association for Swedens incubators and science parks as regional areas of innovation across

61、 the country.SISPs members support knowledge and technology based startups and scaleups,as well as established industries and the public sector,to develop a sustainable society through innovation.Several members also run business angel networks and seed capital funds.Swedish Agency for Economic and

62、Regional GrowthThe Swedish Agency for Economic and Regional Growth(Tillvxtverket),is a government agency under the Ministry of Enterprise and Innovation,tasked to promote sustainable business development and regional growth in all parts of Sweden.Tillvxtverket supports companies and regions by offer

63、ing knowledge,networks for collaboration and financing.Swedens Innovation AgencyVinnova is Swedens government innovation agency.Our mission is to strengthen Swedens innovative capacity and contribute to sustainable growth.We identify areas where our efforts can make a difference,and we create opport

64、unities and incentives for organisations to work together to meet important societal challenges.Our financial support gives companies and organisations the opportunity to experiment and test new ideas before they become profitable.Through open calls,Vinnova invests approximately 300M annually in res

65、earch and innovation in the form of grants.Swedish Energy AgencyThe Swedish Energy Agency is dedicated to its vision of sustainable energy for all and catalysing Swedish energy innovations within and beyond Swedens borders.Our assignment is to unite sustainability,competitiveness,and security of ene

66、rgy supply for cost-efficient energy systems with minimum impact on health,environment and the climate.We are contributing to sustainable development across the world,while strengthening Swedens competitiveness and position as a prioritized partner for green and digital transition.Page/39 Methodolog

67、yWhat are startups and scaleups?Startups are companies designed to grow fast.Generally,such companies are VC-investable businesses.Sometimes they can become very big(e.g./$1B+valuation).When startups are successful,they develop into scaleups,considered in this report as companies which raised above

68、15M in total VC investment and/or companies which reached/$1B valuation or exit at one point in time(unicorns and/$1B exits).and result in big companies.Only companies founded since 1990 are included in this report.What is a unicorn?Unicorns are(former)startups that reached/US$1B valuation or exit a

69、t one point in time.What is a startup?What is a Unicorn?Scope of the reportUnless specified otherwise on the respective slide,this report encapsulates all startups which maintain their main center of business(HQ)in their country of origin.Therefore,the scope of this report is based on startups HQd i

70、n Sweden.Climate TechClimate tech is used as an umbrella term for all startups that have environmental sustainability at the core of their business model.It includes startups focusing on GHGs emissions,biodiversity and environmental protection,pollution(e.g.plastic,chemicals),water usage,and so on.F

71、or more info visit our Climate tech Glossary&Definitions guide.Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an extensive ma

72、nual process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.Data for this report was taken in Q1 2025.Venture Capital,InvestorsInvestment are referred to by their round labels such as Seed,Series A,B,C,late stage,and growth equity.VC investments exclude debt,non-equity funding,lending capital and grants.Corporate VC and rounds include activity by at least one corporate investor.