The Nordic startups and scaleups to watch in 2022

One of the most active ecosystems in Europe, the Nordics have fostered some of the continent’s finest startups — including giants of the likes of Klarna, Pleo, Aiven, and Oda, as well as 15 more unicorns.

Four out of five countries had record-breaking spells in 2021, with the highest aggregate funding ever recorded in the region and some of the largest rounds in Europe. Even in view of unstable market conditions, Nordic startups are going strength to strength to consolidate their presence across the continent. Sifted ranked the most promising amongst them, including new faces, rising stars, and under-the-radar players.

(If there is anyone missing from this list, or anything is wrong, please let us know by email at [email protected])

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Sigtuna, Sweden

2019

Series C

€236.4m

€293.6m

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Helsinki, Finland

2015

Series D

€122m

€274m

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Førde, Norway

2016

Series C

€90.9m

€184.8m

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Gothenburg, Sweden

2019

Series B

€96.4m

€159.8m

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Helsinki, Finland

2016

Series C

€112.7m

€154.5m

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Stockholm, Sweden

2015

Late VC

€44m

€150.7m

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Oslo, Norway

2013

Series D

€113.6m

€148m

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Copenhagen, Denmark

2015

Series C

€95.5m

€143.3m

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Copenhagen, Denmark

2011

Late VC

€42.7m

€137.3m

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Stockholm, Sweden

2014

Late VC

€57.1m

€118.7m

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Copenhagen, Denmark

2014

Series F

€54.5m

€110.1m

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Espoo, Finland

2018

Early VC

€40m

€107.5m

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Copenhagen, Denmark

2015

Series C

€73.3m

€104m

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Copenhagen, Denmark

2019

Series B

€70.9m

€103.1m

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Stockholm, Sweden

2014

Series C

€24.6m

€101.6m

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Stockholm, Sweden

2020

Series A

€95.5m

€95.5m

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Stockholm, Sweden

2017

Late VC

€44.8m

€95.3m

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Copenhagen, Denmark

2015

Late VC

€40.9m

€92.2m

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Sundbybergs kommun, Sweden

2013

Series C

€90.9m

€90.9m

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Odense, Denmark

2013

Late VC

€46.4m

€90.7m

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Denmark

2020

Late VC

€86m

€86m

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Helsinki, Finland

2016

Debt

€20m

€83.9m

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Kópavogur, Iceland

2013

Series B

€50m

€80.6m

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Stockholm, Sweden

2016

Early VC

€55m

€76.5m

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Aarhus, Denmark

2015

Late VC

€35m

€73m

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Kempele, Finland

2011

Debt

€15m

€71.5m

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Copenhagen, Denmark

2015

Convertible

€30m

€68.5m

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Oslo, Norway

2018

Series A

€54.5m

€68.2m

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Copenhagen, Denmark

2020

Series A

€66.4m

€66.4m

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Copenhagen, Denmark

2015

Series B

€56.4m

€65.5m

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Copenhagen, Denmark

2014

Early VC

€54.5m

€65.2m

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Espoo, Finland

2016

Series C

€45m

€62m

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Stockholm, Sweden

2017

Series B

€40.9m

€61.4m

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Stockholm, Sweden

2011

Late VC

€40.9m

€60.2m

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Stockholm, Sweden

2016

Late VC

€31.8m

€56.1m

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Stavanger, Norway

2014

Series B

€31.8m

€55.5m

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Oslo, Norway

2012

Series C

€25.9m

€51.9m

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Copenhagen, Denmark

2017

Series A

€51m

€51m

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Flemming, Denmark

2016

Early VC

€50m

€50m

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Copenhagen, Denmark

2016

Series A

€50m

€50m

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Copenhagen, Denmark

2019

Series A

€50m

€50m

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Oslo, Norway

2017

Late VC

€3.6m

€49.7m

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Espoo, Finland

2015

Series B

€25.8m

€49.5m

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Sundbybergs kommun, Sweden

2021

Series A

€36.4m

€47.9m

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Gothenburg, Sweden

2018

Series A

€31.8m

€46.2m

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Stockholm, Sweden

2014

Series A

€45.5m

€45.5m

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Copenhagen, Denmark

2020

Series B

€45.5m

€45.5m

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Copenhagen, Denmark

2017

Series A

€29.8m

€43.8m

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Södertälje, Sweden

2014

Series B

€42.7m

€42.7m

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Værløse, Denmark

2019

Series A

€40.9m

€40.9m

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Hafnarfjörður, Iceland

2018

Early VC

€24.5m

€40.8m

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Copenhagen, Denmark

2017

Series B

€27.3m

€39.3m

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Helsinki, Finland

2016

Series B

€36.4m

€38.7m

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Gothenburg, Sweden

2017

Series A

€24m

€35.1m

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Stockholm, Sweden

2015

Series C

€22.7m

€35m

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Stockholm, Sweden

2017

Series A

€25m

€31.9m

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Gothenburg, Sweden

2018

Series A

€24m

€31m

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Stockholm, Sweden

2021

Seed

€13.6m

€30.9m

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Helsinki, Finland

2019

Series B

€20.8m

€30.2m

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Helsinki, Finland

2021

Early VC

€29m

€29m

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Helsinki, Finland

2010

Series B

€25.4m

€28.7m

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København, Denmark

2018

Series A

€20m

€28.3m

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Copenhagen, Denmark

2016

Series A

€24.6m

€28.1m

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Oslo, Norway

2020

Private Placement VC

€25.3m

€25.3m

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Oslo, Norway

2019

Early VC

€25m

€25m

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Stockholm, Sweden

2016

Late VC

€17.8m

€24.3m

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Stockholm, Sweden

2018

Series A

€20.9m

€23.9m

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Helsinki, Finland

2017

Series A

€22.7m

€22.7m

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Reykjavík, Iceland

2015

Series B

€18.2m

€22.6m

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Oslo, Norway

2016

Series A

€15m

€21.8m

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Gothenburg, Sweden

2016

Series B

€15.5m

€21.1m

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Vedbæk, Denmark

2021

Series A

€20.4m

€20.4m

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Espoo, Finland

2020

Series A

€15m

€20.4m

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Espoo, Finland

2013

Series B

€16.4m

€20.4m

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Copenhagen, Denmark

2020

Series A

€15m

€20m

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Solna Kommun, Sweden

2019

Series A

€16.5m

€19.8m

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Kongens Lyngby, Denmark

2016

Series A

€15.4m

€18.6m

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Stockholm, Sweden

2019

Series A

€15.4m

€18.1m

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Stockholm, Sweden

2016

-

€3.2m

€18m

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Copenhagen, Denmark

2018

Series A

€16.4m

€17.7m

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Reykjavík, Iceland

2018

Series A

€10.9m

€17.5m

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Copenhagen, Denmark

2017

Series A

€13.6m

€16.9m

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Oslo, Norway

2019

Series A

€12.7m

€15m

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Helsinki, Finland

2014

Debt

€150m

€15m

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Stockholm, Sweden

2020

Series A

€11m

€13m

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Stockholm, Sweden

2014

Series A

€10m

€11.9m

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Copenhagen, Denmark

2021

Early VC

€10.9m

€10.9m

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Malmo, Sweden

2021

Series A

€7.9m

€10.2m

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Helsinki, Finland

2022

Seed

€10m

€10m

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Stockholm, Sweden

2021

Seed

€136.4m

€9.1m

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Helsinki, Finland

2017

Seed

€5.6m

€6.2m

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Stockholm, Sweden

2017

Seed

€2.6m

€5.3m

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Helsinki, Finland

2017

Seed

€3.6m

€3.6m