Shape of the New Nordics 2025

Every year, we turn the spotlight on our home turf: the New Nordics startup ecosystem. By tracking pre-seed to Series A rounds, we compile a comprehensive dataset to better understand how early-stage innovation in the region is evolving.

In 2025, we continued our partnership with Crunchbase to streamline data collection and expand the scope of our analysis. As always, we’re excited to share the key trends shaping the ecosystem and to highlight standout companies across each Nordic country.

Five key takeaways from the New Nordics in 2025:
• Early-stage startups raised €1.4bn, up 19% year-on-year, across 234 rounds (+7%)
• Sweden maintained its lead, with Denmark close behind
• A surge in mega-rounds reshaped the sector leaderboard
• Track record alone was no longer enough: repeat-founder participation dropped from 44% of rounds in 2024 to 27% in 2025
• The path to Series A is getting tougher, with seed companies taking longer to graduate and fewer reaching Series A within two years

…and there’s plenty more inside the report.

We hope you enjoy the read.

SHAPE OF THE NEW NORDICS 2025