Scandinavian startup funding report

Pre-seed

135 rounds so far in 2026. The typical pre-seed round was €0.5m.

Seed

326 rounds so far in 2026. The typical seed round was €1.4m.

Series A

57 rounds so far in 2026. The typical Series A round was €10m.

Growth

33 rounds so far in 2026. The typical growth round was €19m.

What the report covers

Period: January to September 2026. This record starts in 2026; comparisons with a previous year begin once a quarter can be compared.

Companies: startups headquartered in Sweden, Norway and Denmark, and startups that began there or keep their main team there and later moved their headquarters abroad. Every kind of startup is included: software and hardware, business and consumer.

Events: venture funding rounds, and exits (acquisitions, buyouts and stock market listings).

Sources: public sources only, namely company, investor and angel network announcements, investors' portfolios and posts, public company records, and the press.

Every round and exit named in the report links to its announcement. Totals, changes and charts are built from all rounds and are not linked.

This edition covers 551 venture rounds (461 with a disclosed amount) at 535 companies, and 31 exits. Next update: January 2027, adding Q4 2026.

Stages

Stages are the label the company announced or the source assigned. Where a label clearly does not fit the size of the round, such as a very large round called seed, the round is placed by its size. Where there is no label, round type and size decide.

How it is counted

• Funding rounds are equity and convertible venture rounds, including angel network rounds. Grants, loans, state support programmes, crowdlending, secondary sales and investments after a listing are not counted.
• Amounts are in euros, converted at about 1.10 US dollars to the euro. Rounds without a disclosed amount count toward the number of rounds but not toward capital.
• Companies that are not startups are left out even when they raise venture money, such as established manufacturers, service firms and lenders.
• Rounds and exits are cross-referenced against company, investor and press announcements where possible.

Limits

• Public data does not capture every round, so counts are a floor. Small angel rounds are the most likely to be missing.
• Some rounds are recorded months after they happen. Each update adds them to the month they happened in, so recent quarters, the latest above all, will rise.
• Each country's record is our own search of local press, investor portfolios and posts, and companies based abroad (October 2026), without a startup database. It holds most of the disclosed capital; small rounds that were never announced are the most likely to be missing.
• Where a country raises a few dozen rounds a year, one round can move a total by more than half. Read changes in capital with the largest round in mind.