HOME›REPORTS›SCANDINAVIAN STARTUP FUNDINGQ3 2026 UPDATE

REPORT / Q3 2026 UPDATE / DATA TO 30 SEPTEMBER 2026

Scandinavian startup funding report

Scandinavian startups raised €3.78bn in 550 rounds in the first nine months of 2026.

Funding data for Scandinavian startups is scattered. Rounds are announced by companies, funds, angel networks and the press, often months after they close, and no single database has them all or has them right.

This report builds one record from all of them: company, investor and press announcements, investors' own portfolios and posts, and public company records. It leaves out grants and loans that are reported as rounds.

It covers venture rounds and exits of startups headquartered in Sweden, Norway and Denmark, and of startups that started there and moved their headquarters abroad. It uses the same rules as our CEE startup funding report, so the three countries can be set against each other.

We add a quarter every three months. If you are raising in Scandinavia, it shows how many rounds close, at what size, and who writes the first cheques.

Highlights

€3.78bn
Raised in 9M 2026
January to September 2026

€3.78bn in the first nine months. The largest round is Neko Health's €636m growth round, 17% of the total.

415
Seed and later rounds in 9M 2026
550 rounds in all

415 seed and later rounds this year, and 550 rounds in all. Pre-seed is where the record of recent rounds is least complete, and its count will rise as late rounds surface.

31
Venture-backed exits in 9M 2026
January to September 2026

31 venture-backed exits by September. Buyers include Aspirity Partners, Bonnier Books, Greenly and Meta.

01 / THE MARKET

The market

€3.78bn in 550 rounds so far in 2026.

Capital raised by stage, € millions
SHOW DATA
Capital raised by stage
RowPre-seedSeedSeries AGrowthTotal
9M 20265259674223883778

Scandinavia raised €3.78bn so far in 2026. The largest round, Neko Health's €636m, is 17% of it.

9M 2026 covers January to September 2026.

Number of rounds by stage
SHOW DATA
Number of rounds by stage
RowPre-seedSeedSeries AGrowthTotal
9M 20261353255733550

550 rounds so far in 2026. Some rounds are recorded months late, so the latest quarters will rise.

Capital by quarter, € millions

Quarter by quarter, capital swings with the timing of large rounds. The count of rounds is the steadier signal.

The latest quarter is still filling in and will rise.

02 / SCANDINAVIA, COUNTRY BY COUNTRY

Scandinavia, country by country

Scandinavia raised €171 per person so far in 2026, against €168 across the Nordics.

The same record and rules for all five Nordic countries, so the comparison is like for like. Capital per person divides each country's capital by its population.

Five Nordic countries and Scandinavia together, 9M 2026, most capital per person first
Capital and rounds by country, 9M 2026, with capital per person
Country€m 9M 2026Rounds 9M 2026€ per person 9M 2026
Sweden2882303272
Scandinavia3778550171
Finland89980159
Iceland4421113
Denmark50612985
Norway39011870

Population on 1 January 2025.

Scandinavia by country, capital by year, € millions
SHOW DATA
Scandinavia by country, capital by year
Row9M 2026
Sweden2882
Norway390
Denmark506
Scandinavia by country, rounds by year
SHOW DATA
Scandinavia by country, rounds by year
Row9M 2026
Sweden303
Norway118
Denmark129

So far in 2026, Sweden closed 303 rounds and raised €2.88bn, Norway closed 118 rounds and raised €390m and Denmark closed 129 rounds and raised €506m.

03 / STAGES AND ROUND SIZES

Stages and round sizes

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

Rounds by company stage. Where one round can move a stage's total, the count and the typical round tell more than the capital.

Rounds, capital and median round by stage
Rounds, capital and median round size by stage and year
RowRounds 9M 2026€m 9M 2026Median 9M 2026
Pre-seed135€52m€0.5m
Seed325€596m€1.4m
Series A57€742m€10m
Growth33€2.39bn€19m

Median shown where at least three rounds of the stage disclosed an amount.

Pre-seed

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

Seed

325 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.

04 / SECTORS

Sectors

AI raised the most this year: €1.73bn in 158 rounds.

By number of rounds since 2026, the largest sectors are AI (158), enterprise software (136) and health and bio (104). A company can sit in several sectors, so sector totals overlap.

Capital by sector, € millions
SHOW DATA
Capital by sector
Row9M 2026
AI1733
Health and bio1264
Enterprise software811
Energy and climate272
Fintech244
Hardware and robotics216
Food and agri70
Marketing and media67

Ranked by 9M 2026 capital. Sectors overlap.

Rounds by sector
SHOW DATA
Rounds by sector
Row9M 2026
AI158
Health and bio104
Enterprise software136
Energy and climate45
Fintech45
Hardware and robotics40
Food and agri19
Marketing and media27

Same sectors, counted by number of rounds.

05 / LARGEST ROUNDS

Largest rounds

The largest round this year: Neko Health, €636m.

Largest rounds, 9M 2026
Largest rounds 9M 2026
CompanyCountryStageAmountMonthLead or first investor
Neko HealthSwedenGrowth€636mJul 2026OG Ventures
LegoraSwedenGrowth€500mMar 2026Accel
LovableSwedenGrowth€364mAug 2026Menlo Ventures
KrySwedenGrowth€130mSep 2026Undisclosed
Nordic KnotsSwedenGrowth€91mMar 2026Imaginary Ventures
Tandem HealthSwedenGrowth€91mSep 2026Scaleup Europe Fund
LassieSwedenGrowth€68mFeb 2026Balderton Capital
AdcendoDenmarkGrowth€64mApr 2026Jeito
AnaCardioSwedenGrowth€63mSep 2026Novo Holdings
LunarDenmarkGrowth€46mJan 2026100A

Rounds with a disclosed amount.

06 / STARTED IN SCANDINAVIA, BASED ELSEWHERE

Started in Scandinavia, based elsewhere

Six rounds since 2026 by companies that started in Scandinavia and are based elsewhere. They count in the totals.

Companies that started in Scandinavia, or keep their main team there, but are headquartered elsewhere. They count in the totals, under the country they started in. Companies that Scandinavian founders built abroad, with no base there, are not included.

Rounds since 2026, newest first
Rounds of companies started in Scandinavia and based elsewhere
CompanyStarted inBased inAmountMonthIn totals
Alveus TherapeuticsDenmarkUnited States€34mFeb 2026Yes
Arcline AINorwayUnited States€7.7mMay 2026Yes
ImagilabsSwedenUnited States€4.1mJul 2026Yes
FloxSwedenUnited States€2.3mFeb 2026Yes
IntroNorwayUnited States€0.9mSep 2026Yes
Arcline AINorwayUnited States€0.4mJan 2026Yes

07 / INVESTORS

Investors

BioInnovation Institute joined the most pre-seed and seed rounds since January 2026: 35.

Most active at pre-seed and seed since January 2026: BioInnovation Institute (35 rounds), Almi Invest (32 rounds) and Antler (16 rounds). Investors are ranked by the rounds they joined, led or followed, in 2026.

Most active at pre-seed and seed, 2026 to 9M 2026
Most active pre-seed and seed investors in Scandinavia
InvestorBased inRoundsLed
BioInnovation Instituten/a3535
Almi Investn/a324
Antlern/a163
EIFOn/a153
Y Combinatorn/a146
Chalmers Venturesn/a113
Delphinus Venture Capitaln/a108
StartupLab Foundersn/a100
Industrifondenn/a83
Partnerinvest Norrn/a70
byFoundersn/a64
Almi Invest GreenTechn/a63
Navigare Venturesn/a63
Turbine Capitaln/a63
Gorilla Capitaln/a60
Norrsken Evolven/a60
Seed Capitaln/a54
Ugly Duckling Venturesn/a54
PSV Techn/a52
Spintop Venturesn/a52
Skagerak Capitaln/a51
KTH Venturesn/a50
Sondo Capitaln/a50
Skyfall Venturesn/a44
PSV Hafniumn/a43
Wellstreetn/a43
Trio Impact Investn/a42
East Sweden Capitaln/a41
EIC Fundn/a40
First Gate Investn/a40
SEB Utvecklingsstiftelsen/a40
SSE Venturesn/a40
Tommy Jacobsonn/a40
Wave Venturesn/a40
True Collectiven/a33
Nordic Makersn/a32
Northzonen/a32
Unconventional Venturesn/a32
Further Than Capitaln/a31
Inception Fundn/a31
Alliance Venturen/a30
Anton Osikan/a30
CoFounder ASn/a30
Foundry Venturesn/a30
Karaoke Clubn/a30
Karl-Johan Perssonn/a30
Mattias Mikschen/a30
Northern Light Capitaln/a30
Proptechfondenn/a30
Rockstartn/a30
Sebastian Knutssonn/a30
Spike Venturen/a30
Tidligfasefondet Vestlandetn/a30
Trk Group ASn/a30
Verd Investeringn/a30
Voima Venturesn/a30
Andreessen Horowitzn/a22
DalaCapitaln/a22
Gungnir Capitaln/a22
HealthCapn/a22
Kost Capitaln/a22
Luminar Venturesn/a22
Pomonagruppenn/a22
Emblemn/a21
General Catalystn/a21
HETCH Capitaln/a21
Lifeline Venturesn/a21
LRF Venturesn/a21
Nikolaj Nyholmn/a21
Norrsken Launchern/a21
Peter Barklandn/a21
Skåne Venturesn/a21
Starbright Investn/a21
Tahir Siddiquen/a21
20vcn/a20
Aidiomn/a20
Aksel Lund Svindaln/a20
Almi Invest Sydn/a20
Ananda Impact Venturesn/a20
Andøya Venturesn/a20
Bjarke Klinge Staunn/a20
ByFounders Angel Collectiven/a20
Christoffer Bouetn/a20
DNV Venturesn/a20
E14 Investn/a20
Ecitn/a20
EIT Urban Mobilityn/a20
Eviny Ventures ASn/a20
Farvatn Capitaln/a20
Feminvestn/a20
Fredrik Hjelmn/a20
I Love Lundn/a20
Kalle Nilvérn/a20
Kick Capitaln/a20
Kræn Østergaard Nielsenn/a20
Kristian Nygaard Johansenn/a20
Leonardo DiCaprion/a20
Longswan Venturesn/a20
Lovablen/a20
LU Venturesn/a20
MP Pensjonn/a20
Node VCn/a20
node.vcn/a20
Norrskenn/a20
People Venturesn/a20
Propel Capitaln/a20
RadCapn/a20
Rasmus Buskn/a20
SLU Holdingn/a20
Sophia Bendzn/a20
Stingn/a20
Thomas Delaneyn/a20
Tvedt & Con/a20
UU Investn/a20
Most active from Series A, 2026 to 9M 2026
Most active Series A and growth investors in Scandinavia
InvestorBased inRoundsLed
EIFOn/a61
Novo Holdingsn/a61
Nysnø Klimainvesteringern/a50
Delphinus Venture Capitaln/a32
Industrifondenn/a31
Envisiontechn/a30
Farvatn Capitaln/a30
J12 Venturesn/a30
Lakestarn/a30
Momentum Partners ASn/a30
Andreessen Horowitzn/a22
Scaleup Europe Fundn/a22
Acceln/a21
Balderton Capitaln/a21
Grieg Kapital ASn/a21
Menlo Venturesn/a21
Almi Invest GreenTechn/a20
Atomicon/a20
Circularity Capitaln/a20
EQTn/a20
Eviny Ventures ASn/a20
General Catalystn/a20
Investinor ASn/a20
Luminar Venturesn/a20
Salesforce Venturesn/a20
SEB Private Equityn/a20
The Footprint Firmn/a20
Voima Venturesn/a20
Rounds with at least one investor based outside the Nordics
SHOW DATA
Share of rounds with an international investor
Row9M 2026
All rounds0%

Rounds with a fund from outside the Nordics: , of rounds where investor headquarters are known.

Share of rounds where investor headquarters are known: 0 in 9M 2026.

08 / EXITS

Exits

The most recent: Onomondo, bought by Aspirity Partners, September 2026.

31 venture-backed exits since 2026: 31 in 2026 so far. Deal values are rarely disclosed, so we count exits instead of summing them.

Venture-backed exits since 2026
Exits since 2026
CompanyCountryMonthTypeBuyer
OnomondoDenmarkSep 2026BuyoutAspirity Partners
NextorySwedenSep 2026AcquisitionBonnier Books
NordAmpsSwedenSep 2026IPOListing
NormativeSwedenSep 2026AcquisitionGreenly
StillaSwedenSep 2026AcquisitionMeta
FactbirdDenmarkAug 2026BuyoutVerdane
BlippSwedenJul 2026AcquisitionSvea Bank
CombifySwedenJul 2026AcquisitionPlacepoint
IcaniwillSwedenJul 2026AcquisitionRevolutionrace
OphenaSwedenJul 2026AcquisitionTrolle Group
EinrideSwedenJun 2026IPOEQT Ventures
SponswatchSwedenJun 2026AcquisitionBlauw
StockfillerSwedenJun 2026BuyoutBridgepoint
Water LinkedNorwayJun 2026AcquisitionNORBIT
EaseeNorwayMay 2026AcquisitionBrødrene Jensen
QuraSwedenApr 2026AcquisitionLegora
Saga DiagnosticsSwedenApr 2026AcquisitionFoundation Medicine
Tab TechnologySwedenApr 2026AcquisitionKivra
BillhopSwedenMar 2026AcquisitionRamp
InsurelloSwedenMar 2026AcquisitionSöderberg & Partners
TyphonixNorwayMar 2026AcquisitionBerner Industrier
LiminaSwedenFeb 2026AcquisitionArcesium
Sightic AnalyticsSwedenFeb 2026AcquisitionSmart Eye
TeemycoSwedenFeb 2026AcquisitionSpatialChat
DigiFarmNorwayFeb 2026AcquisitionUndisclosed
OptimeeringNorwayFeb 2026AcquisitionVolue
VXA (Plenty Labs)SwedenFeb 2026AcquisitionEpidemic Sound
HeapsGoDenmarkJan 2026AcquisitionEverfield
Kaisa TechnologiesSwedenJan 2026BuyoutMonterro
TrialbeeSwedenJan 2026BuyoutVarsity Healthcare Partners
DignioNorwayJan 2026BuyoutSumma Equity

09 / METHODOLOGY

Methodology

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 550 venture rounds (461 with a disclosed amount) at 534 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.

RESEARCH AND ANALYSIS: BADIDEAS.FUND.

Raising pre-seed or seed in Scandinavia

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