ENTREPRENEURSHIP

New report: Last year, Swedish startups secured a record €7,8 billion in VC investments

The report also states that the value of the Swedish ecosystem is Europe’s highest per capita, making Sweden one of the fastest growing hubs in Europe.
By JOHAN MAGNUSSON
March 14, 2022

Swedish Agency for Economic & Regional Growth (Tillväxtverket) uses the program Startup Sweden to support Sweden-based tech entrepreneurs and companies with activities such as early-stage accelerators and programs for scaleups expanding to new markets. Together with Business Sweden, Vinnova, and the Swedish Institute, Swedish Agency for Economic & Regional Growth recently launched a new digital platform, called Sweden Tech Ecosystem.

— We’re showcasing data on Swedish startups and scaleups, based on aspects such as investments and industry vertical, says Lisa Nordlund, communications manager at Startup Sweden (pictured above). 

— We were noticing a need for a tool through which the ecosystem could be gathered in a clear and user-friendly way, so the vision with the platform is to do exactly that. We want to make it possible for more people to gain insights into the development of the Swedish tech scene, while also making it easier for entrepreneurs in early-stage to access the essential network or networks within the ecosystem. The platform is open and free of charge to use to make it more accessible to a wider audience and also includes a job board for those who are looking for a new job.

The Sweden Tech Ecosystem platform.

Based on data from the platform, Swedish Agency for Economic & Regional Growth and the other partners involved in it just released their first annual report.

— It provides an overview of what the ecosystem looks like right now and how it has changed, and grown, during the past few years, Nordlund continues. What we can see is that, despite the pandemic, Swedish startups continued to break records in 2021, with a record €7,8 billion in VC investments — more than double the year before. The value of the ecosystem — €239 billion — is also Europe’s highest per capita, making Sweden one of the fastest-growing hubs in Europe. There are also 35 unicorns founded in Sweden, and 20+ ”future unicorns” listed on the platform. Not bad for this small country of the north!

The agency also recently opened applications to two of its international programs, for scaleup companies planning to expand to the UK or Germany. As usual, they’re free of charge and no equity is taken.

— Our programs provide the participants with both market insights and practical advice — for instance, what they should consider in terms of cultural differences within sales, legal and marketing, while they also get client meetings that are specifically booked for each company. The goal for us is to help with a more effective market entry, as we know that expansion is both time-consuming and financially demanding, Nordlund concludes.

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