Ranking: Nordic tech startups to watch in 2022

Sifted ranked the up-and-coming Nordic startups to watch in 2022.

By Federico Scolari

One of the most active ecosystems in Europe, the Nordics have fostered some of the continent’s most successful 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. 

👉 Check out the full ranking of Nordic startups and scaleups to watch 

Sweden is the historical leader of the region and has maintained a strong position in 2021. Funding more than doubled over the year, while exits increased sevenfold — realising $70bn between IPOs and acquisitions, including notable ones from Polestar, Oatly and Truecaller

But Denmark’s ecosystem has grown faster than all other countries in the area, with a sharp 240% change in total funding between 2020 and 2021. Large rounds for Lunar, Pleo and Dixa bumped funding levels over Finland, which has grown at positive but slower rates — finding itself playing catch up for the first time in three years. 

Norway also reported high growth, notably welcoming its first three unicorns in 2021 (Cognite, Oda and Gelato), as well as Dune Analytics and Remarkable in 2022. Six rounds over $100m accounted for around half of Norway’s funding, in line with previous years’ trends. 

On the other hand, Iceland is the only country witnessing falls in funding. Just under 25 rounds closed in the island nation in 2021, none of which broke the $100m ceiling. 

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. 

👉 Check out the full ranking of Nordic startups and scaleups to watch 

Federico Scolari is a junior intelligence analyst at Sifted.