Swedish tech continues to defy the recession
Despite continued global economic uncertainty, Swedish startups continue to show strength – and the willingness to invest remains. In 2024, Swedish startups raised a total of 2.4 billion euros in venture capital. In addition, Sweden continues to be at the top of venture capital investments per capita in Europe.
Today, the new report State of the Swedish Tech Ecosystem 2025 is launched, produced by Dealroom together with Business Sweden, the Swedish Energy Agency, the Swedish Institute, the Swedish Agency for Economic and Regional Growth, Vinnova and Sweden's Incubators and Science Parks (SISP).
Sweden is consolidating its position as one of the world's leading innovation countries and is now in the top 10 globally in terms of the number of unicorns (new companies that have achieved a valuation of over 1 billion USD without being listed on the stock exchange) - and is number one in Europe when it comes to unicorns per capita.
- Sweden is one of the leading countries in the world in terms of the number of unicorns per capita, with strengths in advanced technology, green transition and medical innovation. But we cannot rest easy. This report shows how great the potential is for Swedish companies, companies that are involved in making real change. New technology offers new and improved opportunities for our competitiveness and our welfare, says Minister of Energy and Enterprise Ebba Busch.
Climate tech, deep tech and life science
Today, Sweden has one of Europe's strongest climate tech sectors, with over 500 active climate tech companies and a combined company value of USD 28 billion, which corresponds to a growth of 4.5 times since 2019. Sweden has also managed to create six climate tech unicorns to date.
In deeptech – which encompasses advanced technologies based on scientific breakthroughs – Sweden is driving innovations that are transforming energy systems, logistics, security and manufacturing.
The life sciences sector, especially in precision medicine, digital health and bioinformatics, shows strong export potential. Swedish startups in the field are already attracting global interest and offer solutions to societal challenges such as an aging population and increased healthcare needs.
Continued investments in female innovators
Since 2020, Swedish companies with female founders have raised €2.3 billion – the highest in the Nordic region and fourth highest in Europe. Investments in female-founded startups continued to increase in 2024. However, only 9.9 percent of total venture capital went to companies with at least one female founder, indicating a continued need for investments in inclusion.
– Startups are absolutely central to a dynamic and future-oriented business community. It is therefore very pleasing that Sweden continues to show strength – not least through companies that drive technological development in a more sustainable direction. In order for us to manage the transition and at the same time strengthen Sweden's competitiveness, it is crucial that world-class Swedish research is translated into innovations that make a real difference, says Darja Isaksson, Director general at Vinnova.
Swedish tech in numbers
- €2.3 billion in venture capital invested in 2024
- #1 in Europe per capita for VC investments since 2020
- €319 billion in total ecosystem valuation
- 46 unicorns created so far
- 2,200+ startups in the pipeline, strong focus on climate tech, deep tech and life science
Read the full report: State of the Swedish Tech Ecosystem 2025
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Last updated 7 May 2025