The State of the Swedish Tech Ecosystem 2025 report, released last week, was produced by Dealroom in collaboration with Business Sweden, the Swedish Energy Agency, the Swedish Institute, the Swedish Agency for Economic and Regional Growth, Vinnova, and SISP.
Sweden is strengthening its position as one of the world’s most innovative nations. It now ranks among the global top ten for the number of unicorns – privately held companies valued at over USD 1 billion – and leads Europe in unicorns per capita.
“Sweden is one of the leading countries globally in unicorns per capita, with core strengths in advanced technology, the green transition and medical innovation. But we cannot rest on our laurels. This report highlights the vast potential of Swedish companies – companies that are making a real impact. New technology brings new and better opportunities to enhance our competitiveness and welfare”, says Ebba Busch, Minister for Energy and Industry.
Sweden also stands out as a leader in climate tech, with more than 500 active companies valued at a combined USD 28 billion – a 4.5-fold increase since 2019. To date, Sweden has produced six climate tech unicorns.
In the deep tech sector – spanning advanced technologies rooted in scientific breakthroughs – Sweden is spearheading innovations that are reshaping energy systems, logistics, security and manufacturing.
Life sciences also present major export potential, particularly in precision medicine, digital health and bioinformatics. Swedish start-ups in this space are attracting international attention by offering solutions to global challenges, such as ageing populations and growing healthcare demands.
Since 2020, Swedish companies with at least one female founder have raised EUR 2.3 billion – the highest total in the Nordics and the fourth highest in Europe. In 2024, investment in female-founded start-ups continued to grow. However, only 9.9% of total venture capital went to companies with female founders, underlining the ongoing need to promote inclusion.
“Sweden has taken the lead in the Nordic region – now we must scale up and become Europe’s best country for supporting female innovators. This is where the future’s leaders, business ideas and export successes will come from. We're seeing a snowball effect as former employees launch new ventures. Now it's time to double down – with capital, expertise and the right conditions”, says Jan Larsson, CEO of Business Sweden.
Swedish tech in figures
- EUR 2.4 billion in venture capital raised in 2024
- #1 in Europe for VC investments per capita since 2020
- EUR 319 billion total ecosystem valuation
- 46 unicorns created to date
- 2,200+ start-ups in the pipeline, with strong momentum in climate tech, deep tech and life sciences