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 in venture capital, and Sweden continues to lead in venture capital investment per capita in Europe. Today, the new report State of the Swedish Tech Ecosystem 2025, produced by Dealroom together with Business Sweden, the Swedish Energy Agency, the Swedish Institute, the Swedish Agency for Economic and Regional Growth, Vinnova and SISP, is launched.

Sweden is consolidating its position as one of the world’s leading innovation countries and is now among the top 10 globally in terms of the number of unicorns (new companies that have achieved a valuation of over USD 1 billion without being listed on the stock exchange) – and is number one in Europe in terms of unicorns per capita.

“This report shows how great the potential is for Swedish companies, companies that are making a real difference.” /Ebba Busch, Swedish Minister for Energy and Enterprise

– Sweden is one of the leading countries in the world in terms of unicorns per capita, with strengths in advanced technologies, green transition and medical innovation. But we cannot be complacent. This report shows how great the potential is for Swedish companies, companies that are making a real difference. New technologies offer new and improved opportunities for our competitiveness and our welfare,” says Ebba Busch, Minister for Energy and Enterprise.

Sweden today 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, representing a growth of 4.5 times since 2019. Sweden has also managed to create six climate tech unicorns so far.

Requires courage, will and targeted efforts

In deep tech – which includes advanced technologies based on scientific breakthroughs – Sweden is driving innovations that are reshaping energy systems, logistics, security and manufacturing.

The life sciences sector, particularly in precision medicine, digital health and bioinformatics, shows strong export potential. Swedish start-ups in this field are already attracting global interest and offering solutions to societal challenges such as an ageing population and increasing healthcare needs.

Since 2020, Swedish companies with female founders have raised €2.3 billion – best in the Nordics and fourth best in Europe. In 2024, investment in female-founded start-ups continued to increase. However, only 9.9% of total venture capital went to companies with at least one female founder, indicating a continued need to invest in inclusion.

“Our national innovation ecosystem provides a unique platform for scaling up future export successes, especially in deep tech, climate tech and life science.” /Stina Lantz, CEO SISP

– The fact that Sweden attracted the most venture capital per capita in Europe in 2024 shows the strong international confidence in our innovation capacity. But to realise the potential of the more than 2 000 companies in the early pipeline, we need to invest more. Our national innovation ecosystem provides a unique platform for scaling up the export successes of the future, especially in deep tech, climate tech and life science. But it also requires that investors dare to invest early, and that Swedish companies and public actors become customers of Swedish startups. This is the best thing we can do to support the business community of the future,” says Stina Lantz, CEO of SISP.

Swedish tech in figures

• €2.4bn 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

Download the report‘State of the Swedish Tech Ecosystem‘