Startups ranked by AI-estimated valuation

Sweden’s 50 most valuable startups

Edition 0 – beta·Published Oct 2026·Next scheduled update 25 Oct 2026

A quarterly ranking of non-listed Swedish startups that have already raised funds, established by artificial intelligence from public information. The market sets the value; our AI estimates it.

Quarterly Claude · multi-AI consensus in a future edition· Method· Order never changed by a human

Back a sector in Sweden

The market at a glance

50companies ranked

25companies on the radar

USD 3.2bnraised in 2025

n/drounds in 2025

Swedish startups raised USD 3.2bn of venture funding in 2025, far below the USD 8.5bn peak of 2021. 2026 is set to exceed USD 5bn, led by AI (Lovable, Legora), health (Neko Health) and the Stegra rescue round. Intention counters will be shown above a threshold of amount and number of Backers.

Listed benchmarks Klarna · Fintech › payments · NYSE · KLARSpotify · Music streaming · NYSE · SPOTEinride · Autonomous electric freight · Nasdaq · ENRDTruecaller · Caller ID · Nasdaq Stockholm · TRUE BHemnet · Property portal · Nasdaq Stockholm · HEM Not ranked: no intention is possible on a listed company.

National ranking · all sectors

Top 50 Radar Born here, based elsewhere Challengers

First edition: no movements yet.

#	Company	Sub-sector	Known funding	Estimated valuation (AI) · range	Confidence	Back
1	LovableStockholm · founded 2023 Valued at USD 1.8bn in Feb 2025 and USD 6.6bn in Dec 2025; run-rate revenue reported at USD 500M in Jun 2026.	AI › coding agents	USD ~930M raised Series C · USD 400M · Aug 2026 (Menlo Ventures, Scaleup Europe Fund; Tencent)	Last known equity round: Series C · USD 400M · Aug 2026 (Menlo Ventures, Scaleup Europe Fund; Tencent) Published valuation: USD 13.3bn (Aug 2026) Confidence index: HighMethod	Solid sources	Back
2	Neko HealthStockholm · founded 2018 Valued at USD 1.7bn in Jan 2025; co-founded by Spotify’s Daniel Ek.	Healthtech › preventive body-scan clinics	EUR ~863M raised Series C · USD 700M · Jul 2026 (Lightspeed, O.G. Venture Partners; Atomico, General Catalyst)	Last known equity round: Series C · USD 700M · Jul 2026 (Lightspeed, O.G. Venture Partners; Atomico, General Catalyst) Published valuation: USD 7bn (Jul 2026) Confidence index: HighMethod	Solid sources	Back
3	LegoraStockholm · founded 2023 Valuation tripled from USD 1.8bn (Oct 2025); over 1,000 customers.	Legal tech › AI for law firms	USD ~600M raised Series D extension · USD 50M · Apr 2026 (Atlassian, NVentures); Series D USD 550M · Mar 2026 (Accel)	Last known equity round: Series D · USD 550M · Mar 2026 (Accel) Published valuation: USD 5.6bn (Apr 2026) Confidence index: HighMethod	Solid sources	Back
4	Nordic KnotsStockholm · founded 2016 Direct-to-consumer, mostly in the US; valued at EUR 1.9bn.	E-commerce › rugs and home textiles	EUR ~86M+ raised Growth round · USD 100M · Apr 2026 (Imaginary Ventures; Creades)	Last known equity round: Growth round · USD 100M · Apr 2026 (Imaginary Ventures; Creades) Published valuation: USD 2.2bn (Apr 2026) Confidence index: HighMethod	Solid sources	Back
5	Neo4jMalmö · founded 2007HQ San Mateo (US); founded and R&D in Malmö Revenue above USD 200M; preparing a US listing.	Data › graph database	USD ~530M raised Strategic round · USD 50M · Nov 2024 (Noteus Partners)	Last known equity round: Strategic round · USD 50M · Nov 2024 (Noteus Partners) Published valuation: USD 2bn (Nov 2024) Confidence index: HighMethod	Partial sources	Back
6	Kry (Livi)Stockholm · founded 2014 Valued at USD 2bn in 2021; the 2024 recapitalisation diluted common shares by 78%.	Healthtech › digital primary care	USD 700M+ raised Growth round · USD 160M+ · 2022 (Teachers’ Venture Growth, P Capital, Index); recapitalisation Oct 2024	Last known equity round: Growth round · USD 160M · 2022 (Teachers’ Venture Growth, P Capital, Index) Confidence index: MediumMethod	Partial sources	Back
7	Epidemic SoundStockholm · founded 2009 Valued at USD 1.4bn in 2021; EQT reported to be exploring a sale or listing.	Media › music licensing	USD ~500M raised Growth round · USD 450M · Mar 2021 (Blackstone Growth, EQT Growth)	Last known equity round: Growth round · USD 450M · Mar 2021 (Blackstone Growth, EQT Growth) Confidence index: MediumMethod	Solid sources	Back
8	TrustlyStockholm · founded 2008 Majority owned by Nordic Capital; cut about 25% of staff in Sep 2026. Valued at SEK 12.9bn in 2023.	Fintech › account-to-account payments	USD 400M+ raised Equity round · SEK 1.5bn · 2023; USD 40M+ commitment from shareholders · Oct 2026 (Nordic Capital)	Last known equity round: Equity round · USD 140M · 2023 Confidence index: MediumMethod	Partial sources	Back
9	QvantumÅstorp · founded 2016	Climate › heat pumps	Undisclosed total raised Series C · USD 125M (EUR 108M) · Jan 2025 (Thomas von Koch, IMAS Foundation; Munters, SEB Greentech)	Last known equity round: Series C · USD 125M · Jan 2025 (Thomas von Koch, IMAS Foundation; Munters, SEB Greentech) Confidence index: LowMethod	Partial sources	Back
10	VoiStockholm · founded 2018 Valuation is VNV Global’s carrying value (Q4 2025); profitable since 2024; listing discussed for 2026.	Mobility › shared e-scooters	USD 500M+ raised Bond · EUR 40M · Oct 2025; last equity round 2021	No equity round with a disclosed amount. Published valuation: USD 610M (Dec 2025) Confidence index: HighMethod	Partial sources	Back
11	AiraStockholm · founded 2022 Valuation is Kinnevik’s carrying value (Dec 2025), reportedly written down again in 2026; merger with Svea Solar discussed.	Climate › heat pumps and home energy	EUR ~393M raised Equity round · USD 175M (EUR 150M) · Aug 2025 (Altor, Kinnevik, Lingotto, Temasek)	Last known equity round: Equity round · USD 175M · Aug 2025 (Altor, Kinnevik, Lingotto, Temasek) Published valuation: USD 580M (Dec 2025) Confidence index: LowMethod	Weak sources	Back
12	VoyadoVäxjö · founded 2005 Viking Global holds a majority stake; revenue about SEK 1bn.	Martech › retail customer data platform	Undisclosed total raised Majority investment · Jun 2025 (Viking Global)	No equity round with a disclosed amount. Published valuation: USD 529M (Jun 2025) Confidence index: LowMethod	Weak sources	Back
13	JuniGothenburg · founded 2020 Valued at about USD 800M in 2022; two rounds of layoffs since.	Fintech › e-commerce banking	USD ~175M raised Series B · USD 100M equity + USD 106M debt · Jun 2022 (Mubadala Capital; EQT Ventures)	Last known equity round: Series B · USD 100M · Jun 2022 (Mubadala Capital; EQT Ventures) Confidence index: MediumMethod	Partial sources	Back
14	Tandem HealthStockholm · founded 2023	Healthtech › AI clinical assistant	USD ~160M raised Series B · USD 100M · Sep 2026 (Scaleup Europe Fund; Kinnevik, Northzone)	Last known equity round: Series B · USD 100M · Sep 2026 (Scaleup Europe Fund; Kinnevik, Northzone) Confidence index: HighMethod	Solid sources	Back
15	InstabeeStockholm · founded 2022 Valuation is Creades’ carrying value (SEK 3.7bn), down from SEK 12bn in 2023.	Logistics › last-mile parcel delivery	USD 300M+ raised No round since the 2022 merger of Budbee and Instabox	No equity round with a disclosed amount. Published valuation: USD 390M (Sep 2026) Confidence index: HighMethod	Partial sources	Back
16	LassieStockholm · founded 2020 ARR above USD 100M; about 250,000 pets insured.	Insurtech › pet insurance	USD 100M+ raised Series C · USD 75M · Feb 2026 (Balderton; Felix, Inventure, Stena Sessan)	Last known equity round: Series C · USD 75M · Feb 2026 (Balderton; Felix, Inventure, Stena Sessan) Confidence index: HighMethod	Solid sources	Back
17	FunnelStockholm · founded 2014 Acquired Adtriba in Jun 2025; the planned IPO did not happen.	Martech › marketing data	USD ~123M raised Pre-IPO round · USD 66M · Oct 2021 (AP4, Stena Sessan)	Last known equity round: Pre-IPO round · USD 66M · Oct 2021 (AP4, Stena Sessan) Confidence index: MediumMethod	Partial sources	Back
18	StegraStockholm · founded 2020 Rescue round: a Wallenberg-led holding now controls over 90%. Valuation implied by Kinnevik’s 83% write-down (Jul 2026).	Climate › green steel	EUR 6.5bn+ (equity and debt) raised Equity round · USD 1.6bn (EUR 1.4bn) · Jun 2026 (Wallenberg Investments; Altor, Temasek, AP2)	No equity round with a disclosed amount. Published valuation: USD 330M (Jul 2026) Confidence index: LowMethod	Partial sources	Back
19	Brite PaymentsStockholm · founded 2019 Profitable since 2022.	Fintech › instant bank payments	USD 60M+ raised Equity round · USD 60M · Oct 2023 (Dawn Capital; Headline, Incore)	Last known equity round: Equity round · USD 60M · Oct 2023 (Dawn Capital; Headline, Incore) Confidence index: LowMethod	Partial sources	Back
20	evrocStockholm · founded 2022 Building data centres; works with the Swedish armed forces on a combat cloud.	Cloud › sovereign hyperscale cloud	USD ~55M raised Series A · USD 55M (EUR 50.6M) · Mar 2025 (blisce/; Giant, EQT Ventures, Norrsken VC)	Last known equity round: Series A · USD 55M · Mar 2025 (blisce/; Giant, EQT Ventures, Norrsken VC) Confidence index: HighMethod	Solid sources	Back
21	Natural CyclesStockholm · founded 2013 First FDA-cleared birth-control app.	Healthtech › digital contraception	Undisclosed total raised Series C · USD 55M · May 2024	Last known equity round: Series C · USD 55M · May 2024 Confidence index: LowMethod	Partial sources	Back
22	EndraStockholm Automates MEP design for buildings.	AI › building engineering design	USD 50M+ raised Series A · USD 50M · Jun 2026 (a16z; Notion Capital, Norrsken VC)	Last known equity round: Series A · USD 50M · Jun 2026 (a16z; Notion Capital, Norrsken VC) Confidence index: LowMethod	Partial sources	Back
23	PlanhatStockholm · founded 2015 Revenue SEK 237M in 2024.	SaaS › customer platform	USD 50M raised Series A · USD 50M (SEK 494M) · Apr 2022 (Sprints Capital)	Last known equity round: Series A · USD 50M · Apr 2022 (Sprints Capital) Confidence index: MediumMethod	Partial sources	Back
24	QuinyxStockholm · founded 2005 Valued at USD 550M in Nov 2021; no round since.	HR tech › workforce management	USD 89M+ raised Series C · USD 50M · Nov 2021 (Battery Ventures)	Last known equity round: Series C · USD 50M · Nov 2021 (Battery Ventures) Confidence index: MediumMethod	Partial sources	Back
25	BlykallaStockholm · founded 2013	Energy › lead-cooled small modular reactor	Undisclosed total raised Equity round · USD 50M · Dec 2025 (Oklo, Norrsken Launcher, Armada; KDDI)	Last known equity round: Equity round · USD 50M · Dec 2025 (Oklo, Norrsken Launcher, Armada; KDDI) Confidence index: HighMethod	Solid sources	Back
26	PolariumStockholm · founded 2015 Valued at over USD 1bn in 2022; the 2024 round was a turnaround financing.	Energy › battery storage	Undisclosed total raised Convertible preference shares · USD 49M (SEK 500M) · Oct 2024 (Vargas, AMF, Alecta)	Last known equity round: Convertible preference shares · USD 49M · Oct 2024 (Vargas, AMF, Alecta) Confidence index: LowMethod	Partial sources	Back
27	AnoccaSödertälje · founded 2014	Biotech › TCR-T cell therapy	Undisclosed total raised Equity round · USD 46M (SEK 440M) · Aug 2025 (Mellby Gård; AMF)	Last known equity round: Equity round · USD 46M · Aug 2025 (Mellby Gård; AMF) Confidence index: LowMethod	Weak sources	Back
28	MentimeterStockholm · founded 2014 Profitable; revenue SEK 598M in 2025. The 2024 secondary was struck at about SEK 3.7bn.	SaaS › audience engagement	USD ~43M raised Series C · USD 42M · Jun 2022 (Alfvén & Didrikson, Creades, Nordstjernan); secondary sale to Bure and GP Bullhound in 2024	Last known equity round: Series C · USD 42M · Jun 2022 (Alfvén & Didrikson, Creades, Nordstjernan) Confidence index: MediumMethod	Partial sources	Back
29	DoconomyStockholm · founded 2018	Fintech › climate impact tools for banks	USD ~45M raised Series B · USD 37M (EUR 34M) · Jun 2024 (UBS Next, CommerzVentures)	Last known equity round: Series B · USD 37M · Jun 2024 (UBS Next, CommerzVentures) Confidence index: LowMethod	Partial sources	Back
30	MyntStockholm · founded 2018	Fintech › corporate cards	EUR 50M+ raised Series B · USD 23M (EUR 22M) · Dec 2024 (Vor Capital); Visa strategic investment · Apr 2025	Last known equity round: Series B · USD 23M · Dec 2024 (Vor Capital) Published valuation: USD 183M (Dec 2024) Confidence index: HighMethod	Solid sources	Back
31	KivraStockholm · founded 2011	Fintech › digital mailbox and payments	USD ~50M raised Equity round · USD 35M (SEK 320M) · 2022 (41an Invest, FAM)	Last known equity round: Equity round · USD 35M · 2022 (41an Invest, FAM) Confidence index: LowMethod	Partial sources	Back
32	CandelaLidingö · founded 2014	Mobility › electric hydrofoil boats	EUR 129M raised Equity round · USD 35M (EUR 30M) · Mar 2026 (EQT Ventures, SEB Private Equity, IFC)	Last known equity round: Equity round · USD 35M · Mar 2026 (EQT Ventures, SEB Private Equity, IFC) Confidence index: HighMethod	Solid sources	Back
33	SWEBALNora · founded 2024 Building Sweden’s first TNT plant.	Defence › explosives production	Undisclosed total raised Equity round · USD 35M (EUR 30M) · May 2026 (Thomas von Koch, Pär Svärdson, family offices)	Last known equity round: Equity round · USD 35M · May 2026 (Thomas von Koch, Pär Svärdson, family offices) Confidence index: LowMethod	Partial sources	Back
34	AnyfinStockholm · founded 2017	Fintech › consumer loan refinancing	EUR ~106M equity raised Series C · USD 32M (EUR 30M) · Jan 2023 (Northzone; Accel, EQT Ventures)	Last known equity round: Series C · USD 32M · Jan 2023 (Northzone; Accel, EQT Ventures) Confidence index: LowMethod	Partial sources	Back
35	TeamtailorStockholm · founded 2013 Valued at EUR 325M in Jun 2022.	HR tech › recruiting software	USD ~20M raised Growth round · USD 10.5M (EUR 10M) · Jun 2022 (Sprints Capital)	Last known equity round: Growth round · USD 10.5M · Jun 2022 (Sprints Capital) Confidence index: LowMethod	Weak sources	Back
36	ValidioStockholm · founded 2019 ARR up 800% year on year.	Data › data quality for AI	USD 47M raised Series A · USD 30M · Mar 2026 (Plural; Lakestar, J12)	Last known equity round: Series A · USD 30M · Mar 2026 (Plural; Lakestar, J12) Confidence index: HighMethod	Solid sources	Back
37	Northmill BankStockholm · founded 2006 Profitable.	Fintech › challenger bank	Undisclosed total raised Equity round · USD 30M (SEK 250M) · Feb 2021 (M2 Asset Management, Coeli)	Last known equity round: Equity round · USD 30M · Feb 2021 (M2 Asset Management, Coeli) Confidence index: LowMethod	Weak sources	Back
38	Matsmart-MotatosStockholm · founded 2014	E-commerce › surplus groceries	Undisclosed total raised Equity round · USD 27M (EUR 24M) · Nov 2021 (Blume Equity)	Last known equity round: Equity round · USD 27M · Nov 2021 (Blume Equity) Confidence index: LowMethod	Weak sources	Back
39	Doktor.seStockholm · founded 2016 Listing on Nasdaq Stockholm targeted for Q4 2026.	Healthtech › hybrid digital and physical care	Undisclosed total raised Equity round · USD 26M (SEK 250M) · Nov 2025 (existing owners)	Last known equity round: Equity round · USD 26M · Nov 2025 (existing owners) Confidence index: LowMethod	Partial sources	Back
40	IngridStockholm · founded 2017	SaaS › e-commerce delivery experience	EUR ~30M raised Growth round · USD 23M (EUR 21M) · Mar 2024 (Verdane; Schibsted Ventures)	Last known equity round: Growth round · USD 23M · Mar 2024 (Verdane; Schibsted Ventures) Confidence index: LowMethod	Partial sources	Back
41	FrodaStockholm · founded 2015 Plus a EUR 150M lending facility from the EIF.	Fintech › embedded SME lending	EUR 30M equity raised Series B · USD 23M (EUR 20M) · Apr 2025 (Incore Invest)	Last known equity round: Series B · USD 23M · Apr 2025 (Incore Invest) Confidence index: LowMethod	Partial sources	Back
42	Eir FörsäkringStockholm · founded 2019	Insurtech › embedded insurance	Undisclosed total raised Growth round · USD 23M (EUR 20M) · Oct 2025 (Endeit)	Last known equity round: Growth round · USD 23M · Oct 2025 (Endeit) Confidence index: LowMethod	Weak sources	Back
43	InsurelyStockholm · founded 2018	Insurtech › open insurance data	EUR 22M raised Series A · USD 21M (EUR 19M) · Mar 2022 (Insight Partners)	Last known equity round: Series A · USD 21M · Mar 2022 (Insight Partners) Confidence index: LowMethod	Partial sources	Back
44	KognityStockholm · founded 2011	Edtech › digital textbooks	USD ~32M raised Growth round · USD 20M (EUR 17M) · Jun 2021 (Alfvén & Didrikson)	Last known equity round: Growth round · USD 20M · Jun 2021 (Alfvén & Didrikson) Confidence index: LowMethod	Partial sources	Back
45	GOALSStockholm · founded 2020	Gaming › football game	USD 20M+ raised Series A · USD 20M · 2022 (Seven Seven Six)	Last known equity round: Series A · USD 20M · 2022 (Seven Seven Six) Confidence index: LowMethod	Weak sources	Back
46	MoleculentStockholm	Biotech tools › cell-cell interaction mapping	USD ~46M raised Series A extension · USD 20M · Apr 2026 (Rubicon Healthcare; ARCH, Eir Ventures)	Last known equity round: Series A extension · USD 20M · Apr 2026 (Rubicon Healthcare; ARCH, Eir Ventures) Confidence index: LowMethod	Weak sources	Back
47	QuartrStockholm · founded 2020	Data › investor-relations data	USD 18M+ raised Venture round · USD 18M (EUR 15.6M) · Aug 2026 (Altos Ventures; SEB)	Last known equity round: Venture round · USD 18M · Aug 2026 (Altos Ventures; SEB) Confidence index: HighMethod	Solid sources	Back
48	AlixLabsLund · founded 2019	Deeptech › semiconductor etching	Undisclosed total raised Series A · USD 17M (EUR 15M) · Apr 2026 (Stephen Industries)	Last known equity round: Series A · USD 17M · Apr 2026 (Stephen Industries) Confidence index: LowMethod	Partial sources	Back
49	ExegerStockholm · founded 2009 Shares traded on an unlisted marketplace; the 2025 issue was priced as a down round.	Climate › flexible solar cells	Undisclosed total raised Directed issues and rights issue · USD 17M (SEK 160M+) · Nov 2025	Last known equity round: Share issue · USD 17M · Nov 2025 Confidence index: LowMethod	Partial sources	Back
50	IPerceptStockholm KTH spin-out.	Industrial AI › machine diagnostics	USD ~22M raised Series A · USD 16.5M · Sep 2026 (Isogon, 2150; Luminar, J12)	Last known equity round: Series A · USD 16.5M · Sep 2026 (Isogon, 2150; Luminar, J12) Confidence index: HighMethod	Solid sources	Back

Back · Declaring an intention does not mean this company is raising funds. · Terms

Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Edition 0: produced by Claude (Anthropic); a consensus of several AI models will apply in a future edition. Eligibility: at least $1M raised including one equity round, non-listed company, main operations in Sweden. Request a correction

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How to read this ranking

Rank

Companies are ranked by AI-estimated valuation, highest first. The market sets the value; our AI estimates it.

Estimate

An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.

Hundreds of k$
Millions $
Tens of M$
Hundreds of M$
Unicorn
Decacorn
Hectocorn

Confidence

High: recent published valuation or round (under 24 months).
Medium: older data.
Low: single or unconfirmed source.

Full method →

Rankings by sector

Four verticals at launch, more when the feasibility test allows.

Coming soon · Top 10

AI & software

Coding agents, legal AI, data platforms and HR software.

Coming soon · Top 10

Fintech & insurtech

Payments, business banking, lending and digital insurance.

Coming soon · Top 10

Health & consumer

Preventive health clinics, digital care and direct-to-consumer brands.

Coming soon · Top 10

Climate & deeptech

Heat pumps, green steel, nuclear, batteries and defence.

MobilityGamingMediaEdtechProptech

Invest in Sweden, together, from London, New York or Berlin

Uback aggregates investment intentions from business angels, family offices, corporates and diaspora investors. You invest alongside professional investors already on the cap table, who have negotiated a shareholders’ agreement: you don’t start from a blank page.

Strength in numbers

Alone, a small ticket opens no doors. Together, Backers carry weight.

Declare an intention

On a company, whether or not it has agreed, or on a sector in Sweden, in its region or worldwide, never on the country alone, with a ticket range. Paid, to show you are serious; valid for life, and movable until a deal process opens.

Critical mass is reached

When the pool’s combined amount reaches its critical mass, a floor amount estimated by the AI, the pool is passed to the local partner, who presents this demand to the companies concerned.

The local partner structures

If the company’s expectations and the Backers’ converge, the partner builds a transaction and presents it directly to the Backers concerned.

Closing

Capital raise or sale of existing shares: small tickets are pooled in a common vehicle set up by the local partner. Each Backer decides whether to take part.

Uback does not advise, does not negotiate, collects nothing. Each transaction is run by the local partner, under the law shown on the company’s profile.

Get notified when intentions open What happens after my declaration? Intention declarations open once the local partner signs · price per ticket band · valid for life · movable until a deal process opens

The Uback partner in Sweden

Introductions made by a local partner, currently being selected

Investment firm or adviser authorised by Finansinspektionen (Swedish FSA), or investment bank, the only party entitled to contact companies and structure deals. Uback remains a media: it ranks and aggregates intentions, it takes part in no transaction.

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Radar · known eligible companies, not ranked

Sorted by date of last round, with no judgement and no AI call. Undisclosed amount: the round is confirmed by the press, not its amount.

Terasi · Defence tech › secure wirelessEquity round · USD 13M (EUR 11M) · Sep 2026 (NATO Innovation Fund, Join Capital)Back
Rebaba · Energy › second-life battery storageSeed · USD 4.6M · Sep 2026 (Sistafund)Back
Spiich · AI › sales admin agentsSeed · USD 3.5M (EUR 3M) · Sep 2026 (Ugly Duckling Ventures)Back
eComID · E-commerce › shopping identitySeed · USD 17M (EUR 14.6M) · Aug 2026 (Systemiq Capital; H&M Group)Back
Pixelgen Technologies · Biotech tools › spatial proteomicsSeries B · USD 15.5M · Aug 2026Back
Aloi · Legal tech › AI judgment graphSeed · USD 7M (EUR 6.1M) · Aug 2026Back
CorPower Ocean · Climate › wave energySeries B · USD 62M (EUR 53M) · Jul 2026Back
Lightbringer · Legal tech › AI patent servicesSeries A · USD 10M · Jun 2026 (6 Degrees Capital, Newion)Back
Pit · AI › AI product teams as a serviceSeed · USD 16M (EUR 13.6M) · May 2026 (a16z; Lakestar)Back
Redpine · Data › licensed data for AI agentsSeed · USD 7.9M (EUR 6.8M) · Apr 2026 (NordicNinja)Back
Hedvig · Insurtech › digital home and car insuranceRights issue · USD 10.5M (SEK 100M) · Feb 2026 (Adelis and existing owners)Back
Bits · Fintech › compliance automationSeries A · USD 14M (EUR 12M) · Feb 2026 (Alstin Capital; Cherry)Back
Agaton · AI › sales conversation intelligenceSeed · USD 10M (EUR 8.4M) · Feb 2026 (Inception Fund)Back
Intric · AI › sovereign AI platformSeed · USD 4.4M (EUR 3.8M) · Feb 2026 (byFounders)Back
Altris · Energy › sodium-ion batteriesEquity round · USD 8.5M (EUR 7.3M) · Nov 2025 (InnoEnergy)Back
Cellcolabs · Biotech › stem-cell manufacturingEquity round · USD 12M (EUR 10.3M) · Oct 2025 (Titian Capital)Back
Grasp · AI › analysis for finance and consultingSeries A · USD 7M · Oct 2025 (Octopus Ventures)Back
Standab · Mobility › e-scooter charging stationsEquity round · USD 4.2M (EUR 3.6M) · Sep 2025 (Spintop Ventures)Back
Tzafon · AI › agents and computePre-seed · USD 9.7M (EUR 8.3M) · Jul 2025 (HV Capital)Back
Nordic Air Defence · Defence tech › drone interceptorsPre-seed · USD 3M · Jul 2025 (Inflection)Back
Polar · Fintech › software billingSeed · USD 10M (EUR 8.6M) · Jun 2025 (Accel)Back
Novatron Fusion Group · Energy › fusion (magnetic mirror)Series A1 · USD 10.8M (EUR 10M) · Mar 2025 (St1)Back
Ljusgårda · Agritech › vertical farmingShare issue · USD 11M (SEK 125M) · Jan 2025 (major shareholders)Back
Kognic · AI › data annotation for autonomous systemsSeries A extension · USD 9.6M (SEK 100M) · Aug 2024 (Metaplanet, Stena Sessan)Back
Treyd · Fintech › supplier financingSeries A extension · USD 12M · Sep 2023 (Nineyards Equity)Back

Born in Sweden, based elsewhere

Companies of Swedish origin whose main operations are now abroad: not ranked, shown with the law governing their shares.

Heart Aerospace · Aviation › electric regional aircraft
Founded in Gothenburg; HQ moved to Los Angeles in Apr 2025Series B · USD 107M · Oct 2024 (Sagitta Ventures, Breakthrough Energy Ventures)Back

Not ranked

Klarna · Listed on the NYSE (KLAR) since Sep 2025
Einride · Listed on Nasdaq (ENRD) via a SPAC merger (Jun 2026)
Sana Labs · Acquired by Workday for about USD 1.1bn (closed Nov 2025)
Recorded Future · Acquired by Mastercard for USD 2.65bn (closed Dec 2024)
Zimpler · Acquired by TrueLayer (Oct 2025)
Northvolt · Bankrupt (Mar 2025); assets bought by Lyten (Feb 2026)
Volta Trucks · Insolvent for the second time (May 2025)
X Shore · Bankrupt (Oct 2025)
Kustom · Carve-out of Klarna’s checkout business, not an independent start
Sellpy · Majority owned by H&M since 2019
Fortnox · Taken private by EQT and First Kraft (2025); former listed company

The method in Sweden

Calendar. Quarterly ranking, published on the 25th of January, April, July and October. Next edition: October 25, 2026.

Eligibility: at least $1M raised including one equity round, non-listed company, main operations in Sweden.

Partner sought. Investment firm or adviser authorised by Finansinspektionen (Swedish FSA), or investment bank.

Method and rules, common to all countries →