1、Nordics innovation reportSeptember 2024Page/2 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title

2、boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleT

3、ext fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow guides!Source:Dealroom.coNordics continue to attract investment from home and abroadNordic startups have raised$3.8B in VC investment so far in 2024.Although this represents a decrease from the peak in 2021,2024 is p

4、rojected to surpass pre-pandemic levels of VC raised.Two thirds of Nordic venture capital comes from non-Nordics investors,the highest share to date.Nordics ecosystem is on a long-term growth trajectoryNordic startups are now worth a combined$552B,up 16x since 2014.Over the last 10 years,the combine

5、d enterprise value has grown from$34B to$552B.The number of unicorns,which are the biggest contributors to value growth,grew in number from 9 in 2014 to 82 in 2024.Nordics innovation 2024-key takeawaysEnergy remains the most funded startup sectorEnergy startups have raised$1.2B in 2024,making Energy

6、 the most funded sector for the third consecutive year and the only sector in Nordics which has raised over$1B for 6 years in a row.In 2024,enterprise software startups have already surpassed their 2023 VC investment level.Batteries,hydrogen and solar are key segments.Scale and liquidity:80+unicorns

7、 and 100+exits in 2024The Nordics have produced 82 companies valued or exited at over$1B valuation.In addition to household names such as Spotify and Klarna,more recent unicorns include Kerecis,Bonesupport and Bending Spoons.The VC-backed exit market remains very active.The Nordics are on track for

8、over 100 VC-backed exits in 2024.“We are delighted to share this report,produced in partnership with Dealroom,which explores the performance of the innovation economy across the Nordic region over the past year.The data tells a story of opportunity despite a challenging year.Nordic startups have rai

9、sed$3.8B in 2024 thus far,with a total of$5.8B forecast for the year.That shows the region has already surpassed pre-pandemic levels:evidence of real resilience.Although the late-stage,$100M+megarounds seen in 2021 are receding,the influx of international follow-on investment is another sign for mea

10、sured optimism.This year,almost two thirds of VC capital invested has come from international investors coming in alongside local investors,the highest figure on record testament to continued belief in the Nordics reputation for producing high-quality,scalable startups.During the first half of 2024

11、we have also seen a number of mega debt deals,bringing together big groups of banks for the financing of scaleups like Northvolt and H2 Green Steel.The active exit market should also build confidence.Over 100 VC-backed exits are expected in 2024,and both strategic M&A to large corporates or Private

12、Equity remain viable.With the flywheel generating returns and capital for new investments,both innovators and their investors have opportunities within the current fundraising environment.The reports results,and the resilience shown,are positive signals for the local innovation economy.We look forwa

13、rd to supporting the ecosystem as it navigates shifting conditions and continues on its growth trajectory.”Sebastian PennHead of NordicsPage/4 1 The Nordic tech growth journey2 Forward lookPage/4 Page/5 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0

14、.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active

15、 linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow guides!Source:Dealroom.co.Data as of 5 September 2024.Nordi

16、c startups are now worth a combined$552B.The Nordics startup ecosystem has increased 16x in value in the last 10 years.view onlineNordics tech ecosystem combined enterprise value,by founding year YTDYTDPage/6 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spa

17、cing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit

18、active linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow guides!Source:Dealroom.co.Data as of 5 September 2024

19、.Nordics startups are on track to raise$5.8B in 2024.Investment is roughly in-line with pre-2021 levels,with the biggest difference coming in the relative absence of late-stage megarounds of$100M+.Nordics Venture Capital by stage view online$01m(pre-seed)$14m(seed)$415m(series A)$1540m(series B)$401

20、00m(series C)$100250m(mega rounds)$250m+(mega+)$5.8B$3.8BYTDPage/7 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to

21、this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically

22、 Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow guides!Source:Dealroom.co.Data as of 5 September 2024.Early and breakout stage investment levels have remained relatively stable,but there have been only 6 megarounds since the start of 2024.Earl

23、y stage$415m(series A)$14m(seed)$01m(pre-seed)Late stage$250m+$100250mBreakout stage$40100m(series C)$1540m(series B)YTDYTDYTDPage/8 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlig

24、n left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,

25、REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow guides!Source:Nordic venture capital is currently tracking behind 2023 values but similar to 2019/2020.Nordics VC investment amou

26、nt by month2024Dealroom.co.Data as of 5 September 2024.2024Page/9 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxChart title boxSIZE 12,REGULARAli

27、gned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,

28、0,0,0 Do not autofitShow guides!Source:Dealroom.co.Data as of 5 September 2024.Selected Nordics venture capital rounds in 2024.see roundsEnergyStockholm300MGrowth Equity VC-Jan 2024Nordics or UK investors:Fintech/EnergyStockholm104MSeries A-May 2024Nordics or UK investors:Energy/TransportationGothen

29、burg97MSeries B-Feb 2024Nordics or UK investors:FashionStockholm91MSeries A-May 2024Nordics or UK investors:RoboticsMoss91MSeries B-Jan 2024Nordics or UK investors:SpaceEspoo85MGrowth Equity VC-Apr 2024Nordics or UK investors:Selected investorsSelected investorsSelected investorsEnergyStockholm$330M

30、Growth Equity VC-Jan 2024FashionStockholm$100MSeries A-May 2024Energy/TransportationCopenhagen$88MSeries B-Jan 2024Selected investorsSelected investorsFintech/EnergyStockholm$114MSeries A-May 2024Energy/TransportationGothenburg$107MSeries B-Feb 2024ChrisAdelsbachSelected investorsSelected investorsR

31、oboticsMoss$100MSeries B-Jan 2024SpaceEspoo$93MGrowth Equity VC-Apr 2024Selected investorsLegalStockholm$25MSeries A-Jul 2024Selected investorsHealthStockholm$26MSeries A-Jun 2024Page/10 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89Text fittingp

32、adding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bol

33、d=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow guides!Source:Dealroom.co.Data as of 5 September 2024.Hub VC investment 202

34、4 YTD change vs.2023Legal AI$40M Series BCambridgeStockholmEdinburghGaming$15M Early VCSoftware services10M Growth Equity VCSweden has raised the most VC investment in 2024 YTD.CopenhagenOsloGothenburgHelsinkiTop 5 Nordics cities by VC investment in 2024 YTDPage/11 title boxSIZE 18PT,BOLDAligned rig

35、ht horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line

36、spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartS

37、how guides!Source:Dealroom.co.Data as of 5 September 2024.Sweden and Denmark are among the top 10 leading European ecosystems by VC investment in 2024.Norway&Finland rank 11th&13th respectively and Iceland ranks 21stLeading European ecosystems in 2024 YTDPage/12 title boxSIZE 18PT,BOLDAligned right

38、horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spa

39、cing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow

40、 guides!Source:Dealroom.co.Data as of 5 September 2024.Startups,as well as capital invested in them,are categorised under up to two industries.As such,double counting may occur.Energy is the most funded aggregate sector in the Nordics in 2024.Health and Enterprise Software have both raised more than

41、$500M in 2024.Energy startups H2 Green Steel and Heart Aerospace have raised$100M+rounds in 2024.Nordics leading sectors for VC investment in 2024 YTD view onlinePage/13 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do

42、not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on in

43、ternational keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow guides!Source:Dealroom.co.Data as of 5 September 2024.Startups,as well as capital invested i

44、n them,are categorised under multiple segments.As such,multiple counting may occur.Some of the leading innovation segment in 2024 relate to industrial technology,urban tech and advanced materials.Industrial technology startups H2 Green Steel and 1X Technologies have raised$100M+rounds in 2024.Nordic

45、s leading segments for VC investment,2024 YTD Page/14 1 The Nordic tech growth journey2 Forward lookPage/14 Page/15 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of ch

46、artto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned ri

47、ght horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow guides!Source:Dealroom.co.Data as of 5 September 2024.Startuped founded or headquartered in the Nordics.The Nordics have now created 82 unicorns,i

48、ncluding recent unicorns Kerecis and Bonesupport.Healthtech and fintech are the leading industries in terms of the number of unicorns.UnrealisedprivateExits(23)Realisedpublic,acquiredExits(59)82 Unicorns see all Nordics unicorns Cumulative Nordics UnicornsYTDPage/16 title boxSIZE 18PT,BOLDAligned ri

49、ght horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line

50、 spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chart

51、Show guides!Source:Dealroom.co.Data as of 5 September 2024.The Nordics are on track for more than 100 VC-backed exits in 2024.Most exits so far have been via strategic M&A to corporates,with 10%of exits to Private Equity.view exits Nordics VC-backed exits over timeYTDPage/17 Source:Dealroom.co.Data

52、as of 5 September 2024.201920202021202220232024Jul 2024$665M AcquisitionBy AMDJul 2023$1.3B AcquisitionBy ColoplastJun 2023$322M BuyoutBy Stirling SquareJun 2022$200M AcquisitionBy FMC CorporationMar 2022$24M AcquisitionBy Micro FocusNov 2021$8.1B AcquisitionBy DoorDashJun 2021$1.98B AcquisitionBy V

53、ISANov 2020$240M AcquisitionBy AutodeskFeb 2020$826M AcquisitionBy DSMNov 2019$180M AcquisitionBy Mesa LaboratoriesOct 2019$209M AcquisitionBy Nordic CapitalAug 2024$79M AcquisitionBy HD KSOEFeb 2023$42M AcquisitionBy DoconomyMay 2022BuyoutBy EW Healthcare PartnersAug 2021$26M AcquisitionBy KambiJul

54、 2020BuyoutBy CiscoFeb 2019$76M AcquisitionBy STMicroelectronicsThe Nordics have a track record when it comes to big VC-backed exits.Page/18 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this

55、lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international keyboardSource bo

56、xSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow guides!Source:Dealroom.co.Exclude Lending Capital.Data as of 5 September 2024.Debt is also an important capital source fo

57、r Nordics startups.Capital intensive hardware/physical businesses have used debt financing to fund growth,including infrastructure investment.Notable rounds in 2024 have included$5B for battery maker Northvolt,and 4.2B for H2 Green Steel.view debt rounds Debt raised by Nordics VC-backed startupsYTDP

58、age/19 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89Text fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizon

59、tally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autof

60、itCHART AREA 930 x600,Border:0Just chartShow guides!Source:Dealroom.co.Data as of 5 September 2024.Excluding investors with undisclosed locations.Since 2019,the Nordics attracts more investment from overseas,while the share of domestic investment decreases.Two thirds of VC rounds in the Nordics come

61、s from overseas investors,the highest share to date.The biggest foreign single country sources of capital are the US and UK.YTDNumber of rounds in the Nordics by investor locationPage/20 title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89Text fittingp

62、adding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxAlign top of chart(or legend)to this lineChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bol

63、d=alt-shift-on international keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitCHART AREA 930 x600,Border:0Just chartShow guides!Source:Dealroom.co.Data as of 5 September 2024.Nordic VCs have raise

64、d$1.6B in new funds so far in 2024,and over$10B in the last five years.view new fundsTotal amount of new VC fund capital raised in the NordicsYTDPage/21 Creandum VII$550M raised-Jun 2024Norrsken Fund II$342M raised-May 2024Fund III$154M raised-Apr 2024Sandwater Fund I$134M raised-Jan 2024Trill Impac

65、t Ventures Fund I$99M raised-Jul 2024Frumtak IV$87M raised-Jul 2024Dreamcraft Ventures Fund II$73M raised-Jun 2024The Footprint Fund I$55M raised-May 2024BlackWood Ventures Fund I$17M raised-Jun 2022title boxSIZE 18PT,BOLDAligned right horizontally Aligned to the middle vertically Line spacing 0.89T

66、ext fittingpadding:0,0,0,0Do not autofitAlign top to this lineAlign left side of chartto this linexxChart title boxSIZE 12,REGULARAligned right horizontally Aligned to the top vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofit active linkSize 12,bold=alt-shift-on international

67、keyboardSource boxSIZE 6,REGULARAligned right horizontally Aligned to the middle vertically Line spacing singleText fittingpadding:0,0,0,0 Do not autofitShow guides!Source:Dealroom.co.Data as of 5 September 2024.New VC funds deploying in 2024.Creandum VII500M raised-Jun 2024Norrsken Fund II311M rais

68、ed-May 2024Sandwater Fund I122M raised-Jan 2024The Footprint Fund I50M raised-May 2024BlackWood Ventures Fund I15M raised-Jun 2022Page/22 What is a startup?Companies designed to grow fast.Generally,such companies are VC-investable businesses.When startups are successful,they develop into scaleups(50

69、 people),grownups(500 people)and result in big companies.Only companies founded since 1990 are included in this report.Blog post What is a Startup?What is a unicorn?Unicorns are(former)startups that are privately valued at over US$1B,or have achieved a$1B+exit via public market or M&A.A decacorn is

70、a unicorn that is valued at$10B+.Blog post What is a Unicorn?Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verified by Dealroom,and data engineering.All data is verified and curated with an extensive

71、manual process.The data on which this report is built is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.Data for this report was taken in 2024.Venture Capital,InvestorsInvestment are referred to by their round labels such as Seed,Series A,B,C,late

72、stage,and growth equity.VC investments exclude debt,non-equity funding,lending capital and grants.SectorsDealrooms proprietary tech taxonomy consists of 32 fixed industries,77 sub-industries,and thousands of tags for niche,granular company categorization.Guide Dealroom tech taxonomy Geographic Scope

73、This report includes Nordics-based startups,which maintain their main center of business(HQ)in the region.Methodology.2024 HSBC Innovation Bank Limited.All rights reserved.HSBC Innovation Bank Limited(trading as HSBC Innovation Banking)is not licensed to undertake banking business or to undertake an

74、y other regulated activity in Denmark or Sweden.HSBC Innovation Bank Limited(trading as HSBC Innovation Banking)is registered in England and Wales at Alphabeta,14-18 Finsbury Square,London EC2A 1BR,UK(Company Number 12546585).HSBC Innovation Bank Limited is authorised by the Prudential Regulation Au

75、thority and regulated by the Financial Conduct Authority and Prudential Regulation Authority(Firm Reference Number 543146).HSBC Innovation Bank Limited is part of the HSBC Group.HSBC Innovation Bank Limited is committed to making its website and related documents accessible to everyone.Learn more on a free account on dealroom.co for more intelligence on startups and ecosystems.