Swedish startups attract investments
Despite a shaky global economy, Swedish startups continued to attract investments totaling 4.7 billion euros in 2023. Almost 75% of the total venture capital investment was raised by impact startups. This is according to a press release from Vinnova. These and other insights are highlighted in the report Sweden Tech Report 2023, which was produced by Vinnova, the Swedish Agency for Economic and Regional Growth, the Swedish Incubators and Science Parks (SISP), the Swedish Institute, and Business Sweden.
With an impressive total value of 239 billion euros, Swedish startups have not only doubled in value over the past five years, but have also created 41 unicorn companies, i.e. companies valued at over one billion dollars. This has led to a snowball effect where former employees of successful unicorn companies create and become founders of new startups.
"The Swedish startup ecosystem is crucial to our ability to transform into a society that lives within the planetary boundaries. I am glad to see that Sweden's exceptionally strong position within startups and unicorn companies continues to impress and deliver results," says Darja Isaksson, Director General of Vinnova, in a press release.
"Sweden has one of the world's strongest national brands. International indexes show that we perform very well in areas such as innovation, talent and skills, climate and sustainability, and gender equality. These are areas that are important for attracting investments and talent to Sweden, and this report is a receipt that our competitiveness is strong," says Madeleine Sjöstedt, Director General of the Swedish Institute, in a press release.
The report summarizes the following insights:
- Swedish startups now have a total valuation of 239 billion euros.
- Over the past five years, Swedish startups have doubled their value.
- Sweden has successfully produced 41 unicorn startups, each company worth over 1 billion dollars.
- In 2023, Swedish startups attracted an additional 4.7 billion euros in venture capital investments.
- Sweden ranks third in Europe for deep tech investments and second for impact investments in 2023.
- A full 74% of Swedish investments went to impact companies.
- Sweden maintains its position and ranks fourth best in Europe for venture capital raised, third best for deep tech investments and second best for Impact.
- Sweden ranks fifth best in Europe based on the value created from university spinout startups.
- Several employees of Sweden's unicorn companies have moved on to found new companies.
- Swedish startups have created 138,000 jobs globally, including 79,000 jobs in Sweden in 2023. Small businesses and unicorn companies account for 96% of the new local jobs.
- Sweden's national incubator program is highly ranked, and several of the incubators are ranked among the best in the world.