Fundraising in Sweden: Top 15 Venture Capital Firms Backing Swedish Startups
Sweden stands at the forefront of European innovation, boasting a vibrant startup ecosystem and a deep pool of venture capital eager to back the next generation of high-growth companies. Whether you’re building a disruptive SaaS platform, pioneering climate tech, or scaling a consumer brand, finding the right investment partner is crucial to your success.
This guide to the top VCs in Sweden is designed to help founders navigate the country’s dynamic funding landscape, featuring leading firms like J12 Ventures, Kinnevik, EQT Ventures, and more.
Explore detailed profiles, investment theses, and check sizes for each fund—and leverage Visible’s free investor database to connect directly with Sweden’s most active venture capitalists as you build your fundraising pipeline.
Top VCs in Sweden
J12 Ventures
Sweetspot check size: $ 1M
Traction metrics requirements: We are not afraid to invest early to help you find product-market fit. Typically, companies have a first product when we invest.
Thesis: We are industry agnostic, investing in groundbreaking technology companies with a preference for software.
Kinnevik
About: Kinnevik AB is an entrepreneurial investment group focused on building digital consumer businesses.
Mudcake
About: Mudcake (formerly Trellis Road) is a microfund run by ex-founders dedicated to making the world a better place for the next generation. We invest in the strongest founders reshaping the way we produce, distribute, and consume food. Our typical ticket is $200k-$800k in pre-seed and seed rounds globally.
Uequity
About: Uequity is a venture capital fund focused on backing successful entrepreneurs to build valuable companies together.
Sweetspot check size: $ 1M
Luminar Ventures
About: We are backing teams who are redefining large markets by solving major problems in the world. The journey requires curious, intelligent team members who are ready to not only challenge the status quo but also to transform themselves. We are looking for people who are up for the challenge – who either have experience from previous journeys or who wants to join early and live in the dynamics of wearing multiple hats, working with loads of responsibility, being challenged every day, and most of all – who wants to grow as a person.
Thesis: We aim to provide professional seed stage financing to early stage technology companies throughout Sweden that are looking to disrupt or transform major industries with digital technologies and innovations.
EQT Ventures
About: EQT Ventures is a sector agnostic, multi-stage VC fund, with just over €1.2 billion total capital raised. The fund's team of former founders and operators from the likes of Spotify, Booking.com, Hotels.com and King have experienced the entrepreneurial journey firsthand and know how challenging it can be. They're ready to support the next generation of entrepreneurs in Europe and the US with the expertise and advice needed to build global success stories.
Sweetspot check size: $ 15M
Northzone
About: We’re a multi-stage venture capital fund partnering with founders from Seed to Growth. Across Europe and the US.
Almi Invest
About: Almi Invest is a venture capital company that invests in Swedish companies with scalable business models.
Spintop Ventures
About: Spintop Ventures is an early-stage technology venture capital firm. We support teams on a mission to build great companies. Spintop invests in innovative software-based technology companies from the Nordics to become sector leaders and drive the transformation into a longterm sustainable society.
Chalmers Ventures
We are a leading deep tech investor & venture builder in the Nordics. Taking deep tech from lab to market.
Why Sweden is a Hotbed for Startup Investment
Sweden has earned its reputation as one of the world’s most dynamic and founder-friendly startup ecosystems. For founders considering where to launch or scale their next venture, Sweden offers a unique blend of advantages that make it a magnet for both local and international investors.
A Global Leader in Innovation and Startup Activity
Sweden consistently ranks among the top startup ecosystems globally. According to the 2024 Global Startup Ecosystem Index, Sweden is the leading startup hub within the European Union and ranks sixth worldwide, just behind global powerhouses like the US and the UK. The country is home to over 7,000 startups and scale-ups, with 12 Swedish cities featured among the world’s top 1,000 startup ecosystems—a testament to the country’s nationwide entrepreneurial depth, not just a Stockholm phenomenon].
Stockholm, in particular, stands out as a “unicorn factory.” It boasts the highest number of billion-dollar startups per capita outside Silicon Valley, making it a global benchmark for startup success.
Venture Funding and Growth
Over the past five years, the combined value of Swedish startups has doubled to an impressive €239 billion. This growth is fueled not only by new ventures but also by a strong “alumni effect”—successful founders and early employees from unicorns like Spotify, Klarna, Northvolt, and King are reinvesting their expertise and capital into the next generation of startups.
Sweden’s Unicorn Track Record
Sweden has produced 41 unicorns—privately held startups valued at over $1 billion—ranking it among the top countries globally for unicorn creation. Notable names include Spotify (music streaming), Klarna (fintech), Northvolt (clean energy), Epidemic Sound (media), and Einride (autonomous vehicles). This density of high-growth companies means founders in Sweden benefit from a vibrant network of experienced mentors, investors, and peers who understand the journey from startup to scaleup.
Why Founders Choose Sweden
Several factors make Sweden especially attractive for founders:
- Access to Capital: Sweden’s VC community is active and diverse, with both local and international funds eager to back innovative startups at every stage.
- Talent Pool: The country’s world-class education system and high quality of life attract top technical and business talent from around the globe.
- Supportive Infrastructure: Sweden offers a robust network of incubators, accelerators, and government programs designed to help startups grow and scale.
- Global Mindset: With a relatively small domestic market, Swedish startups are built to scale internationally from day one, making them highly attractive to global investors.
- Sustainability Leadership: Sweden’s commitment to sustainability and impact investing means founders working on climate, health, and social challenges will find a particularly supportive environment.
Key Events & Resources for Swedish Founders
Sweden’s startup ecosystem thrives on its vibrant community, world-class events, and a robust network of accelerators, incubators, and support organizations. Whether you’re a first-time founder or a seasoned entrepreneur, tapping into these resources can dramatically accelerate your fundraising and growth journey.
Major Startup Events in Sweden
- Stockholm Tech Show: Stockholm Tech Show is one of the largest annual gatherings for the Swedish tech community, attracting thousands of founders, investors, and tech enthusiasts. The event features high-profile speakers, startup pitches, and networking sessions, making it a must-attend for anyone looking to connect with the heart of Sweden’s innovation scene.
- Slush: While Slush is based in Helsinki, it has a significant impact on the Swedish startup community, with many Swedish founders, investors, and ecosystem players attending. Slush is renowned for its high-energy atmosphere, world-class speakers, and unparalleled networking opportunities across the Nordics.
- Techarena: Techarena is a major event series in Sweden, including the flagship Techarena Summit and Techarena Almedalen. These events bring together startups, scaleups, corporates, and investors for competitions, panels, and matchmaking sessions, focusing on innovation and entrepreneurship.
- SUP46 (Start-Up People of Sweden) Events: SUP46 is a legendary co-working space and community hub in Stockholm, regularly hosting meetups, workshops, and pitch events. It’s a go-to spot for networking with early-stage founders, investors, and mentors.
- Ignite Sweden: Ignite Sweden organizes matchmaking events that connect startups with large corporates, fostering collaboration and business development opportunities. Their events are especially valuable for B2B startups seeking pilot projects or strategic partnerships.
Leading Accelerators and Incubators
Sweden’s accelerators and incubators are renowned for their hands-on support, funding opportunities, and access to extensive networks:
- Sting (Stockholm Innovation & Growth): One of Scandinavia’s top accelerators, Sting has supported over 330 startups with funding, mentorship, and access to investors. Their programs include both a 4-month accelerator and a 12-month incubator, with investments up to SEK 500,000.
- Antler: A global accelerator with a strong presence in Stockholm, Antler invests €100,000 in early-stage startups and helps founders build teams and validate ideas.
- Chalmers Ventures: Based in Gothenburg, Chalmers Ventures focuses on energy and sustainability startups, offering up to €82,000 in funding and an 18-month acceleration program.
- Fast Track Malmö: A 3-month accelerator for startups in education, hardware, healthcare, and IoT, providing €50,000 in funding and access to a global network.
- BizMaker: With programs for forest, industry, and general tech startups, BizMaker connects founders with investors and industry partners.
- +impact Accelerator: Focused on sustainability and social impact, this accelerator provides mentorship and business training for startups addressing the UN’s Sustainable Development Goals.
- Minc (Malmö): A leading incubator in southern Sweden, Minc offers workspace, mentorship, and access to investors for early-stage startups [F6S].
- SmiLe Incubator (Lund): Specializing in life sciences and health, SmiLe provides lab facilities, business coaching, and investor connections.
Community Hubs and Online Networks
- Norrsken House: Based in Stockholm, Norrsken House is Europe’s largest impact tech hub, offering co-working, events, and a strong community for startups focused on social and environmental impact.
- SUP46: Beyond events, SUP46 provides a collaborative workspace and a tight-knit community for early-stage founders.
- THINK (Helsingborg): A regional incubator supporting startups in IoT, smart home, and consumer tech.
Local Resources and Support for Founders in Sweden
Sweden’s startup ecosystem is renowned for its robust public support, making it one of the most founder-friendly environments in Europe. From generous government grants to world-class incubators and comprehensive legal and financial advisory services, Swedish founders have access to a wealth of resources designed to help startups launch, scale, and succeed.
Government Grants and Public Funding
- Vinnova: Vinnova is Sweden’s innovation agency and the primary source of government grants for startups. Vinnova offers a variety of funding programs, including innovation grants of up to SEK 5 million for projects in technology, sustainability, and digital transformation. These grants are typically equity-free and support R&D, product development, and commercialization. Vinnova also runs the national incubator program, channeling funding to startups via quality-assured incubators across Sweden.
- Almi Invest: Almi Invest is Sweden’s most active early-stage investor, backed by the government. In addition to equity investments, Almi offers startup loans of up to SEK 3 million, often without requiring collateral. Almi’s support is designed for early-stage companies with innovative business ideas and includes both financial and advisory services.
- Tillväxtverket (Swedish Agency for Economic and Regional Growth): Tillväxtverket provides grants and support for business development, export, and sustainability projects, with funding amounts typically up to SEK 2 million. Their programs are aimed at SMEs and startups focused on regional growth and innovation.
Other Notable Public Funding Sources
- Swedish Energy Agency: Grants for startups working on energy-efficient and sustainable technologies.
- Forte Project Grants: Funding for startups and researchers in health, working life, and welfare sectors.
- European Programs: Swedish startups can also access EU funding through programs like EIC Accelerator, Horizon Europe, and EIT Urban Mobility.
Incubators and Startup Hubs
Sweden’s incubator landscape is extensive, with both national and regional programs offering tailored support:
- Sting (Stockholm): Provides funding, mentorship, and access to investors for early-stage tech startups.
- Chalmers Ventures (Gothenburg): Focuses on energy and sustainability, offering long-term support and funding.
- Minc (Malmö): Offers workspace, business coaching, and investor connections.
- SmiLe Incubator (Lund): Specializes in life sciences and health tech.
- BizMaker (Sundsvall): Supports startups in forest, industry, and tech sectors.
- THINK (Helsingborg): Focuses on IoT, smart home, and consumer tech.
- Norrsken House (Stockholm): Europe’s largest impact tech hub, providing co-working, events, and a strong community for social entrepreneurs.
Legal, Financial, and Operational Support
Legal Support: Swedish startups benefit from a transparent legal system and a range of free or subsidized advisory services. Many incubators and accelerators offer access to legal experts who can help with company formation, intellectual property, contracts, and compliance. The Swedish Companies Registration Office (Bolagsverket) provides online resources and guides for company registration and reporting.
Financial and Accounting Services: Almi and other public agencies offer financial advisory services, including help with business planning, budgeting, and preparing for investment rounds. Many incubators partner with accounting firms to provide discounted or pro bono services for early-stage startups.
Operational Support: Incubators and public agencies offer workshops, mentorship, and training in areas such as sales, marketing, HR, and internationalization. The Swedish Tax Agency (Skatteverket) provides resources and seminars for new entrepreneurs on tax, VAT, and payroll.
Connect With Investors in Sweden Using Visible
At Visible, we often times compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors.
With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible.
- Find investors at the top of your funnel with our free investor database, Visible Connect and find a filtered list of Sweden's investors here.
- Track your conversations and move them through your funnel with our Fundraising CRM
- Share your pitch deck and monthly updates with potential investors
- Organize and share your most vital fundraising documents with data rooms
Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.
