Dealroom：2023年瑞典科技報告 Sweden tech 2023 REPORT

Swedentech

2023REPORT

February2024

Foreword

“

TheSwedenTechEcosystemdatabaseandthisannualreportaretheresultsofacross-actorcollaborationbetweenBusinessSweden,Vinnova,TheSwedishAgencyforEconomicandRegionalGrowth,TheSwedishInstitute,andSwedishIncubatorsandScienceParks(SISP).Itisanimportantpartofourongoinge?orttomakeecosystemdatafreelyaccessibletoeveryone.Thewebsite,SwedishTechEcosystem,servesasadigitalshowroomofactivitiesinourinnovationecosystem.Furthermore,wehopethatthiswillenableinvestorsandstartupstomatch,companiestofindpartnersforbusinessdialogues,andmediatopickupongreatstoriesworthyofsharing!Inaddition,talentscanexploreopportunitiesandcompaniesmayadvertisetheirneeds.

Thekeytakeawaysthisyeararethatdespiteanunstableglobaleconomy,Swedishstartupscontinuedduring2023toraiseinvestmentsamountingto€4.7B.Closeto75%ofthetotalventurecapitalinvestmentwasraisedbyimpactstartups,makingSweden#2inEurope.Withastaggeringcombinedworthof€239B,

Swedishstartupshavenotonlydoubledinvalueoverthelastfiveyearsbuthavealsocreated41unicorn

companies,solidifyingSwedenasapowerhouseandtheplacetobeintheglobaltech

Scene.TheSwedishEcosystemisnowstartingtobenefitfromasnowballe?ectasalumnista?

fromsuccessfulunicornsspinoutandbecomefounderstoseveralnewstartups.Wealsoseehowstartupscontributetotheeconomy.Swedishstartupshavecreatedanestimated138,000jobsglobally,including79,000jobsinSweden.Startups,not

includingtopcompaniesandunicorns,arecreating96%ofnewlocaljobs.We?reproudthatSwedencontinuestorankhighontheglobalinnovationscoreboardsand,despiteglobalinstabilities,managestoattractinvestors,talent,andnewdeals.Wearethereforecommittedtocontinuingoure?ortstoensurethatSwedendeliversworld-classconditionsforstartupstothrive.”

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dealroom.co

?dealroom.co

Globalstartupandventurecapitalintelligenceplatform

Dealroom.coisaglobalintelligenceplatformfor

discoveringandtrackingthemostpromising

companies,technologiesandecosystems.Clientsincludemanyoftheworld?sforemostorganizationssuchasAccel,IndexVentures,McKinsey,BCG,

Deloitte,Google,AWS,Microsoft,Stripe.

Dealroompartnerscloselywithlocaltechecosystemdevelopmentagenciesandenablers,tocreatea

comprehensivemulti-dimensionalblueprintofthetechecosystem,includingcapital,talent,innovation,entrepreneurshipandoveralleconomicdynamism.

BusinessSwedenhelpsSwedishcompaniesgrowglobalsalesandinternational

companiesinvestandexpandinSweden

BusinessSwedeniscommissionedbythe

GovernmentandtheSwedishindustrywithauniquemandateandamissiontohelpinternational

companiesgainaccesstotheSwedishmarketandhelpdomesticonesutilizeitasaplatformfor

expansion.Theirclientsrangefromstartupsviasmall-andmedium-sizedbusinessesto

multinationalenterprises–withtailor-madeservicescateringtoallofthesesegments.

PublicagencythatpromotesinterestandtrustinSwedenaroundtheworld

TheSwedishInstituteoperatesinthefieldsof

culture,education,scienceandbusinessinseekingtostrengtheninternationalrelationsties,and

promotedevelopment.TheagencybuildsuplastingrelationsbetweenSwedenandothercountriesto

enhanceSweden?snationbrandandinternationalrelevance.Tothisend,theSwedishInstitute

disseminatesinformation,developsskills,promotesculturalexchangeandcooperation,andprovides

fundingandgrants.

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dealroom.co

SwedishAgencyforEconomicandRegionalGrowth

TheSwedishAgencyforEconomicandRegional

Growth(Tillv?xtverket),isagovernmentagency

undertheMinistryofEnterpriseandInnovation,

taskedtopromotesustainablebusinessdevelopmentandregionalgrowthinallpartsofSweden.

Tillv?xtverketsupportscompaniesandregionsbyo?eringknowledge,networksforcollaborationandfinancing.

SwedishIncubators&ScienceParks

SwedishIncubators&ScienceParks(SISP)isthe

memberassociationforSweden'sincubatorsand

scienceparksasregionalareasofinnovationacrossthecountry.SISPsmemberssupportknowledgeandtechnologybasedstartupsandscaleups,aswellasestablishedindustriesandthepublicsector,to

developasustainablesocietythroughinnovation.Severalmembersalsorunbusinessangelnetworksandseedcapitalfunds.

Sweden?sInnovationAgency

VinnovaisSweden'sgovernmentalinnovation

agency.OurmissionistostrengthenSweden's

innovativecapacityandcontributetosustainable

growth.Weidentifyareaswhereoure?ortscanmakeadi?erence,andwecreateopportunitiesand

incentivesfororganisationstoworktogethertomeetimportantsocietalchallenges.Ourfinancialsupportgivescompaniesandorganisationstheopportunitytoexperimentandtestnewideasbeforethey

becomeprofitable.Throughopencalls,Vinnovainvestsapproximately300m€annuallyinresearchandinnovationintheformofgrants.

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dealroom.co

Whatyouneedtoknow.KeyFigures.

Swedishstartupsattracted€4.7Bofinvestmentin2023.

Swedenmaintainsitspositionas4thinEuropebyVCinvestmentraised,behindjusttheUK,FranceandGermany.It

ranks3rdinEuropefordeeptechinvestmentand2ndforImpact.

€4.7B

VCinvestmentraisedIn2023

Swedenranks4thin

EuropeforVC

investmentraised.

€3.5B

ImpactVCinvestment

raisedin2023.

Swedenranks2nd inEuropeforimpactVCinvestmentraised.

Swedishstartupsarenowworthacombined€239B.

TheSwedishtechecosystemis

collectivelyworthalmostaquarterofatrilliondollars,including41unicorns.Thecombinedecosystemvaluehas

doubledinthelastfiveyears.

7countiesacrossSwedenarenowhometomorethan50VC-backedcompanies.

However,geographicaldistributionofstartupsandVCinvestmentremains

largelycentralized,withStockholm

countycapturing90%ofVCinvestmentsince2019.

€239B

EcosystemValuation

Growingx2since2019.

41

Unicorns

Swedenranks9th

globallybynumber

ofunicorns.

TwoSwedishUniversitiesare

amongEurope?stop20for

producingVC-backedfounders.

KTHranks10thinEuropebynumberofalumniwhohaveraised€10M+,the

UniversityofStockholmranks18th.Swedenranks5thinEuropebasedonuniversityspinoutvaluecreated.

dealroom.co

Page/5Source:Dealroom.co.*OnlyincludesVCBackedcompanieswithdisclosedinvestmentamounts.

1TheSwedishTechEcosystem

2InnovationandEcosystemEnablers32023VCinvestmentupdate

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4Regionaltrends

ThecombinedenterprisevalueofSwedishstartups

Swedishstartupsare

nowworth€239B,growing2x

since2019.

ThevalueoftheSwedishecosystemhasdecreasedby28%since2021,duetoadropinthevalueofSwedishdecacorns:theprivatedecacornKlarnaaswellastoppubliccompanieslikeSpotify.

Viewlive?

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Source:

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Swedenisshowingapromisingfunnelofstartups,breakoutsandscaleups.

VC-backedSwedishcompanies

Swedenpre-fundingcompanies

VC-backed€1B+Swedishcompaniesfoundedsince1990

€1B+€10B+€100B+

138

Breakout

(€15–100M

total

funding)

27

Scaleups

(€100M+

total

funding)

1.7K

Startup

(€0–15M

total

funding)

±150Swedishstartups

raisetheirfirst

VCroundeachyear

37

3

0

0.8%of

0%ofglobal

global

1%ofglobal

Page/8Source:

Dealroom.co

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Thetop100startupsinSweden

accordingto

Dealroom?spowerfulpredictivealgorithmhelpssurfacetheworld?smostpromisingcompanies.

TheinputforeachSignal'salgorithmincludescompanygrowth(teamsize,

productgrowth),foundersstrength,completionscoreandcontextualdata(doesthecompanyfitintosegmentsofinterest),timing(isthestartuplikelytoraise

theirnextroundsoon)andteamcomposition.

?Top100SwedishStartupstowatch

Page/9Source:Dealroom.co

ExploreSwedishunicornsand1B+exits

?viewonline

Swedenremainsaglobaltop10countrybynumberofunicornstartupscreated.

Topcountriesbynumberofunicorns

+44

+20

+6

+4

+1

+4

+3

+2

+0

+1

+1

+2

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Page/10Source:Dealroom.co

Successbreedssuccess:Swedishunicornshave

produceddozensofalumnifounders.

yoi。

velca學(xué)

&4others

Iklarna:

FinFollowTwrl

&28others

%Anyfin

冬NRLZE

northvol化

izele

Infnon

&10others

&38others

&16others

StartupsfoundedbyformeremployeesofSwedishunicorns

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Page/11Source:Dealroom.co

Swedishstartupscreate138Kjobsglobally,including79KjobsinSweden.Startupsoutsidetopcompaniesandunicornsarecreating96%oflocaljobs.

LocaljobcreationinSwedenJobsperlocation

▉JobsinHQcountry▉Jobsinrestoftheworld

76kjobs(96%)

Jobscreatedby3K+

Swedishstartupslocally

3.2kjobs(4%)

150K

Jobscreatedbytop5startups

northvol

Ss

llarna.

138K

Jobscreatedglobally

viaplay

Globalconnect

79K

Jobscreatedlocally

50K

100K

21K

impactjobscreatedglobally

Impact

21Kjobs

Total

138Kjobs

dealroom.co

Page/12Source:Dealroom.co.Datatakenfrom

NordicsJobsreport2023.

1TheSwedishTechEcosystem

2InnovationandEcosystemEnablers

32023VCinvestmentupdate

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4Regionaltrends

TheSwedishInnovationEcosystem

Swedenisknownasoneoftheworld'smostinnovativecountries,consistentlyrankinghighininternationalrankingsyearafteryear.In2022itranked#1intheEuropeanInnovationScoreboardand#3intheGlobalInnovationIndex2022.

Swedishuniversitieshasahighnumberofscientificpublicationswithhighrelevancefordevelopmentofdeeptechinnovations.TheuniqueProfessor?sprivilegepolicymeansthatresearchersandteachersowntheirresearchandIP,whichalsomeansgreatopportunitiesforresearcherswhowanttobuildacompanyupontheirresearch.ThisincludesforeignresearcherswhoperformtheirresearchatSwedishuniversities.Swedishuniversitiesareattheforefrontofresearchinareassuchasinformationtechnology,engineering,andlifesciences.Mostuniversitieshaveholdingcompaniesperformingtheircommercialactivitiesandfunctionsoftenasinvestorsinveryearlyphasesofacompany'sdevelopment.

Swedenhasaworld-classinnovationsupportsystem.Throughoutthecountry,thereareinnovation-supportingentitiesthatcanassistresearchersandentrepreneursintakingresearchallthewayfromideatotheinternationalmarket.Swedenhas16+universities,19holdingcompanies,13innovationso?ices,38university-closeincubatorsand30TripleHelix-basedscienceparks,plusgreatclusters.Theworld-classnationalincubatorprogramhasproventrackrecords.Thisecosystemplaysapivotalroleinfosteringtechnologicaladvancements,entrepreneurship,andcollaborationbetweenacademia,industry,andthepublicsector.

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Fromresearchandideatoestablishedcompany.

ResearchIdeasStartupsScaleupsEstablishedbusiness

★

Companies

SustainabilityReadinessLevel

Holdingcompany

Ignite

(customers)

IP,guidance,pointingintherightdirection

STEP

(teamdevelopment)

Universityspin-o?s

ChannelPartners

Publicsector

Business

development,

financing

Innovationo?ice

Companyspin-o?s

Pre-incubator

Ideaowners

PrivateSector

Incubator

SciencePark

Accelerator

Cluster

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Source:

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ResearchandinnovationatUniversities

Sweden?s16+universities,19holdingcompaniesand13innovationso?ices.

SelectedUniversities

UppsalaUniversityLundUniversity

UniversityofGothenburg

StockholmUniversityKarolinskaInstituteUme?University

KTHRoyalInstituteofTechnologyLink?pingUniversity

SwedishUniversityofAgriculturalSciencesLule?UniversityofTechnology

KarlstadUniversity

?rebroUniversity

MidSwedenUniversityLinnaeusUniversity

(V?xj?University+KalmarUniversity)Malm?University

Holdingcompanies

ChalmersVenturesGUVentures

H?gskolaniBor?sHolding

H?gskolanKristianstadHoldingHHUAB(Halmstadsh?gskola)KarlstadUniversitetHolding

KIHolding

KTHHoldingLiUHolding

LUDAB(LinnaeusUniversity)

LUHoldingHolding

MauHolding

MiunHolding(Mittuniversitetet)

SLUHoldingSUHolding

UmUHolding

UppsalaUniversityInvest?rebroUniversityHolding

Innovationo?ices

ChalmersInnovationO?ice

Research&InnovationO?iceatGothenburgUniversity

KIInnovationKTHInnovationLiUInnovationLTUBusiness

LUInnovationInnovationO?iceSouth:

Fyrkl?vernInnovationO?ice

Malm?InnovationO?ice

StockholmUniversityInnovationSLUHolding

InnovationO?iceNorthatUme?UniversityUUInnovation

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Sweden?stop

universitiesareabreedinggroundforfostering

entrepreneurialtalent,inSwedenandabroad.

SwedishUniversitiesintheEuropeantop20

10thinEurope

18thinEurope

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Source:

Universityalumnithatfoundedstartupsthatraised>€10M

?viewonline

Dealroom.co.DataasofDecember2023.

dealroom.co

Europeancountriesbyspinoutvaluecreated

Dealroom.co.DataasofQ42023.Spinoutspoliciesvaryfromcountrytocountry.CountrieslikeFranceandSwedenarehardtocompareduetotheprofessorprivilegemodel,whereuniversitieshavenostakeinanyresearchinnovationcomingoutoftheactivitiescarriedoutthere.The

definitionofspinoutsandtheircomparisonwithothercountrieslikeUK,GermanyandSwitzerlandisthereforechallenging.SomeuniversitiessuchasKTHcollaboratedinsharingdetaileddataforafaircomparison.Therankingmightevolvewithbetterinvolvementofmoreuniversities.

dealroom.co

Source:

Swedenranks5thamongEuropean

countriesbasedonspinoutvalue

created.

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“

Tostayinnovativeandgrowtheecosysteminthefuture,Swedenneedstomake

strategicinvestmentsin

OneofthemainstrengthsofthetechecosysteminSwedenistheuniquecombinationoftalentinsoftwaredevelopmentanddesign.Thiscombinationofskillshasallowedawiderangeofsuccessfulcompaniestolaunchinnovationswithahuman

centricapproach.

emergingtechnologieslikeAIandquantumtechnology-

especiallyeducation,researchandsupportingearlystage

GoogleisworkingcloselywiththeSwedishtechecosystemtosupportentrepreneursandinnovatorsintheregion.For

startupsintheseareas.

example,Googlelaunchedthe

GSocialInnovation

FundonAI

toprovidecapital,shareexpertiseandgrowtheAIecosystem.Specifically,€1Mofthefundwillbededicatedtonon-profitshelpingtostrengthenandgrowsocial

JosephMichael

InvestorPartnershipsManageratGoogle

entrepreneurshipinSweden.WealsolaunchedanewAIstartupprogramlastyearthatprovidescloudcreditsandhands-onsupporttoAIfirststartups."

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Businessdeveloping

andecosystemenablers

Sweden?suniversity-closeincubatorsandTripleHelix-basedscienceparks

(incategoriesonthenextslide)

Source:

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Sweden?sincubators,acceleratorsandscienceparksbytechsegment*

Incubator

Accelerator

Incubator&SciencePark

SciencePark

Gaming/

Creative/

Social

Deeptech**

General/MixedTechAreas

Fashion/Textile

MarineTech

FoodTech

BioTech/IndTechMobility/LifeScience

ForestTechICT

?Guventures

Business

kead

sting

SUINKUBATOR

<norrsken>THINGS

鄉(xiāng)ONE

?INNOVATIONPARK

Page/21Source:

Manyoftheincubators.acceleratorsandscienceparkscansupportstartupsandscaleupsinvarioustechareas,butthismapgivesanoverviewofsomeoftheirspecificstrongholds.

**Advancedmaterials,nanotechnology,additivemanufacturing,droneandrobotics,radar,photonicsandelectronics,semiconductors,microandnanoelectronics,computervision,artificialintelligence,bigdata,quantumtechnology,deepandmachinelearning,blockchains,IoT,virtualreality,autonomoussystems,cybersecurityforadvancedindustrialdigitization,edgecomputing,digitaltwins.

dealroom.co

Attractedequity

NationalIncubatorProgram

Drivestowardsexcellenceandglobalsustainability

Sweden'snationalincubatorprogramranksasworldclass,andseveraloftheincubatorsrankamongthebestintheworld.Vinnova'sfundingis

aimedatincubatorsthatdemonstrateexcellenceintheincubatorprocess,haveglobalsustainabilitygoalsandanequalityperspectiveasadrivingforces.Attheturnoftheyear2022/2023,therewere655companiesintheincubators.Independentinnovators,businessandacademiacontributebusinessideastotheincubators.

Equityperindustry(2022)

Theresultsfromthenationalincubatorprogramareconsistentlypositive,withincreasedturnover,employeesandattractedcapital.Theincubatorsalsohaveanimportantroleinpromotingsustainabilityandequalityinthebusinessworld.

Theavailabilityofequitycapitalforcompaniesinincubationhas

increaseddramaticallyinrecentyears,despitereducedavailabilityofriskcapital.Thelifesciencesectorattractsthemostcapitalfromboth

governmentandprivatesources.

Source:

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1TheSwedishTechEcosystem

2InnovationandEcosystemEnablers

32023VCinvestmentupdate

Page/23

4Regionaltrends

Swedishstartupshaveraised€4.7Bin2023.

VCinvestmentinSwedishstartups*

?viewonline

Page/24Source:Dealroom.co.*IncludesonlycompaniesHQ?dinSweden.Includesconvertiblerounds.

ToproundsinSwedishstartups,2023

?viewonline

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Top10EuropeancountriesbyVCinvestmentraisedin2023

Dealroom.co.*IncludesonlycompaniesHQ?dineachrespectiveecosystem.Includesconvertiblerounds.

dealroom.co

Source:

SwedenmaintainsitspositioninEuropeas4thcountryforVC

investmentraised.

VCinvestmentdecreasedby12%since2022,thelowestyearonyearchangebesidesDenmark.

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Swedenranks1stpercapitaamongtop

VCinvestmentpercapita

Oftop10EuropeancountriesbyVCinvestmentraisedin2023

Europeancountries.

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dealroom.co

Source:

Dealroom.co.*IncludesonlycompaniesHQ?dineachrespectiveecosystem.Includesconvertiblerounds.

Swedenranks3rdinEuropefordeeptechVCinvestmentin2023,and7thatearly-stage.

TopEuropeancountries

TopEuropeancountries

DeeptechVCinvestmentin2023

EarlystagedeeptechVCinvestmentin2023

Page/27Source:

dealroom.co

Dealroom.co.*IncludesonlycompaniesHQ?dineachrespectiveecosystem.Includesconvertiblerounds.Earlystageroundsincluderoundsbelow€15M.

Swedenranks2ndEuropeancountryforimpactinvestmentin2023,and6thatearlystage.

TopEuropeancountries

TopEuropeancountries

ImpactVCinvestmentin2023

EarlystageImpactVCinvestmentin2023

Page/28Source:

dealroom.co

Dealroom.co.*IncludesonlycompaniesHQ?dineachrespectiveecosystem.Includesconvertiblerounds.Earlystageroundsincluderoundsbelow€15M.

ImpactinvestmentasapercentageoftotalVCfunding

Impactstartups

74%Sweden

contributedcloseto75%oftotalVCinvestmentin

53%Finland

52%Norway

Swedenthisyear,thefirstinthe

Nordics.

39%Iceland

35%EuropeanAverage

15%Denmark

Dealroom.co.*IncludesonlycompaniesHQ?dineachrespectiveecosystem.Includesconvertiblerounds.

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96%oflate-stageVCinvestmentinSwedenwasraisedbyimpactstartupsin2023.

Latestage(100M+)VCinvestmentintoSwedishstartupsStartupsraisingmegaroundsin2023

Impact

H2greensteelnorthvol化

Mathem

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Page/30Source:Dealroom.co.*IncludesonlycompaniesHQ?dinSweden.Includesconvertiblerounds.

580+SwedishstartupstacklingSDGs.

ClimateAction(#13)

Northvolt

Re:newcell

Normative.io

+200more…

Partnerships(#17)

TransferGalaxy

MaterialExchange

Doconomy

+20more…

Industryinnovationandinfrastructure(#9)

H2GreenSteel

Enginzyme

ChargeAmps

+100more…

Lifebelowwater(#14)

XShore

SwedishAlgaeFactory

NordicSeaFarm

+20more…

Zerohunger(#2)

Matsmart-Motatos

Karma

Oatly

+60more…

Reduceinequalities(#10)

UGLKScience

Panion

EdQu

+50more…

ExploretheSwedishimpactlandscape

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“ImpactisoneofSweden'sstartups'absolute

strongestareas,andthisisconfirmedinthefiguresseeninthisreport.Inowhopethatmanymore

investorsandcustomerswillopentheireyestotheserapidlygrowingcompanies.

Herearemanyanswerstoourglobalchallengesandnowisthetimetorallytogetherforscalingup!”

StinaLantz

CEO

atSwedishIncubators&ScienceParks

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ParticipationfromSwedishinvestorsdecreased,whileinvestorsfromtherestofEuropeparticipatedin33%ofrounds.

Selectedforeigninvestorsactivesince2022

Numberofroundsbylocationofinvestors

?viewonline

DamanotesTEMASEK

HeadlineBlackROCK.GENERAL?CATALYST

▊Asia

▊US

dcr。

inlventure

▊European

▊Domestic

!ndustrifonden

alrniinyes

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Page/33Source:Dealroom.co.*IncludesonlycompaniesHQ?dinSweden.Includesconvertiblerounds.

1TheSwedishTechEcosystem

2InnovationandEcosystemEnablers32023VCinvestmentupdate

4Regionaltrends

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GeographicaldistributionofVCinvestmentremainsunequal,

withStockholmcountycapturing90%oftotal.

Top3countiesforVCinvestmentraisedsince2019include

StockholmCounty,V?straG?talandCountyandSk?neCounty.

Theycapturemorethan98%oftotalVCinvestmentsince2019.€435Mwasinvestedoutsideofthetop3countiessince2019.

Page/35Source:Dealroom.co.*IncludesonlycompaniesHQ?dinSweden.Includesconvertiblerounds.

Startupsfromcloseto50citiesacrossSwedenraisedVCfundingin2023.

!

Over570Swedishstartupshaveraisedin2023

Viewlive?

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Page/36Source:Dealroom.co.*IncludesonlycompaniesHQ?dinSweden.Includesconvertiblerounds.

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7countiesinSwedenarenowhometomorethan50VC-backedcompanies,

acrossallofSweden.

Page/37Source:Dealroom.co.*IncludesonlycompaniesHQ?dinSweden.Includesconvertiblerounds.

Promisingstartupsaregrowingthroughoutthecountry.

Norrland

Svealand

G?taland

G?vleborg,J?mtland,Norrbotten,V?sterbottenandV?sternorrland

Dalarna,?rebro,S?dermanland,Uppsala,V?rmlandandV?stmanland

Blekinge,Gotland,Halland,J?nk?ping,Kalmar,

Kronoberg,?sterg?tland,Sk?neandV?stra

G?taland

ceDEMILL

cures

avro,

?Airforestry

?streamAnalyze

Jparakey

spotin

鄉(xiāng)preaciy

VCBacked

Not(yet)funded

dealroom.co

Page/38Source:

“

TheWestSwedishecosystemisahotspotforinnovation

thankstothepublicand

privatesectorsworkingin

convergence.Wehavewon

Wearecloselya?iliatedtobothacademiaandindustry.Thestrengthoftheregionisitsmanyindustryclustersworkinginsectorconvergence,forinstancemobility,shipping,telecom,defence,energy,pharma,biotechandmedtechconnectedtothebiggestharbourintheheartofScandinaviawithlong

relationsforinstancetoAsia.

manypricesgloballyasthefrontrunnerinsustainabilityandwecallourselvesmastersofcollaboration.

Wehavetwowell-knownuniversitiesinclosecollaboration

withthehospitalandthehealthcaresystem,allofthemfamousfortheirinnovationsincollaborationwithindustry.Asthe

Swedishlawallowstheresearcherstoownandcommercialisetheirownideas,wehavealsomanynewcompaniesspunoutfromouruniversities,alongsidewithallotherentrepreneursbuildingnewbusinesses.”

Klementina?sterberg

CEO

atGUVentures

Readfullinterview?

Page/39

Ourmethodology.

RegionalBreakdown

WhilemanystartupsfoundedinSwedenrelocate

beyondtheirborders,mostmaintain

business-criticaltiestotheirhomelands.

Inordertotakethisrealityintoaccount,thefirst

chapterofthisreportincludesbothSweden-basedstartups,whichmaintaintheirmaincenterof

business(HQ)intheircountryoforigin,and

Sweden-foundedstartups,whichrelocatedtheirHQoutsideoftheSweden.

Followingchapters(VCinvestmentnumbers)onlyincludecompani