Startups primarily based in Denmark, Finland, Iceland, Norway and Sweden — collectively generally known as the Nordics — raised round $11bn in funding final 12 months, in keeping with Dealroom.
The area boasts a number of of European tech’s greatest names, together with Swedish battery large Northvolt, purchase now, pay later trailblazer Klarna and freight mobility firm Einride.
However which corporations might be the area’s subsequent golden little one?
From proudly owning part of your favorite track to a brand new solution to warmth your house, listed here are a few of the (non-portfolio) startups that VCs reckon have the potential for achievement.
Beata Klein, principal at Creandum
Anotherblock — Sweden
Anotherblock makes investing in music simple, permitting followers to personal a share of their favorite track and earn royalties alongside artists. The crew has a imaginative and prescient to remodel music rights into a brand new monetary instrument by changing elements of a track into NFTs that patrons can personal, after which declare their share of royalties each six months.
Swarmia — Finland
Swarmia gives builders and engineering organisations a platform to spice up productiveness, outfitted with instruments to overview workflow, determine and resolve blockers and break down the place companies spend most of their time. Its founder was engineering and product chief at Neatly, an ex-developer and serial entrepreneur — so has a powerful founder-market match.
Vind — Norway
Vind AI gives a workspace and venture administration platform for workers within the wind trade. Customers can collaborate and put together for allow functions to lower the danger and time funding of tasks.
Sandra Malmberg, companion at EQT Ventures

Skyfri — Norway
This firm gives asset efficiency administration software program for the renewable power trade. Its software program captures and analyses real-time operational knowledge from renewable power crops, figuring out efficiency points earlier than they change into main issues. It lets plant house owners automate operations, upkeep and asset administration, streamlining manufacturing.
Lun — Denmark
Lun focuses on the thermal renovation of properties by putting in warmth pumps — an energy-efficient different to conventional heating programs that may considerably scale back a constructing’s carbon footprint. The corporate’s platform manages promoting and putting in warmth pumps, letting clients, installers and distributors scale up effectively — doubtlessly accelerating the adoption of warmth pumps.
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Enode — Norway
Enode’s platform goals to assist optimise power consumption by integrating power merchandise corresponding to electrical autos (EVs), residence batteries and heaters with APIs, permitting them to take part in versatile markets. By doing so, Enode permits its purchasers to facilitate a zero-carbon power grid, lowering their carbon footprint and contributing to a extra sustainable future.
Monta — Denmark
Monta is tackling one of many greatest challenges dealing with the EV trade: the necessity for a dependable and accessible charging infrastructure. Its working platform is designed to offer an built-in answer for EV drivers, corporations, cities and the electrical energy grid, doing every little thing from serving to drivers handle their charging factors to helping companies with fleet administration.
Chris Porsgaard, principal at Seed Capital Denmark

Coana — Denmark
Coana is a code-aware platform that detects and fixes adjustments, addresses safety vulnerabilities and handles code dependencies for Javascript/Typescript builders.
Wayfare.ai — Denmark
Present end-to-end fashionable knowledge platforms work properly for SMEs, however fall quick in enterprise and controlled contexts as they’re not designed for giant organisations, and so typically don’t ship enterprise-grade knowledge governance and safety. To serve this want, Wayfare.ai’s Fashionable Information Stack platform helps groups streamline how they gather, analyse and handle knowledge.
Cheetah AI — Denmark
Cheetah AI is engaged on methods to embed AI into bodily gadgets and merchandise faster than present strategies. The platform optimises AI fashions to be utilized to {hardware} together with autonomous autos, robotics and industrial equipment, and is presently underneath growth.
Rebecka Löthman Rydå, funding director at Inventure

Mason — Sweden
Mason helps groups reply questions utilizing knowledge, summarising analytics like new customers, viewers progress and conversion charges. Customers enter SQL to search out particular insights inside their firm’s knowledge, and the app visualises the reply to the question in codecs that crew members can touch upon throughout the app. Its new AI assistant additionally learns from the database schema and question historical past of an organization, and generates solutions optimised for every crew.
Tana — Norway
Tana’s OS software combines spreadsheets, productiveness software program and workflow administration programmes into one software, permitting groups to collate lists, info and notes in a single place. The corporate has to this point been backed by the likes of Northzone, firstminute capital and La Famiglia.
Fever Vitality — Sweden
Fever helps power suppliers and aggregators take part within the stability markets, which is the place energy grids pay for the facility they should meet demand. Often, corporations make gives on how a lot their power would price in a given interval of the day, and when the market closes after half-hour, the grid chooses which of them it should purchase — Fever’s service automates the bidding and market participation to streamline the method for groups.
Validio — Sweden
Validio gives a deep knowledge observability platform for contemporary data-driven companies, to cease the usage of “dangerous” knowledge. The platform helps corporations validate their knowledge earlier than it’s used, dashing up the info high quality checking course of and lowering the danger of bugs.
TrusTrace — Sweden
TrusTrace gives provide chain mapping, provider knowledge administration and materials certification for the textiles trade, growing traceability and lowering compliance dangers. Its AI-driven platform makes the journey of textiles from uncooked supplies to finish product and the quantity of licensed supplies utilized in provide chains extra clear, so style corporations can collect the proof wanted to fulfill compliance laws and trade requirements. It additionally gives analytics on materials variety, provider demographics and ESG efficiency for each manufacturers and suppliers.
Jeroen Bakker, principal at Novo Holdings
Novo Holdings is a worldwide life science funding agency, and father or mother firm of Danish prescription drugs large Novo Nordisk. With $100bn AUM, it invests out of places of work within the US, EU and Asia. It is an evergreen fund with a therapeutic space and modality-agnostic strategy.

Algorithmiq — Finland
Algorithmiq is creating quantum software program that may assist resolve advanced issues throughout the life sciences trade — its software program can be utilized in drug discovery, the designing of medicine and predicting the construction of novel molecules.
Abzu AI — Denmark
Abzu AI gives AI fashions with a concentrate on biotech and healthcare corporations, notably to hurry up the method of drug discovery. The AI helps groups with predicting the result of illnesses and coverings, which might help make medication extra correct. Its proprietary AI modelling machine, QLattice, not solely makes these predictions but additionally tells scientists why the predictions are being made.
Elsa Hyland, VC at BackingMinds
BackingMinds is a female-founded Nordic VC that backs early-stage tech startups.

Cybr.AI — Norway
Nearly all of cyber assaults are primarily based on human error — Cybr.AI gives safety consciousness coaching in bite-sized classes to mitigate that danger and train workers the way to enhance safety behaviour and hygiene.
Skycore — Denmark
Skycore are producing semiconductor switched-capacitor know-how for a inexperienced future. It is developed a brand new kind of chip that allows extra environment friendly, inexpensive and compact power conversion, lowering the quantity of latent energy misplaced.
RiACT — Denmark
RiACT is engaged on software program to automate robots, providing a real-time growth platform for creators and customers of versatile robotic functions. The corporate is creating the OS for Trade 4.0, offering customers with pre-made templates and a drag-and-drop interface to edit robotic behaviour.