Despite an unstable global economy, Swedish startups in 2023 continued to draw in investments totaling 4.7 billion euros. Almost 75% of the total venture capital investment was raised by impact startups. These and more insights are highlighted in the report Sweden tech report 2023, which was produced in collaboration between Vinnova, Tillväxtverket, Sweden's 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 a 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 for our ability to change into a society that lives within the limits of the planet.
- The Swedish startup ecosystem is crucial for our ability to change into a society that lives within the limits of the planet. I am happy to see that Sweden's exceptionally strong position in startups and unicorn companies continues to impress and deliver results, says Darja Isaksson, Director general at Vinnova.
- Sweden has one of the world's strongest national brands. International indices show that we perform very well in, for example, innovation, talent and competence, climate and sustainability and gender equality. These are areas that are important for attracting investments and talent to Sweden, and this report is proof that our competitiveness stands up, says Madeleine Sjöstedt, Director general at Svenska Institutet.
The report summarizes the following insights:
- Swedish startups now have a total valuation of 239 billion euros.
- In the last five years, Swedish startups have doubled their value.
- Sweden has successfully produced 41 unicorn startups, each of which is worth over $1 billion.
- In 2023, Swedish startups drew in an additional 4.7 billion euros in venture capital investments.
- Sweden ranks third in Europe for investments in deep tech investments and in second place for impact investments in 2023.
- As much as 74 percent of the Swedish investments went to impact companies.
- Sweden maintains its position and is ranked fourth best in Europe for venture capital investments raised, third best for deep tech investments and second best for Impact.
- Sweden ranks fifth best in Europe based on the value created by the universities' spinout startups.
- Several employees of Sweden's unicorn company have moved on and founded new companies.
- Swedish startups have globally created 138,000 jobs, including 79,000 jobs in 2023 in Sweden. The smaller companies and unicorn companies account for 96 percent 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.
Read the complete report Sweden tech report 2023
Om Sweden Tech Ecosystem
Sweden Tech Ecosystem is an open database that collects information about Swedish startups and scaleups in tech. The platform is a collaboration between Business Sweden, the Swedish Institute, the Agency for Growth and Vinnova. It is an important part of our ongoing work to make ecosystem data freely available to everyone.
Visit the platform Sweden Tech Ecosystem
This article was first published on 4 March by Vinnova.
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