北欧创新报告；2024

Page/ 2Source:Dealroom.coNordics continue toattract investmentfrom home and abroadNordic startups have raised$3.8B in VC investment so far in2024.Although this represents adecrease from the peak in 2021,2024 is projected to surpasspre-pandemic levels of VCraised.Two thirds of Nordic venturecapital comes fromnon-Nordics investors, thehighest share to date.Nordics ecosystem ison a long-term growthtrajectoryNordic startups are now wortha combined $552B, up 16xsince 2014.Over the last 10 years, thecombined enterprise value hasgrown from $34B to $552B.The number of unicorns, whichare the biggest contributors tovalue growth, grew in numberfrom 9 in 2014 to 82 in 2024.Nordics innovation 2024 - key takeaways Scale and liquidity:80+ unicorns and 100+exits in 2024The Nordics have produced 82companies valued or exited atover $1B valuation.In addition to householdnames such as Spotify andKlarna, more recent unicornsinclude Kerecis, Bonesupportand Bending Spoons.The VC-backed exit marketremains very active. TheNordics are on track for over100 VC-backed exits in 2024. Energy remains themost funded startupsectorEnergy startups have raised$1.2B in 2024, making Energythe most funded sector for thethird consecutive year and theonly sector in Nordics whichhas raised over $1B for 6 yearsin a row.In 2024, enterprise softwarestartups have alreadysurpassed their 2023 VCinvestment level.Batteries, hydrogen and solarare key segments. “We are delighted to share this report, produced in partnershipwith Dealroom, which explores the performance of theinnovation economy across the Nordic region over the past year.The data tells a story of opportunity despite a challenging year. Nordic startups have raised$3.8B in 2024 thus far, with a total of $5.8B forecast for the year. That shows the region hasalready surpassed pre-pandemic levels: evidence of real resilience.Although the late-stage, $100M+ megarounds seen in 2021 are receding, the influx ofinternational follow-on investment is another sign for measured optimism. This year, almosttwo thirds of VC capital invested has come from international investors coming in alongsidelocal investors, the highest figure on record – testament to continued belief in the Nordicsʼreputation for producing high-quality, scalable startups.During the first half of 2024 we have also seen a number of mega debt deals, bringingtogether big groups of banks for the financing of scaleups like Northvolt and H2 Green Steel.The active exit market should also build confidence. Over 100 VC-backed exits are expectedin 2024, and both strategic M&A to large corporates or Private Equity remain viable. With theflywheel generating returns and capital for new investments, both innovators and theirinvestors have opportunities within the current fundraising environment.The reportʼs results, and the resilience shown, are positive signals for the local innovationeconomy. We look forward to supporting the ecosystem as it navigates shifting conditionsand continues on its growth trajectory.” 1The Nordic tech growth journey2Forward look Page/ 5Nordic startupsare now worth acombined $552B.The Nordics startup ecosystemhas increased 16x in value in thelast 10 years.» view online Source:Dealroom.co. Data as of 5 September 2024.Nordics Venture Capital by stage» view online▊$0–1m (pre-seed)▊$1–4m (seed)▊$4–15m (series A)▊$15–40m (series B)▊$40–100m (series C)▊$100–250m (mega rounds)▊$250m+ (mega+) Page/ 6Nordics startupsare on track toraise $5.8B in2024.Investment is roughly in-linewith pre-2021 levels, with thebiggest difference coming inthe relative absence oflate-stage megarounds of$100M+. Page/ 7Source:Dealroom.co. Data as of 5 September 2024.Early and breakout stage investment levels have remained relatively stable, butthere have been only 6 megarounds since the start of 2024.Early stage▊$ 4–15m (series A)▊$ 1–4m (seed)▊$ 0–1m (pre-seed)Late stage▊$ 250m+▊$ 100–250mBreakout stage▊$ 40–100m (series C)▊$ 15–40m (series B) Page/ 8Nordic venturecapital iscurrentlytracking behind2023 values butsimilar to2019/2020. Page/ 9Selected Nordicsventure capitalrounds in 2024.» see rounds Page/ 10Source:Dealroom.co. Data as of 5 September 2024.HubVC investment 2024 YTDchange vs. 2023Sweden has raised the most VC investment in2024 YTD. Page/ 11Sweden andDenmark are amongthe top 10 leadingEuropeanecosystems by VCinvestment in 2024.Norway & Finland rank 11th & 13threspectively and Iceland ranks 21st Page/ 12Energy is themost fundedaggregate sectorin the Nordics in2024. Health andEnterpriseSoftware haveboth raised morethan $500M in2024.Energy startups H2 GreenSteel and Heart Aerospacehave raised $100M+ rounds in2024. Source:Dealroom.co. Data as of 5 September 2024.Startups, as well as capital invested in them, are categorised under multiple segments. As such,multiple counting may occur.Nordics leading segments for VC investment, 2024 YTD Page/ 13Some of theleadinginnovationsegment in 2024relate toindustrialtechnology,urban tech andadvance