Capital raising services in Sweden
Sweden is the leading VC market in the Nordics and one of the most competitive in Europe, with Stockholm-headquartered funds and international investors consistently writing the largest growth rounds in the region.
Klarna's multiple international raises, Spotify's IPO, Northvolt's billion-dollar climate rounds, Tink's acquisition by Visa and Voi's pan-European growth process illustrate a market where Swedish founders regularly compete for and win global institutional capital.
Flow works with mid- to late-stage Swedish companies raising growth capital. We manage the entire process: investor preparation, pitch deck and operating and financial model, and full end-to-end process management through close - drawing on an extensive VC investor network across Stockholm, London, Berlin, New York and the Bay Area.
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VC rounds raised in the last 12 months in Sweden
$161M
Median VC valuation (across all stages) in Sweden
24x
Median VC revenue multiple (across all stages) in Sweden
$1.4B
Largest VC round raised in Sweden in the last 12 months
Raising venture capital in Sweden
Sweden has the most active VC market in the Nordics, with Stockholm as the centre. Northzone, Creandum, EQT Ventures and Industrifonden anchor the local fund base, with strong cross-border participation from European and US investors.
SVCA-aligned documentation
The Swedish Private Equity & Venture Capital Association (SVCA) coordinates industry conventions. Swedish venture rounds typically use SVCA-aligned documentation for Series A and beyond. Pre-seed and seed rounds increasingly use simplified templates aligned with English-language Nordic venture practice.
Convertible loans and SAFEs
Convertible loan notes (konvertibellån) are the standard pre-priced instrument in Sweden. SAFEs are used occasionally where the lead is US-based but are less universal. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is standard. Swedish ABs (limited companies) require board and shareholder resolutions for share issues, recorded in the share ledger and filed with Bolagsverket.
Almi Invest co-investment
Almi Invest co-invests at seed and Series A alongside private VCs, typically writing SEK 2-10M tickets. Its preference structures and information rights are well-defined and routinely accommodated in round documents.
Foreign investment review
Sweden's FDI screening law (in force from December 2023) requires pre-completion notification for non-EU investors taking 10%+ stakes in Swedish companies operating in protected sectors - defence, dual-use, AI, critical infrastructure, biotech. Adds notification time and conditions to scoped transactions.
Closing mechanics
Closings are typically same-day signing and funding with documents executed via DocuSign. Share issues and amendments to articles require Bolagsverket filings shortly after close. Stamp duty does not apply to share issues or transfers in Sweden.
Largest private tech companies in Sweden
Northvolt valued at $12B is the largest still privately-owned company in Sweden.
See all large tech companies in Sweden| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Northvolt | | - | Nov-23 | $150M | $12B | |
Lovable | | Lovable is a Stockholm-based software platform that uses artificial intelligence to generate full-stack web applications from natural language descriptions. Launched in 2024, it supports building apps with built-in authentication, databases, and deployment to platforms like Vercel. The tool targets developers and non-technical users in sectors such as technology, finance, and healthcare, enabling rapid prototyping of customer-facing products like dashboards and e-commerce sites. | Dec-25 | $330M Series B | $6.6B | |
Legora | | Legora is a London-headquartered AI platform designed for legal professionals to review documents, perform research, and generate drafts. The tool automates contract analysis and case law searches while integrating with firm workflows for junior lawyers and partners. Founded in 2023, it emphasizes collaborative features that align with client-specific implementations across litigation and corporate practices. | Apr-26 | $50M Series D | $5.6B | |
MatHem | | - | May-23 | $96M | $2.4B | |
Neo4j | | Neo4j is a US/Sweden-headquartered graph database leader powering analytics on connected data for fraud detection, customer 360 views, knowledge graphs, supply chain optimization, personalization, IoT, and network management. The platform includes native graph storage, vector search, data science tools, visualization, and enterprise security with ACID compliance. Neo4j serves Fortune 500 firms, government agencies, and NGOs worldwide from offices in Malmö, London, and Berlin. | Nov-24 | $50M | $2.0B | |
Kry | | Kry is a Stockholm Lan-headquartered digital healthcare provider founded in 2015. It connects patients with professionals via app-based consultations in primary care, specializing in e-health services across Europe. | Jul-22 | $160M Series D | $2.0B | |
Neko Health | | Neko Health is a health technology company developing non-invasive whole-body scanners for preventive checkups. Its flagship device captures 3D images, heart rate, blood pressure, and skin analysis in minutes at clinics or pop-ups. Stockholm-based Neko Health, founded by Spotify co-founder Daniel Ek, began operations in 2023 with pilot sites in Sweden aiming for global expansion. | Jan-25 | $260M Series B | $1.8B | |
Epidemic Sound | | Epidemic Sound is a Stockholm-based music licensing company offering a catalog of over 40,000 tracks across 180 genres for video creators. Subscribers access unlimited downloads cleared for YouTube, TikTok, and broadcast use worldwide. Founded in 2009, it employs in-house composers and serves millions of users monthly. | Mar-21 | $450M | $1.4B | |
Voi | | VOI Technology is a micromobility operator providing e-bikes and e-scooters across more than 150 cities in Europe. The Sweden-headquartered company achieved EBIT profitability in 2024 through efficient fleet management and urban partnerships. Voi collaborates with city governments in countries like the United Kingdom, Germany, and Sweden to deliver sustainable last-mile transportation solutions. | Mar-24 | $25M | $1.2B | |
Modal Labs | | Modal Labs is a Stockholm and New York-headquartered cloud platform for running machine learning workloads. Developers deploy models, parallel jobs, task queues, and web applications using Python code that automatically scales across GPU and CPU containers. The serverless infrastructure handles orchestration without manual DevOps. | Sep-25 | $87M Series B | $1.1B |
Startups who recently raised money in Sweden
Largest VC round raised recently in Sweden was a $1.4B Undisclosed stage of Stegra in April 2026.
See all VC rounds in Sweden| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Apr-26 | Stegra | | Stegra develops a greenfield steel production facility in Boden, Sweden, integrating green hydrogen production to enable fossil-free steel manufacturing with renewable energy and AI optimization. | Knut and Alice Wallenberg Foundation | $1.4B | - | Undisclosed stage | |
Mar-26 | Legora | | Legora is a London-headquartered AI platform designed for legal professionals to review documents, perform research, and generate drafts. The tool automates contract analysis and case law searches while integrating with firm workflows for junior lawyers and partners. Founded in 2023, it emphasizes collaborative features that align with client-specific implementations across litigation and corporate practices. | AccelAlkeon Capital+10 | $550M | $5.5B | Series D | |
Dec-25 | Lovable | | Lovable is a Stockholm-based software platform that uses artificial intelligence to generate full-stack web applications from natural language descriptions. Launched in 2024, it supports building apps with built-in authentication, databases, and deployment to platforms like Vercel. The tool targets developers and non-technical users in sectors such as technology, finance, and healthcare, enabling rapid prototyping of customer-facing products like dashboards and e-commerce sites. | AccelAtlassian Ventures+10 | $330M | $6.6B | Series B | |
Feb-26 | Lassie | | Lassie is a Stockholm-headquartered digital pet insurance provider launched in 2020 for dogs and cats in Sweden. Policyholders access coverage for accidents, illnesses, and chronic conditions via a mobile app handling claims with photo uploads and payouts within 24 hours. Plans cover veterinary fees up to SEK 120,000 annually, preventive care like vaccinations, and rehab therapies, underwritten by partnered insurers. | Balderton CapitalFelix Capital+3 | $75M | $400M | Series C | |
Apr-26 | Legora | | Legora is a London-headquartered AI platform designed for legal professionals to review documents, perform research, and generate drafts. The tool automates contract analysis and case law searches while integrating with firm workflows for junior lawyers and partners. Founded in 2023, it emphasizes collaborative features that align with client-specific implementations across litigation and corporate practices. | Adams Street PartnersAtlassian+2 | $50M | $5.6B | Series D | |
Mar-26 | Candela | | Candela is a Stockholm-headquartered manufacturer of electric hydrofoil vessels. The company produces leisure boats like the C-7 and C-8 with retractable foils, alongside the P-12 ferry for passenger transport. Candela's in-house flight controllers, electric motors, and batteries enable vessels to skim above water surfaces, achieving ranges over 50 nautical miles at speeds up to 30 knots with zero emissions. Deployments include shuttle services in Sweden and orders from the Maldives. | EQT VenturesInternational Finance Corporation+3 | $35M | - | Undisclosed stage | |
Mar-26 | VALIDIO | | VALIDIO is a Stockholm-headquartered data observability platform that monitors data quality across real-time streams like Kafka and batch pipelines in cloud warehouses such as Snowflake and BigQuery. Founded in 2015, it automates data validation through tests and contracts, alerting teams to issues before they impact analytics or machine learning models. ValidiO integrates with tools like dbt and Airflow, serving enterprises in Europe and North America focused on scalable data pipelines. | Denise PerssonEmil Eifrem+4 | $30M | - | Series A | |
Jan-26 | Cloover | | Cloover is a Paris-headquartered fintech platform delivering embedded finance, software, and energy solutions for renewable energy installers across Europe. The company equips solar panel and heat pump professionals with point-of-sale financing, CRM tools, and data analytics to simplify customer financing and project management. Cloover processes thousands of sustainable home upgrade transactions monthly, partnering with banks and energy firms to support France's energy transition goals. | BNVT CapitalBosch Ventures+5 | $22M | - | Series A | |
Dec-25 | Endra AI | | Endra AI is a provider of AI-driven SaaS tools for mechanical, electrical, and plumbing design in construction projects. Its platform automates BIM modeling, clash detection, and code compliance checks for engineers. Endra AI integrates with Revit and AutoCAD to streamline workflows on commercial buildings. The company targets architecture firms handling complex MEP systems. | Norrsken VCNotion Capital | $20M | - | Seed | |
Feb-26 | Bits Technology | | Bits Technology is a platform that integrates data sources and automates workflows for financial technology services. Based in its core infrastructure, it enables seamless connectivity for fintech applications, supporting data aggregation and process orchestration across banking and payment ecosystems. | Alliance VCAlstin Capital+3 | $14M | - | Series A | |
Feb-26 | Agaton | | Agaton is a Stockholm-based developer of secure AI agents for sales teams, automating workflows with voice AI analysis to drive deal insights and closures. | Alstin CapitalFoundry ventures+7 | $9.9M | - | Seed | |
Apr-26 | RedpineAI | | RedpineAI builds data infrastructure for AI development, supplying multi-modal datasets in domains like healthcare and finance. Based in San Francisco, the platform delivers curated video, audio, and text corpora to enterprises training autonomous agents. Partners include Stanford AI Lab for benchmark validations. | Anna Nordell WestlingLuminar Ventures+4 | $8.0M | - | Seed | |
Jan-26 | Brickanta | | Brickanta is an AI platform that automates construction documentation, project workflows, error reduction, and delivers actionable insights for the construction industry. | Agnes SjöbergAnton Osika+10 | $8.0M | - | Seed | |
Jan-26 | Polar Light Technologies | | Polar Light Technologies is a Tampere-based developer of microLED and nanoLED technologies for next-generation displays. The company advances pixel-level light engines for augmented reality glasses, automotive HUDs, and high-brightness projectors using proprietary epitaxial growth on large-area substrates. | Almi InvestButterfly Ventures+1 | $5.9M | $28M | Undisclosed stage | |
Mar-26 | Gradientech | | Gradientech is a Uppsala, Sweden-based developer of microfluidic diagnostics for microbiology. Its QuickMIC system delivers antibiotic susceptibility testing results in under 75 minutes using phenotypic analysis in disposable cartridges. The platform generates minimum inhibitory concentration values for gram-negative bacteria, aiding stewardship programs in hospitals. Deployed in Europe and the United States, QuickMIC integrates with laboratory information systems and supports over 20 antibiotics. Gradientech targets clinical labs to combat antimicrobial resistance. | - | $5.4M | - | Undisclosed stage |
Top VCs and strategic investors in Sweden
Almi Invest, Antler, Chalmers Ventures AB and Y Combinator funded the most startups in Sweden in the last 12 months.
See all VCs in Sweden| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | SolvaPayGaldera LabsEndform+2 | 39 | Pre-seed | |
Chalmers Ventures AB | | Chalmers Ventures AB is a Gothenburg-headquartered early-stage investor and incubator nurturing tech startups from Chalmers University. Services include seed funding up to SEK 1 million, office space, and business model refinement for 30 portfolio companies. Founded in 2015, it has facilitated exits and growth for firms in medtech, AI, and sustainable energy across Sweden and Europe. | DetechtVesiroFintower+2 | 34 | Seed | |
Almi Invest | | Almi Invest is Sweden's leading early-stage venture capital firm, headquartered in Stockholm, with €430 million under management since 2009. The firm invests in scalable startups in sustainability, industry, deep tech, SaaS, and life sciences from pre-seed to Series A, co-investing with private funds. Backed companies include MIPS helmets acquired by Microsoft, Tobii eye-tracking by Google, and Neo4j graph database. Part of Almi Group, it offers board seats and networks funded by Almi AB and regional partners. | Payer Financial Services ABCellevateFintower+2 | 22 | Seed | |
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | Librar LabsLibrarLegora+2 | 15 | Pre-seed | |
Luminar Ventures | | Luminar Ventures is a seed-stage venture capital fund targeting digital technology companies from the Nordic region. Stockholm-based and active since 2012, it invests in scalable startups disrupting industries like fintech, healthtech, and SaaS. The firm has backed over 40 companies including Kry and Sinch, providing €2-5 million in initial funding alongside strategic and operational support. Luminar Ventures maintains a portfolio presence across Sweden, Denmark, and Finland, focusing on entrepreneur-led teams with global ambitions. | RedpineAIBerget AIFirstQFM+2 | 14 | Seed | |
Spintop Ventures | | Spintop Ventures is a Helsinki-headquartered seed-stage VC firm investing in Nordic software startups addressing productivity, digital infrastructure, and circular economy challenges. With a portfolio spanning 50 companies, it supports founders through operator-led programs in Helsinki, Stockholm, and Copenhagen. Investments range from early tickets in firms like Pacta and Rebase. | StandabHubertEmbedl AB+2 | 10 | Seed | |
Greens Ventures | | Greens Ventures is a venture capital firm investing in pre-seed startups in the Nordic region, particularly those founded by alumni of Nordic unicorns such as Spotify and Klarna. | SolvaPayEndformKovant+2 | 8 | Pre-seed | |
Inception Fund | | Inception Fund is an early-stage venture capital firm investing in pre-seed B2B software and AI startups founded by technical talent in the New Nordic region. | NewlyAgatonDentio+2 | 4 | Seed | |
Accel | | Accel is a Palo Alto-headquartered venture capital firm investing in early and growth-stage technology companies globally. The firm backs founders in software, consumer internet, and mobile sectors with portfolio companies including Facebook, Slack, Dropbox, and Spotify. Operating funds across the US, Europe, and India since 1983, it supports over 1,000 startups. | LegoraLovablePolar+2 | 4 | Seed | |
Wave Ventures | | Wave Ventures is a student-led venture capital fund operating from Helsinki and Stockholm. Founded in 2016, it invests in pre-seed Gen Z founders backed by Nordic unicorns like Wolt, focusing on five-university team selections across Finland and Sweden for early-stage tech startups in consumer and SaaS sectors. | NewlyCYBRET AISpiich Labs+2 | 4 | Pre-seed |
What if not VC? Non-equity funding in Sweden
Sweden's non-dilutive funding stack is one of the deepest in the Nordics - between Vinnova, Almi and Eurostars/Horizon Europe access, Swedish startups can run for 12-18 months with substantial public-sector support before signing a VC term sheet.
Vinnova grants
Vinnova is the Swedish innovation agency. R&D grants from SEK 500k to SEK 25M+ across thematic calls. Slow but non-dilutive and a credibility marker for later VC.
Almi loans and Almi Invest
Almi provides growth and innovation loans plus seed equity co-investment via Almi Invest. Often the first institutional capital in a Swedish tech round and a recurring later-stage source of growth lending.
Stockholm angel ecosystem
Klarna, Spotify, iZettle and other Stockholm unicorn alumni anchor one of the densest angel scenes in Europe. Used as the primary pre-VC capital source for many Swedish tech rounds; structured angel rounds frequently feature multiple operator-investors with prior unicorn experience.
EU funding access
Swedish companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Slow but materially valuable for deeptech, climate and life-science companies. Vinnova acts as the Swedish national contact point.
Crowdfunding
FundedByMe and Pepins are the main Swedish equity crowdfunding platforms. Used for raises typically SEK 2-10M, often layered on top of a lead investor. Stronger penetration in consumer brands and sustainability-focused businesses than in B2B tech.
Venture debt and revenue-based financing
HSBC Innovation Banking, Kreos Capital and Claret Capital Partners are the main venture debt providers active in Sweden. Wayflyer and Capchase offer revenue-based financing for SaaS and ecommerce. Both materially scaled in the Nordics in the last five years.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Sweden and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Sweden.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Sweden
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Sweden
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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