Despite record breaking amounts of venture capital, significantly less is coming from U.S investors

In 2014, 24.8% of the funding rounds in the Nordics included a U.S based investor.

With the Nordics breaking the $1B mark in Venture Capital in a calendar year for the first time, and on course to rival London for venture capital within three years, and previously seeing a correlation between higher rounds when U.S investors are present in a round, it might be a natural assumption to think we’re seeing more U.S based investors funding Nordic startups.

However, not only are we not seeing an increase, we are actually seeing a significant decrease, with only 11.3% of the funding rounds in 2015 including a U.S based investors.

To delve into this further, I looked individually at each Country, and compared 2015 with 2014.

Denmark has seen the biggest drop-off, in what is likely to have had the biggest impact on the region dropping as a whole. They’ve only seen 3.8% investing in their rounds, compared to 22.2% in 2014.

Iceland and Norway have both increased last years percentage, but this is mainly due to them having no U.S. based investors participating in 2014. It’s also worth nothing that their reasonably high percentages are based on four and six investments respectively.

Finland are only attracting slightly less U.S based money than last year, with 14.3% compared to 20%, while Sweden, like Denmark, have also seen a reasonable drop-off, currently sitting at 12.5% compared to 27.1% in 2014.

I have to admit, I’m slightly surprised by the fact that overall it’s so significantly lower than 2014, however, I don’t expect it to remain that way by the end of the year, although it appears that it would take a miracle to even match the amount we saw from the U.S last year.

In many ways, it’s a nice reminder that despite raising record amounts of venture capital, our investment scene is still less mature than others as it stands, and even more could be done to attract International investment, especially from the U.S.


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Neil S W Murray founded The Nordic Web in 2014 in order to provide the Nordics with the quality coverage it deserves. As well as being Founding Editor of The Nordic Web, Neil is also an active community builder in the region, participating in a number of initiatives, and has previously worked for