Nordic Funding in Q2 2017 in a European Context

Q2 was a strong quarter for funding in the Nordics and one that demonstrated that the Nordics is robust enough to recover from slower quarters, however, was this an exception for the region or is it simply following a similar pattern across Europe as a whole? Using’s Q2 2017 funding analysis, we set out to answer that question.

*Please note, we have used our Nordic data but‘s European data for this analysis. We have converted our $ amounts (which we track in) into € amounts (which tracks in) using the conversion rate of the average for May 16th, a mid-point for this Q2 analysis.

  • Combining the individual totals of the region’s countries puts The Nordics itself at the top of the charts for the most investments in Q2 2017, comfortably ahead of France in 2nd place who recorded 155. While it may appear obvious that the Nordics as one entity would come out on top, it’s worth remembering that in Q1, France recorded nearly 30 more investments than the region, meaning there has been a 70 investment swing between the two in Q2. This is largely down to a decline in France’s deals rather than an increase in the Nordic’s deals (although this happened).
  • This helped the Nordics claim 25.16% of the investments made in Q2, meaning that 1 in 4 investments that happened in Europe over the last three months happened within the region and up significantly from the 19.75% in Q1 2017, meaning that overall the Nordic’s fared very well in comparison to Europe as a whole in Q2 for the number of investments.
  • Sweden fared well individually, coming in ahead of Germany again for the 2nd quarter in a row, cementing their place as one of the most active ecosystems in Europe right now alongside France and the UK.
  • Finland and Denmark both featured in the top 10, even with a slower quarter than usual for the latter. Norway was knocking on the top 10, coming in at 11th, an impressive rise over the last few years.


  • Despite the strong performance in terms of the number of investments, when it comes to the amount of capital invested, the Nordics compared much worse. Even combined as one region they placed 5th with $561.7 million raised, with the UK raising three times as much. This was despite Q2 2017 being a record quarter for capital being invested into the region (minus Spotify’s $526 million and $1 billion).
  • This meant that the Nordics represented just 7.57% of the capital invested in Europe over the last three months, in stark contrast to the 25.16% claimed for the number of investments.
  • Outside of Sweden, only Finland sneaked into the top 10 (9th), with Norway and Denmark in 11th and 12th.

It’s clear to see that while the Nordics is able to attract investments at the same or even beyond the level of its European counterparts, when it comes to the larger rounds and bigger capital, it still lags behind.

Although the Nordics has produced plenty of billion dollar companies there is currently a slower pipeline of companies worth a couple of hundred million dollars that would typically be raising these bigger rounds. Countries like the UK, France, Germany and Israel are certainly more blessed in this regard due to the size and maturity of their ecosystem, and even as the Nordics continues to mature as an investment hub, it’s unlikely that it will ever be able to truly compete in this regard.

However, in saying that, if the number of investments continues to outperform Europe as a whole then as these companies move through the pipeline, we’d expect a good chunk of these to raise further significant funding meaning that the share of capital invested should still rise in the next year or so, meaning the Nordics could grab even more of the European pie.


(You can buy the full Q2 2017 European Funding and Exits report from here)

Full Disclosure: I was once employed by for a period in 2015-2016 but have no professional relationship with them any more.


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