Q2 funding in the Nordics in a European-wide context

Any semi-regular reader of The Nordic Web will know that investment has increased dramatically in the region over the last couple of years. This is of course a positive development, but to determine just how strong funding performance in the Nordics currently is, it serves us well to occasionally place the region into a wider context.

Tech.eu released their Q2 2016 funding report yesterday (available here for £99) so I decided to take a look at how the Nordics are stacking up to the rest of Europe when it comes to raising capital.

Methodology and disclaimers

  • The following analysis uses our data for the Nordics and Tech.eu’s for the rest of Europe.
  • As Tech.eu use EUR rather than USD, I converted our data at a conversion rate of 1 USD= 0.91 EUR
  • I was previously employed by Tech.eu, but it is my objective opinion that they are the best resource for European funding data.

The number of investments

  • Although we consider Sweden and Stockholm to now be one of Europe’s most promising hubs alongside the UK (London) and Germany (Berlin), we shouldn’t leave France (Paris) out of the conversation, as they’ve now seen the most investments in Europe in Q1 and Q2 2016. So, what was once a big two of the UK and Germany is fast becoming a big four, with France and Sweden having legitimate claims to join the party.
  • Denmark is the only other Nordic country to register in the top 10.
  • Finland’s poor Q2 for investment means they saw fewer funding rounds than Belgium, Switzerland and Italy.
  • Overall, the Nordics accounted for 20.2% of Europe’s funding rounds in Q2, despite only representing 3.5% of its population.

The amount of capital

  • Sweden had a fairly quiet quarter for capital raised and as such only saw the 6th most capital in Europe in Q2. To put this into context, in 2015, they secured the 4th most.
  • The Nordics have three representatives in the top 10 when it comes to capital raised, this perhaps demonstrates that the hubs in the region are slightly more mature than most in Europe.
  • Even with Finland’s particularly slow quarter, they still raised the 12th most in Europe.
  • Such are the dominant forces of Israel, the UK, Germany and France at raising later-stage capital, the Nordics still accounted for just 9.24% of the capital raised in Europe in Q2.


Investment in Q2 was strong for the Nordics, yet when we look at it in a European context, it has to be said that it looks pretty unspectacular. It’s easy to see that the Nordics are an attractive place to invest in in Europe, with 1 of 5 investments happening in the region, however with just 9% of the capital being invested there, it’s also clear that in terms of maturity and its ability to attract the larger later-stage capital it is still lagging behind places like Israel, the UK, Germany and perhaps even France.

The contrast between the number of investments and capital demonstrates that although the Nordics are one of the biggest beneficiaries of early-stage capital in Europe right now, and while they are also mature investment hubs in comparison to the majority of Europe, it’s fair to say that they were very much in Tier 2 in Q2.

*For more insights on European funding in Q2, I can highly recommend purchasing Tech.eu’s full report here.

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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 Tech.eu.