The Nordic startup ecosystem has experienced growth and is now valued at $552B—16 times its worth a decade ago, according to the Nordic Innovation report. With 82 unicorns in 2024, up from just 9 in 2014, the region has become a global innovation hub.
Nordic startups have raised $3.8B in VC funding this year, with two-thirds coming from international investors. Energy remains the top-funded sector, attracting over $1.2B in 2024, while enterprise software also sees rising investment.
The ecosystem continues to scale, with over 80 unicorns and 100+ VC-backed exits projected for 2024.
Sebastian Penn, Head of Nordics at HSBC Innovation Banking, says, “The report’s results, and the resilience shown, are positive signals for the local innovation economy. We look forward to supporting the ecosystem as it navigates shifting conditions and continues on its growth trajectory.”
Given these developments, today we present a list of the 10 biggest Nordic funding rounds of 2024. Nine of them are currently hiring. Some details are sourced from Dealroom.
Check out the list below!
Stegra
Stockholm-based Stegra (H2 Green Steel) claims to be at the forefront of green steel production. The company employs a fully integrated process incorporating end-to-end digitalisation, electricity from fossil-free sources, and green hydrogen as an alternative to coal.
In September, Stegra was granted SEK 1.2B (€100M) in state aid from the Industrial Leap for its establishment of a fully integrated near-zero emission steel production facility in Boden.
Earlier this year, the European Commission approved a €265M Swedish measure to help Stegra set up a large-scale green steel plant, in line with EU State aid rules. The company is currently hiring for various roles, check them out here.
Adcendo ApS
Adcendo ApS is a clinical-stage biotech company that focuses on developing antibody-drug conjugates (ADCs) for treating underserved cancers.
In November, the company secured $135M in a Series B financing round led by an international group of prominent life science and biotech investors. The funding aims to support the advancement and expansion of Adcendo’s innovative ADC pipeline.
Adcendo is currently hiring for a Clinical Trial Supply Manager. Apply here.
ŌURA
Oura Ring is a smart ring designed to track sleep, activity, body temperature, and overall health metrics. It offers actionable insights to help users optimise health and performance across areas like sleep, stress, resilience, and heart health.
The company recently introduced the Meals feature in Oura Labs, enabling users to track meal timing and link it to their chronotype, highlighting the impact of meal timing and choices on sleep, stress, and recovery.
This year, Oura has secured $200M (€192M) in funding at a valuation of over $5.2B and is currently hiring for various roles. Apply here.
Tibber
Tibber is an energy supplier offering tools to help customers optimise electricity usage. Through its app, users gain real-time analytics and control over their energy consumption. The company focuses on promoting sustainable and cost-effective energy solutions for households.
In March, the company raised SEK 2B (approximately €173.81M) through a mix of venture capital and loan financing. Tibber currently has many job opportunities, check them out here.
Oda
Oda is a technology and logistics company transforming grocery shopping in Eastern and Southern Norway. Offering a supermarket-like selection at discount prices, Oda delivers sustainable and customer-focused service.
In August, the company raised NOK 1B (approximately €84.53M) in funding and currently has five job opportunities. Apply here.
Aonic Group
Aonic is a global video gaming and technology group, encompassing 12 businesses across Europe and North America, with ambitions to become a leading industry powerhouse.
In December, the company raised €152M in funding to accelerate developments across the group in PC/console, mobile, and VR, as well as supporting more M&A.
Heart Aerospace
Heart Aerospace is focused on advancing sustainable aviation by developing electric air travel for regional flights. The company aims to create green, affordable, and accessible transportation solutions to address key sustainability challenges in the aviation industry.
In 2024, Heart Aerospace secured $107M in Series B funding and received a $4.1M FAA grant under the FAST programme to develop a management system for its hybrid propulsion technology. The company is also hiring, check out the open roles here.
Syre
Syre is a textile impact company focused on decarbonising the industry and eliminating waste through large-scale textile-to-textile recycling, starting with polyester. Its solution produces circular polyester with quality comparable to virgin polyester but with enhanced sustainability.
The company initiated by Vargas Holding and H&M Group launched earlier this year, secured $100M (€92.20M) in a Series A round of funding. Currently, Syre is hiring for various roles, check them out here.
ICEYE
ICEYE is a technology company specialising in designing, manufacturing, and operating Synthetic Aperture Radar (SAR) satellites. It provides imaging data, analytics, and solutions through its proprietary satellite constellation.
The company also develops innovative technologies to deliver near real-time imaging and analysis capabilities for its customers.
In December, ICEYE secured a $65M extension to its growth funding round, bringing the total raised in 2024 to $158M. The company is also expanding its team. Apply here.
Ageras
Ageras has evolved from an online marketplace for accountants into a fintech company with 250 employees and a comprehensive cloud-based platform. Its integrated solutions streamline invoicing, accounting, payroll, banking, and finance, helping business owners focus on operations.
In May, the fintech company raised €82M in an oversubscribed private placement round. It is also currently hiring, check out the open roles here.
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