Finland's startup funding is back above its peak. Sweden's and Denmark's are not.

Startup funding per inhabitant, 2016–2025. All three markets peaked in 2021–2022, when money was cheap. In 2025 Finland raised €341 per person, above its 2022 peak of €297; 83% of it went to deep tech. Denmark was at 59% of its 2021 peak in 2025, Sweden at 31% of its 2021 peak in 2024.

Method and sources: Each country's total is divided by its 2025 population (Finland 5.6M, Sweden 10.6M, Denmark 6.0M). The three come from different databases, so compare the shape of the lines rather than single euros. Finland = equity investment from all investors into Finnish startups, Finnish Venture Capital Association (Venture capital Suomessa 2025, April 2026). Sweden = VC raised by startups headquartered in Sweden, Dealroom (Sweden Tech Report 2022, 2023 and 2024); 2022 is derived from Dealroom's "down 12% since 2022" for 2023. Dealroom's published figures for Sweden in 2016, 2018 and 2019 are only in chart images, so those years are left out. Sweden's 2025 report is not yet out; secondary sources put 2025 at roughly €3–4B, far below the 2021 peak of €7.8B. Denmark = venture investment into Danish companies, EIFO Venture list (Danish VC market analysis, March 2026). Deep tech share for Finland: see Deep tech's share of Finnish startup funding.

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