1、Startups&venture capital in the NordicsFebruary 2023Page/2 Page/2 Source Dealroom.co.1&2.Data referenced on page 21.Pending feedback$40B$30B$20B$10B$58.6BH1 2022$59.9BH1 2021Europe has posted its second highest half-year on record for VC funding.European startups raised$58.6B in H1 2022,the second h

2、ighest half-year for VC investment.Though VC activity in Europe has been affected by the market pullback,its effects have been more pronounced in the US,especially for early-stage funding.The UK leads by both enterprise value and VC funding.The UK concentrates 32%of the value created in Europe in 20

3、22 YTD and 35%of European VC investments in H1 2022,followed by Germany and France respectively.Unicorn creation is a lot more distributed throughout Europe.Number of Acquisitions and Buyouts reached an all-time high.Number of acquisitions and buyouts in Europe reached 1.6K,an all time-high.Number o

4、f public listings however has slowed down after a record 2021.1.6K2022202120202019Q3Q1Q3Q1Q3Q1Q2Q1H1 2021H1 2020H1 2017H1 2018H1 2019H120222K1K5001.5K$20.8BUnited KingdomFranceGermanySwitzerlandNetherlandsSpainSwedenIrelandFinlandAustria$9.7B$7B$3B$2.2B$2.0B$1.8B$1.5B$1.4B$1.2BVC investment in Europ

5、ean startupsTop European countries by VC investment Number of European Acquisitions and Buyouts Awaiting designFOREWORD BYat“FOREWORD BYSebastian PennHead of Nordicsat Silicon Valley Bank“In a year of global recalibration,the Nordic region once again proved its resilience in 2022.Despite the inevita

6、ble impact of global macro-economic and geopolitical turbulence,Nordic startups had their second highest year for VC funding.With overall activity 50%higher than pre-pandemic figures,it is evident that the Nordics is one of the top global hubs for VC funding.Much of this activity was concentrated on

7、“impact”business,which attracted 35%of all VC investment and helped bring the value of Nordic startups to an impressive$4.3B.But this excitement isnt reserved for early-stage startups.Foreign investors,most active in late-stage funding,are actively increasing their presence in various Nordic markets

8、.As an organisation,we are excited to be the debt partner of choice to both the strong founders and insightful investors shaping this dynamic ecosystem,and look forward to its long-term growth.”Page/3 Sebastian PennHead of NordicsMaria LjungbergDirector for SwedenCarla NapoleoInnovation AnalystSilic

9、on Valley Bank UK,the bank of the worlds most innovative companies and investors,provides commercial banking services,expertise and insights to the technology,life science and healthcare,private equity,venture capital and premium wine industries.Silicon Valley Bank UK operates in centers of innovati

10、on around the world.With global commercial banking services,Silicon Valley Bank UK helps address the unique needs of its dynamic,fast-growing,innovative clients.NGP Capital backs early-stage B2B companies from Series A onwards in Europe,the US,Israel,and China within enterprise software,industrial t

11、ech,cybersecurity,and infrastructure.Through its$400m fifth fund launched in 2022,NGP Capital invests in companies driving the convergence of the physical and virtual.Founded in 2005,NGP Capital has over$1.6B in AUM and has invested in more than 100 companies of which 18 became unicorns and 11 went

12、on to IPO.Bo IlsoePartnerKinga StanislawskaAdvisorCo-authors:John GibbsEcosystem Innovation AnalystGlobal startup&venture capital intelligence platform:Dealroom.co is the foremost data provider on startup,early-stage and growth company ecosystems in Europe and around the globe.Founded in Amsterdam i

13、n 2013,we now work with many of the worlds most prominent investors,entrepreneurs and government organizations to provide transparency,analysis and insights on venture capital activity.Garret FrankInnovation AnalystPage/4 Page/4 Source Dealroom.co.Key takeaways.Pending feedback$40B$30B$20B$10B$58.6B

14、H1 2022$59.9BH1 2021Europe has posted its second highest half-year on record for VC funding.European startups raised$58.6B in H1 2022,the second highest half-year for VC investment.Though VC activity in Europe has been affected by the market pullback,its effects have been more pronounced in the US,e

15、specially for early-stage funding.The UK leads by both enterprise value and VC funding.The UK concentrates 32%of the value created in Europe in 2022 YTD and 35%of European VC investments in H1 2022,followed by Germany and France respectively.Unicorn creation is a lot more distributed throughout Euro

16、pe.Number of Acquisitions and Buyouts reached an all-time high.Number of acquisitions and buyouts in Europe reached 1.6K,an all time-high.Number of public listings however has slowed down after a record 2021.H2H2H12020H2H12021H120221.6K2022202120202019Q3Q1Q3Q1Q3Q1Q2Q1H1 2021H1 2020H1 2017H1 2018H1 2

17、019H120222K1K5001.5K$20.8BUnited KingdomFranceGermanySwitzerlandNetherlandsSpainSwedenIrelandFinlandAustria$9.7B$7B$3B$2.2B$2.0B$1.8B$1.5B$1.4B$1.2BVC investment in European startupsTop European countries by VC investment Number of European Acquisitions and Buyouts Awaiting designNordic startups rai

18、sed$11.7B in 2022.This figure represents a 36%decrease from the all-time high in 2021,but is still over 50%higher than pre-pandemic numbers.Early stage investment has held up far better in 2022.Impact Nordic startups have raised 35%of all VC investment in 2022.Nordic startups raised the second highe

19、st year ever for VC funding,despite the economic downturn.Nordic startups have raised$3.4B in early stage investment in 2022,a 6%decrease from their peak in 2021.Iceland and Norway,the two smallest Nordic ecosystems by VC funding,were the fastest growing in early-stage investment,raising standout am

20、ounts.The Nordics continue to be an impact powerhouse,raising$4.3B in 2022,up 2.0 x from 2020.Late-stage funding by source of capital,2017-2022Foreign Domestic22.7%1.7%1.7%DenmarkNordicsEuropeSwedenFinlandNorway0%25%50%75%100%Nordic startups raised the second highest annual VC funding total ever in

21、2022,despite the economic downturn.Nordic startups raised$11.7B in 2022.This figure represents a 36%decrease from the all-time high in 2021,but is still over 50%higher than pre-pandemic numbers.Key takeaways.Early-stage investment has held up strongly in 2022.Nordic startups have raised$3.4B in earl

22、y-stage investment in 2022,just a 6%decrease from their peak in 2021.Iceland and Norway,the two smallest Nordic ecosystems by VC funding,were the fastest growing in early-stage investment.Impact funding makes up over a third of all investment in the Nordics.The Nordics continue to be an impact power

23、house,raising$4.3B in 2022.This is double the amount of impact funding raised in 2020.35%of all VC funding in the Nordics went to impacts startups last year,compared to 22%for all of Europe.VC investment into Nordics founded startups$11.7B$18.4B$3.4B$3.6BEarly stage investment into Nordic startupsIm

24、pactFintechEnterprise SoftwareHealthTransportationFood35%18%14%8%3%3%VC investment as percentage of total VC investment by industry in 20222022200182021Page/5 2022 saw a 36%decrease in VC funding in the Nordics,but was still over 50%higher than pre-pandemic numbers.202122013201

25、42001820192010$10B$15B$5BUpdatedVC Funding of Nordic startups*view online$11.7B$18.4B$7.1B$20B2022$250m+$100250m$40100m(series C)$1540m(series B)$415m(series A)$14m(seed)$01m(pre-seed)GrowthBreakoutEarlySource:Dealroom.co.Includes startups with current main center of business(HQ)in the No

26、rdics as well as Nordic startups which later relocated overseas.2022 saw a 36%decrease in VC funding in the Nordics compared to the previous year,but the total of$11.7B was still more than 50%higher than pre-pandemic numbers.VC Funding of Nordic startups*view online 20201520162

27、0010$10B$15B$5B$11.7B$18.4B$7.1B$20B2022$250m+$100250m$40100m(series C)$1540m(series B)$415m(series A)$14m(seed)$01m(pre-seed)GrowthBreakoutEarlyPage/6 Megarounds of$100M+have become much scarcer in the Nordics,halving in volume in 2022.UpdatedSource:Dealroom.co.*$5.0B of 2021 funding(or

28、27%)came from just three$1B+rounds(Northvolt,Sitecore and Klarna).2021*2020201720182019$10B$15B$5B$20B2022 VC funding excluding megarounds Megarounds($100m+)20218201950%75%25%100%202246%42%16%84%58%39%61%83%61%17%39%54%Excluding megarounds,there is still an upward trend in VC funding,with

29、 only a$1.2B fall from a record-high 2021.$5.0B of 2021 funding came from just three rounds.Distribution of VC investment in Nordic startups by round size.$6.3BVC investment in Nordic startups by round size,$100m.$7.8B$4.3B$5.4B$10.6B$2.8B-19%yoy-49%yoy-49%YoY -19%YoY$20B$15B2022202182017

30、$5B$10B$4.3B$2.8B$7.8B$10.6B$6.3B$5.4B-49%YoY -19%YoY 50%75%25%100%46%42%16%84%58%39%61%83%61%17%39%54%2022202182017Page/7 The early-stage funding landscape remains resilient,down just 6%in 2022.Iceland and Norway stand out as the two Nordic countries where early-stage investment grew.$2.

31、0B$3.0B$3.4B$3.6B$2.1B$1.0BEarly stage investment into Nordic startups view onlineEarly-stage venture capital investment 2022 vs 2021$4.0B2002020212022+53%13%2%0%-6%NorwayEuropean averageFinlandNordics averageIceland-14%Sweden-15%DenmarkSource:Dealroom.co.*Early stage considers self label

32、led rounds(Pre-Seed to Series A).$20B$15B2022202182017$5B$10B$3.4b$3.7b$2.1b$1.7bPage/8 In 2022 there was a noticeable funding pullback at late-stage(Series C+),while early-stage rounds continued to increase in ticket size.$2.0B$3.0B$3.4B$3.6B$2.1B$1.0B$4.0B2002020212022Startup

33、 StageSeries A$4-15MSeries B$15-40MSeries C+$40-100MScaling StageMegaroundsSeries ASeedSeries BSeries C+20172022$2.0M$1.5M$1.0M$0.5M Nordics Europe20172022$15M$10M$5M Nordics Europe20172022$40M$30M$20M$10M Nordics Europe20172022$100M$75M$50M$25M Nordics Europe+17%+32%+42%+19%+20%+3%-5%-9%Median roun

34、d sizes(self-labelled rounds)Source:Dealroom.coPage/9 Iceland,the Nordics smallest ecosystem by VC funding,was the fastest growing country by amount of funding raised in 2022.UpdatedMaybe use bubble graphs here designNordic countries benchmarking(all 5)+Nordic average-37%-61%127%-27%-39%0%DenmarkNor

35、dicsFinlandNorwayIcelandSweden16.0 xDenmarkNordicsFinlandNorwayIcelandSwedenVC Funding Growth,2017-20223.5x2.6x3.3x5.0 x3.3x3 benchmarking slides:Nordic countries benchmarking(all 5)+Nordic averageNordic&neighbours:Nordics,Baltics,DACH,Benelux,UK,FranceGlobal:Nordics,Europe average,Israel,US,Global

36、averageVC Funding change,2022 vs 2021Nordic average-36%+127%-27%-39%-61%FinlandNorwaySwedenDenmarkIceland#of roundsNordic average-%+%0%-%-%-%FinlandNorwaySwedenDenmarkIcelandVC Funding in 2022 per Nordic country$5.6B$2.0B$1.9B$1.7B$0.4BFinlandNorwayDenmarkIcelandSwedenSource:Dealroom.coFinlandNorway

37、DenmarkIcelandSweden$5.7B$2.0B$1.9B$1.7B$0.4BFinlandNorwayDenmarkIcelandSwedenNordic average-38%+130%=-27%-39%-61%Page/10 VC activity in the Nordics contracted faster year-on-year than the global and European averages in 2022,but has grown faster in the medium term than global benchmarks.UpdatedEuro

38、pe(excl.Nordics)NordicsEuropeUnited StatesIsraelGlobalVC Funding Growth,2017-20223.5x8.8x2.7x5.2x2.7x3.4xEurope(excl.Nordics)NordicsEuropeUnited StatesIsraelGlobalVC Funding Growth,2017-2022-37%-24%-35%-33%-47%-23%Year-on-year change in VC fundingper selected region,2022 vs 20210.8x0.7x0.7x0.6x0.5xE

39、uropeGlobal VCUnited StatesNordicsIsrael5-year change in VC fundingper selected region,2022 vs 20173.5x3.1xEuropeIsraelUnited StatesGlobal VCNordics2.2x2.0 x2.6x2022 saw falls in VC Funding worldwide,including a 24%decrease across all of Europe and a 33%decrease globally.Source:Dealroom.co0.5x0.6x0.

40、65x0.8x0.7x3.5x3.1xEuropeIsraelUnited StatesGlobal VCNordics2.2x2.0 x2.6xNordicsIsraelUnited StatesGlobal VCEuropePage/11 Nordic VC funding increased more than threefold in the last five years.UpdatedBalticsNordicsDACHCEEBeneluxUKVC Funding Growth,2017-2022-37%-31%-10%-28%-37%-14%Increase in number

41、of megarounds,per selected region,2022 vs 2017Growth in VC fundingper selected region,5 year average(2017-2022)The Nordics Neighbours saw similar trends this year,although all of these regions have still seen significant growth since 2017.The Nordics are the top European region in increase in number

42、 of megarounds.12.5x12.0 xCEEBeneluxUKDACHNordics4.2x3.8x7.0 x8.8x5.2xCEENordicsBeneluxUKBalticsDACH3.4x1.7x2.7x3.5xSource:Dealroom.coThe Nordics are the top European region in increase in number of megarounds.Page/12 Page/12 Nordic startups that raised in 2022.UpdatedNew Unicornsstartups that reach

43、ed a$1b valuation or exit in the last 12 months.Future Unicornsstartups valued$250m-$999m,havent reached$1b(yet).Rising Starspromising startups valued under$250m with recent funding and high CountrySwedenFinlandDenmarkNorwayIcelandSource:Dealroom.coNordic startups that raised in 2022.Discover the mo

44、st promising Nordic startups and scaleups using predictive signals.Pre-Seed Opportunities Series A+Opportunities Breakout Opportunities Top 100 Nordic StartupsPage/14 Page/14 Local investors play an important role in driving investment in the Nordics.Final dataSource:Dealroom.co.*Selection based on

45、number of Nordic VC deals participated in 2022.Local+ForeignLOCATIONNUMBER OF ROUNDS IN THE LAST 12 MONTHS*NORDIC STARTUPS INVESTED IN 2022AntlerSingapore30+Treyd,Breyta,Modulize,Buddywise,HypertypeVF Venture(Vkstfonden)Denmark20+Blue World Technologies,Reform,Agreena,Raffle.aiTesiFinland15+IQM Quan

46、tum Computers,Swappie,Varjo,TILT BiotherapeuticsChalmers VenturesSweden10+Elypta,Melt&Marble,Swedish Algae Factory,Detecht.seMaki.vcFinland10+Happeo,IQM Quantum Computers,Zevoy,Onego BioAlmi InvestSweden10+EnginZyme,Bower,Beleco,ZcoolyInventureFinland10+Swappie,Material Exchange,Lassie,ZirooPayEQT V

47、enturesSweden10+Einride,Instabox,Juni,MoralisIndustrifondenSweden5+Minervax,EnginZyme,AnaCardio,NextoryCreandumSweden5+Kry,Monta,Mavenoid,ArK KapitalInvestor nameInvestor typeHQNumber of rounds participated in 2022*Preferred roundSelected Nordic investments in 2022GovernmentalCopenhagen,Denmark20+SE

48、EDGovernmentalHelsinki,Finland15+EARLY VCUniversity investment and incubator armGothenburg,Sweden10+SEEDVenture CapitalHelsinki,Finland10+SEEDGovernmentalStockholm,Sweden10+SEEDVenture CapitalHelsinki,Finland10+SEEDVenture CapitalStockholm,Sweden10+SERIES AGovernmentalStockholm,Sweden5+EARLY VCVentu

49、re CapitalStockholm,Sweden5+SERIES AVenture CapitalHelsinki,Finland5+SEEDNotable government funded investorsPublic funding InvestorsPage/15 International investors are increasing their presence in the Nordics.VC funding in Nordic startups by investors location Domestic Europe USA Asia Rest of the wo

50、rld Undisclosed*Selected foreign investors turning to the Nordics marketInvestment:DoconomyHQ:Stockholm,SwedenRound:$19M Early VCInvestment:IQM Quantum ComputersHQ:Espoo,FinlandRound:128M Series AInvestment:GoalsHQ:Stockholm,SwedenRound:15M SeedInvestment:FullviewHQ:Copenhagen,DenmarkRound:$7.5M See

51、dInvestment:ZevoyHQ:Espoo,FinlandRound:15M Series A100%75%50%25%20172022Source:Dealroom.co.*Undisclosed include unknown investors and investors with undisclosed HQ location.Citi VenturesHQ:United StatesBayern KapitalHQ:GermanyBanana CapitalHQ:United StatesLightspeedHQ:United StatesBlossomHQ:United K

52、ingdomExplore more Nordic startups with foreign investor participation Explore listExplore more Nordic startups with foreign investor participation Investment:DoconomyHQ:Stockholm,SwedenRound:$19M Early VCInvestment:IQM Quantum ComputersHQ:Espoo,FinlandRound:128M Series AInvestment:GoalsHQ:Stockholm

53、,SwedenRound:15M SeedInvestment:FullviewHQ:Copenhagen,DenmarkRound:$7.5M SeedInvestment:ZevoyHQ:Espoo,FinlandRound:15M Series AHQ:United StatesHQ:GermanyHQ:United StatesHQ:United StatesHQ:United KingdomPage/16 Page/16 The fact that top tier international investors continue to deploy significant amou

54、nts of capital into the Nordics is testament to the strength of the ecosystem and the quality of companies coming out of this region.Furthermore,the recycling of talent,with unicorn founders contributing their experience and capital into new ventures,is another quality of the ecosystem that provides

55、 a platform for stellar new companies to grow out of the Nordics over the coming years.”Maria LjungbergDirector for Swedenat Silicon Valley BankPage/17 Page/17 SEE MORESEE MORESEE MORESEE MOREInvestments into Nordic startups by selected International investors(2022)SEE MORESEE MORESEE MORESEE MORELo

56、ndonUnited KingdomPalo AltoUnited StatesSingaporeSingaporeEindhovenNetherlandsSan FranciscoUnited StatesLondonUnited KingdomSanta ClaraUnited StatesBerlinGermanyAtlarKryBit OddZendeskChainalysisKryFRVRVeriTreydEyvonBreytaxNomadZendeskKerecisKeepItGreenelyNorthvoltFREYRH2 Green SteelSunRoofPodimoViaB

57、illCakeMontaKlarnaAivenVarjoPocketLawJuniGoalsFullviewCarbo CultureUpdatedSource:Dealroom.coLeading international investors continue to build their portfolios in the Nordics.Page/18 Page/18 UpdatedSource:Dealroom.co.Source of funds is determined by the main center of business(HQ)of the investor.Equa

58、l participation is assumed for rounds with 2+investors.5 bars,one for each nordic country,with split between:Domestic/Other nordic countries/rest of the world2 bars,one Nordic average with funding from nordic countries vs.europe vs.rest of worldOne europe average with funding from european countries

59、 vs.rest of the worldNordics Europe Rest of the WorldSwedenNorwayFinlandDenmarkIcelandExplore all early-stage investments raised by Swedish startups InvestorInvestor TypeSelected early-stage investments Into Swedish startups in 2022GovernmentalUniversity investment and incubator armGovernmentalVentu

60、re CapitalVenture CapitalVenture CapitalVenture Capital43%13%44%In Sweden,local investors represent over 40%of early-stage investment since 2017.InvestorInvestor TypeSelected early-stage investments into Swedish startups in 2022GovernmentalUniversity investment and incubator armGovernmentalVenture C

61、apitalVenture CapitalVenture CapitalVenture CapitalNordic investors play a foundational role at early-stage,Local investors play a foundational role at early-stage,especially in Sweden.Early-stage funding by investor HQ,2017-2022Domestic Other Nordic countries Rest of the World Explore listExplore a

62、ll early-stage investments raised by Swedish startups Sweden37%7%56%36%14%50%31%20%50%25%14%60%Nordic averageNordic countries38%Europe26%Rest of the world36%Page/19 Page/19 Updated5 bars,one for each nordic country,with split between:Domestic/Other nordic countries/rest of the world2 bars,one Nordic

63、 average with funding from nordic countries vs.europe vs.rest of worldOne europe average with funding from european countries vs.rest of the worldNordics Europe Rest of the WorldDenmarkSwedenIcelandFinlandNorwayExplore all early-stage investments raised by Swedish startups InvestorInvestor TypeSelec

64、ted early-stage investments Into Swedish startups in 2022GovernmentalUniversity investment and incubator armGovernmentalVenture CapitalVenture CapitalVenture CapitalVenture Capital41%15%44%In Denmark,local investors represent over 40%of late-stage investment since 2017.InvestorInvestor TypeSelected

65、late-stage investments into Danish startups in 2022GovernmentalVenture CapitalCVCVenture CapitalVenture CapitalAcceleratorVenture CapitalNordic investors play a foundational role at early-stage,Late-stage investors are more geographically diverse,but local investors maintain a significant role,parti

66、cularly in Denmark.Late-stage funding by investor HQ,2017-2022Domestic Other Nordic countries Rest of the World Explore listExplore late-stage rounds raised by Danish startups Denmark30%13%57%24%34%42%15%20%66%14%25%61%Source:Dealroom.co.Source of funds is determined by the main center of business(H

67、Q)of the investor.Equal participation is assumed for rounds with 2+investors.Nordic averageNordic countries29%Europe31%Rest of the world40%Page/20 Page/20 The Nordic countries have been in the lead from a European perspective in venture capital investments,with state owned institutions actively back

68、ing up the industry.However,to remain in the lead,a broader asset allocation into venture capital from pension funds,family offices,banks and insurance companies is needed.We would like to see larger allocations into venture capital through fund of funds,direct funds and directly into startups.These

69、 investments would give the region the ability to flourish,innovate,and drive growth.”Robin LindahlNGP CapitalPage/21 Alternative sources of investment,other than Venture Capital funds,are playing an increasingly important role in the Nordics.Source:Dealroom.co.*Other investor type includes all othe

70、r investor types other than venture capital and corporate,such as Accelerators,Private Equity and others.*Angel investor type includes Angel and Angel funds.VC funding by investor type5-year Average view online Selected investors by typeOtherCorporate&CVCsVenture CapitalAlgae$124MCorporate21%Angel*1

71、4%Others*24%UpdatedSelected VCs active in the NordicsNordic state-affiliated VCsVenture Capital41%Verified rounds5 year averageCorporate21%VC43%Angel+Angel funds15%Other-Angel21%Page/21 21%Corporate41%Venture Capital14%Angel*24%Others*21%41%24%14%CorporateVenture CapitalOthers*Angel*Page/22 Page/22

72、As the Nordic ecosystem continues to mature,Venture Debt is becoming an established way of extending runway and supporting founders to limit dilution.Overall there has been an expansion in the range of capital sources available to companies and in the number of providers operating across the region.

73、We believe this trend will accelerate and continue to fuel the Nordics reputation for creating enterprise value.”Sonya IovienoHead of Venture and Growth Banking at Silicon Valley BankPage/23 In 2022 impact startups raised 35%(or$4.3B)of all VC investment in the Nordics.UpdatedSource:Dealroom.co.Crea

74、ted with Datawrapper.*To be an impact company means having sustainable development at the core of the businesss values.Other industries in this chart exclude impact startups.To learn more about Dealrooms Impact methodology consult the knowledge page.NordicsEuropeImpactFintechEnterprise SoftwareTrans

75、portationEnergyHealthFoodMediaMarketingGamingNordicsEurope16.8%13.7%10.4%9.5%10.3%8.5%4.3%4.3%4.3%3.2%10.9%15.4%12.4%7.5%5.6%11.6%5.0%2.6%2.0%4.2%Impact*FintechEnterprise SoftwareHealthTransportationFoodGamingMarketingHome LivingMedia35%18%14%8%3%3%2%2.1%1.7%1.7%2%2%6%3%4%6%11%20%24%22%Page/24 Page/

76、24 The last decade has seen a rapid maturation of the Nordic ecosystem with large,outsized winners such as Spotify,Minecraft,Unity,Supercell,Universal Robots,Wolt and many others.We see repeat entrepreneurs,founders backing other founders,and we believe now is the time for founders to solve big ente

77、rprise challenges by leveraging breakthrough technologies such as foundation AI,XR developer tools and digital twins as our physical and virtual worlds start to converge.”Bo IlsoeNGP CapitalPage/25 The Nordic startup ecosystem is now worth$511B.While public tech companies decreased in value by 20%,t

78、he value of private companies is up 6%year-on-year.202001820192010$400B$600B$200BUpdatedEcosystem value of Nordic startups*view online 1990-1994 1995-1999 2000-2004 2005-2009 2010-2014 2015-2022*Sum of the valuations of Nordic startups founded after 1990.Using estima

79、ted valuations based on most recent VC rounds,public markets and publicly disclosed valuations.Source:Dealroom.co$505B$564B$284B$211B$169B$128B20223.9xCombined enterprise value of Nordic founded/HQed companies*founded after 7200212022 private companies public companies$600B$400

80、B$200B$242B$269B$227B$337B-20%2021 vs 2022+6%2021 vs 2022$600B20222021820172016$400B$200B$227B$337B$242B$269B-20%2021 vs 2022 +6%2021 vs 2022 Page/26 The value of Nordic startups has quadrupled in the last five years,outpacing other European regions and the global average.UpdatedEuropeEur

81、ope(excl.Nordics)DACH RegionGlobal AverageWestern EuropeGrowth in ecosystem value over the last five years(2017-2022)NordicsRest of Europe(excl.Nordics)25%50%75%100%0%DACHGlobal averageWestern Europe4.0 x3.4x3.3x3.3x3.1xSource:Dealroom.co.Includes public and private startups.The valuation of a priva

82、te company is publicly disclosed via news articles.In this case,we use this number for the companys valuation If the valuation of private company is not disclosed via the media but they have a disclosed funding round,the valuation is automatically populated with a range that is 4x to 6x the round am

83、ount.CEE4.2xPage/27 The Nordics have produced 10 new unicorns in 2022,bringing the regions total unicorn count to 78.Nordics unicorn class of 2022All Nordic UnicornsSource:Dealroom.co20213 20001510255Number of new unicorns and$1B+exits view all Nordic unicornsHQ:Hels

84、inkiHQ:Stockholm20112006-2011HQ:StockholmHQ:OuluHQ:StockholmHQ:StockholmHQ:OsloHQ:StockholmUpdatedHQ:KarlstadHQ:StockholmHQ:OsloNordics unicorn class of 2022HQ:Karlstad,SwedenIndustry:GamingHQ:Stockholm,SwedenIndustry:Enterprise SoftwareHQ:Helsinki,FinlandIndustry:Enterprise SoftwareHQ:

85、Oslo,NorwayIndustry:MediaHQ:Stockholm,SwedenIndustry:MobilityHQ:Stockholm,SwedenIndustry:Transportation/LogisticsHQ:Stockholm,SwedenIndustry:EnergyHQ:Oulu,FinlandIndustry:HealthHQ:Oslo,NorwayIndustry:FintechHQ:Stockholm,SwedenIndustry:MediaHQ:Stockholm,SwedenIndustry:Wellness and beauty Nordics unic

86、orn class of 202202710 new unicorns in 2022.24414 Explore listExplore the Nordics unicorn class of 2022 Page/28 All Nordic countries are among Europes top 10 in VC funding per capita in 2022.UpdatedSource:Dealroom.co*Europe definition includes a list of countries as they appear on EUR-Lex.EstoniaVC

87、funding per capita(2022)$500$400$300$200$100IcelandSwitzerlandSwedenUnited KingdomIrelandLuxembourgFinlandNorwayDenmarkEuropeanAverage*$540$600$1000$1100$126Page/29 The Nordics are the most efficient builders of enterprise value in Europe.UpdatedSource:Dealroom.co.*Using estimated valuations based o

88、n most recent VC rounds,public markets and publicly disclosed valuations as of Q4 2022.European regions defined in the methodology section(page 29).Enterprise value per employee,2022*Western EuropeNordicsEuropeCEEDACH$620K$250K$240K$210K$180KFunding per employee,2022*NordicsEuropeWestern EuropeCEEDA

89、CH$13.5K$6.3K$6.1K$5.5K$4.5KEnterprise value per employee,2022*Funding per employee,2022*$620k$250kEuropeWestern EuropeCEEDACHNordics$210k$180k$204k$13.5k$6.3kWestern EuropeEuropeCEEDACHNordics$5.5k$4.5k$6.1kPage/30 The combined enterprise value of the Nordic startup ecosystem amounts to 28%of the r

90、egions GDP.UpdatedSource:Dealroom.co.GDP data from the World Bank(full year 2021).2022 figures are estimations and have not yet been officially published.Startup enterprise value in relation to GDP,%21%NordicsEurope202220218201710%20%30%40%Methodology,definitions,disclaimersPag

91、e/32 Page/32 Methodology&definitionsVenture Capital,InvestorsDomestic investors are all investors based in Belgium.European investors exclude Belgium but include the entire European continent,the UK and Russia,but excluding Turkey.Investment numbers refer to rounds such as Seed,Series A,B,C,.late st

92、age,and growth equity rounds.VC investment figures exclude debt or other non-equity funding,lending capital,grants and ICOs.Investment rounds are sourced from public disclosures including press releases,news,filings and verified user-submitted information.ValuationThe combined valuation of the tech

93、ecosystem is based on their market cap or latest transaction value.Transaction value is realized from exit or implied unrealised valuation from the latest VC round,which is either announced or estimated by Dealroom based on benchmarks.Underlying DataDealrooms proprietary database and software aggreg

94、ate data from multiple sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an extensive manual process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or con

95、tact supportdealroom.co.Startups,scaleups,grownups and techCompanies designed to grow fast.Generally,such companies are VC-investable businesses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,they develop into scaleups(50 people),grownups(500 people)and result in

96、big companies.Only companies founded since 1990 are included in this report.Geographic scope In this report,the countries considered as part of Europe include EU27,Albania,Belarus,Bosnia&Herzegovin a,Iceland,Liechtenst ein,Moldova,Montenegro,Norway,North Macedonia,Serbia,Switzerland,United Kingdom a

97、nd Ukraine.What is a startup?Glossary&DefinitionsEuropean regions.Nordics:Denmark,Finland,Norway,Sweden.Iceland is excluded for the purpose of this report.Southern Europe:Italy,Spain,Portugal,Greece,Malta,Cyprus(incl Turkish-Cypriot administered area),Andorra,San Marino,Gibraltar.DACH:Austria,German

98、y,Switzerland.CEE:Poland,Czech Republic,Lithuania,Estonia,Latvia,Romania,Serbia,Ukraine,Bulgaria,Hungary,Slovenia,Belarus,Croatia,Bosnia and Herzegovina,Slovakia,Moldava,Kosovo,Albania,North Macedonia,Montenegro.Baltics:Estonia,Latvia,Lithuania.Benelux:Belgium,the Netherlands,Luxembourg.Venture Capi

99、tal,InvestorsInvestment numbers refer to rounds such as Seed,Series A,B,C,late stage,and growth equity rounds.VC investment figures exclude debt or other non-equity funding,lending capital,grants and ICOs.Investment rounds are sourced from public disclosures including press releases,news,filings and

100、 verified,user-submitted information.Investment rounds are sourced from public disclosures including press releases,news,filings and verified user-submitted information.European regionsNordics:Denmark,Finland,Norway,Sweden,Iceland.DACH:Austria,Germany,Switzerland.CEE:Poland,Czech Republic,Lithuania,

101、Estonia,Latvia,Romania,Serbia,Ukraine,Bulgaria,Hungary,Slovenia,Belarus,Croatia,Bosnia and Herzegovina,Slovakia,Moldava,Kosovo,Albania,North Macedonia,Montenegro.Baltics:Estonia,Latvia,Lithuania.Benelux:Belgium,the Netherlands,LuxembourgWestern Europe:United Kingdom,Germany,Switzerland,Netherlands,F

102、rance,Luxembourg,Belgium,Austria,Ireland,liechtenstein,Andorra,Monaco.Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an exten

103、sive manual process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.Startups,scaleups,grownups and techCompanies designed to grow fast.Generally,such companies are VC-investable businesses.Sometimes they can b

104、ecome very big(e.g.$1B+valuation).When startups are successful,they develop into scaleups(50 people),grownups(500 people)and result in big companies.Only companies founded since 1990 are included in this report.What is a startup?Glossary&DefinitionsValuationThe combined valuation of the tech ecosyst

105、em is based on their market cap or latest transaction value.Transaction value is realized from exit or implied unrealised valuation from the latest VC round,which is either announced or estimated by Dealroom based on benchmarks.Page/33 Page/33 Silicon Valley Bank UK Limited is registered in England

106、and Wales at Alphabeta,14-18 Finsbury Square,London EC2A 1BR,UK(Company Number 12546585).Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority(Firm Reference Number 543146).Silicon Vall

107、ey Bank UK Limited is not licensed to undertake banking business in Denmark or to undertake any other regulated activity in Denmark.Silicon Valley Bank UK Limited is not licensed to undertake banking business in Sweden or to undertake any other regulated activity in Sweden.Silicon Valley Bank German

108、y Branch is a branch of Silicon Valley Bank.Silicon Valley Bank,a public corporation with limited liability(Aktiengesellschaft)under the laws of the U.S.federal state of California,with registered office in Santa Clara,California,U.S.A.is registered with the California Secretary of State under No.C1

109、175907,Chief Executive Officer(Vorstand):Gregory W Becker,Chairman of the Board of Directors(Aufsichtsratsvorsitzender):Beverley Kay Matthews.Silicon Valley Bank Germany Branch with registered office in Frankfurt am Main is registered with the local court of Frankfurt am Main under No.HRB 112038,Bra

110、nch Directors(Geschftsleiter):Phillip Lovett,Dayanara Heisig.Silicon Valley Bank and SVB Financial Group UK Limited are not licensed in Ireland to undertake banking business in Ireland or to undertake any other regulated activity in Ireland.SVB Financial Group UK Limited is registered in England and

111、 Wales at Alphabeta,14-18 Finsbury Square,London EC2A 1BR,UK under No.5572575.SVB Israel Advisors Ltd.is a subsidiary of SVB Financial Group.Neither SVB Israel Advisors nor SVB Financial Group is licensed to conduct banking business or provide other financial services in Israel and neither engages i

112、n unlicensed banking activities.Banking services are provided by Silicon Valley Bank,a member of FDIC.Silicon Valley Bank is not supervised by the Supervisor of Banks in the Bank of Israel but by the US Federal Reserve Bank and the California Department of Financial Protection and Innovation(DFPI).I

113、f you no longer wish to receive marketing communications from SVB Financial Group or Silicon Valley Bank,you may unsubscribe.Read about our Privacy Policy.Please contact us by email at PrivacyO.Also read about our cookie policy.2023 SVB Financial Group.All rights reserved.SVB Financial Group(SVB)is

114、the holding company for all business units and groups.SVB,SVB FINANCIAL GROUP,SILICON VALLEY BANK,SVB SECURITIES,SVB PRIVATE,SVB CAPITAL and the chevron device are trademarks of SVB Financial Group,used under license.Silicon Valley Bank is a member of the FDIC and the Federal Reserve System.Silicon

115、Valley Bank is the California bank subsidiary of SVB Financial Group(Nasdaq:SIVB).OLDSilicon Valley Bank is registered in England and Wales at Alphabeta,14-18 Finsbury Square,London EC2A 1BR,UK under No.FC029579.Silicon Valley Bank is authorised and regulated by the California Department of Financia

116、l Protection and Innovation(DFPI)and the United States Federal Reserve Bank;authorised by the Prudential Regulation Authority with number 577295;and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority.Details about the extent of our

117、regulation by the Prudential Regulation Authority are available from us on request.2022 SVB Financial Group.All rights reserved.SVB,SVB FINANCIAL GROUP,SILICON VALLEY BANK,MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group,used under license.SVB Israel Advisors Ltd.is

118、a subsidiary of SVB Financial Group.Neither SVB Israel Advisors nor SVB Financial Group is licensed to conduct banking business or provide other financial services in Israel and neither engages in unlicensed banking activities.Banking services are provided by Silicon Valley Bank,a member of FDIC.Sil

119、icon Valley Bank is not supervised by the Supervisor of Banks in the Bank of Israel but by the US Federal Reserve Bank and the California Department of Financial Protection and Innovation(DFPI).2022 SVB Financial Group.All rights reserved.SVB,SVB FINANCIAL GROUP,SILICON VALLEY BANK,MAKE NEXT HAPPEN

120、NOW and the chevron device are trademarks of SVB Financial Group,used under license.Silicon Valley Bank and SVB Financial Group UK Limited are not licensed in Ireland to undertake banking business in Ireland or to undertake any other regulated activity in Ireland.SVB Financial Group UK Ltd is regist

121、ered in England and Wales at Alphabeta,14-18 Finsbury Square,London EC2A 1BR,UK under No.5572575.2022 SVB Financial Group.All rights reserved.SVB,SVB FINANCIAL GROUP,SILICON VALLEY BANK,MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group,used under license.Silicon Valle

122、y Bank Germany Branch is a branch of Silicon Valley Bank.Silicon Valley Bank,a public corporation with limited liability(Aktiengesellschaft)under the laws of the U.S.federal state of California,with registered office in Santa Clara,California,U.S.A.is registered with the California Secretary of Stat

123、e under No.C1175907,Chief Executive Officer(Vorstand):Gregory W Becker,Chairman of the Board of Directors(Aufsichtsratsvorsitzender):Roger F Dunbar.Silicon Valley Bank Germany Branch with registered office in Frankfurt am Main is registered with the local court of Frankfurt am Main under No.HRB 1120

124、38,Branch Directors(Geschftsleiter):Phillip Lovett,Dayanara Heisig.Silicon Valley Bank is not licensed to undertake banking business in Denmark or to undertake any other regulated activity in Denmark.Silicon Valley Bank is registered in England and Wales at Alphabeta,14-18 Finsbury Square,London EC2

125、A 1BR,UK under No.FC029579.Silicon Valley Bank is authorised and regulated by the California Department of Financial Protection and Innovation(DFPI)and the United States Federal Reserve Bank;authorised by the Prudential Regulation Authority with number 577295;and subject to regulation by the Financi

126、al Conduct Authority and limited regulation by the Prudential Regulation Authority.Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.2022 SVB Financial Group.All rights reserved.SVB,SVB FINANCIAL GROUP,SILICON VALLEY BANK,MAKE NEXT HAP

127、PEN NOW and the chevron device are trademarks of SVB Financial Group,used under license.NEWThis material including,without limitation,to the statistical information herein,is provided for informational purposes only.The material is based in part on information from third-party sources that we believ

128、e to be reliable but which have not been independently verified by us,and for this reason,we do not represent that the information is accurate or complete.The information should not be viewed as tax,investment,legal or other advice,nor is it to be relied on in making an investment or other decision.

129、You should obtain relevant and specific professional advice before making any investment decision.Nothing relating to the material should be construed as a solicitation,offer or recommendation to acquire or dispose of any investment or to engage in any other transaction.All non-SVB named companies l

130、isted throughout this document,as represented with the various statistical,thoughts,analysis and insights shared in this document,are independent third parties and are not affiliated with SVB Financial Group.Any predictions are based on subjective assessments and assumptions.Accordingly,any predicti

131、ons,projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results.The views expressed in this report are solely those of the authors and do not necessarily reflect the views of SVB.Silicon Valley Bank UK Limited is registered in Eng

132、land and Wales at Alphabeta,14-18 FinsburySquare,London EC2A 1BR,UK(Company Number 12546585).Silicon Valley Bank UK Limited is authorisedby the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority(Firm Reference Number 543146).Silicon V

133、alley Bank UK Limited is not licensed to undertake banking business in Denmark or to undertake any other regulated activity in Denmark.Silicon Valley Bank UK Limited is not licensed to undertake banking business in Sweden or to undertake any other regulated activity in Sweden.Silicon Valley Bank Ger

134、many Branch is a branch of Silicon Valley Bank.Silicon Valley Bank,a public corporation with limited liability(Aktiengesellschaft)under the laws of the U.S.federal state of California,with registered office in Santa Clara,California,U.S.A.is registered with the California Secretary of State under No

135、.C1175907,Chief Executive Officer(Vorstand):Gregory W Becker,Chairman of the Board of Directors(Aufsichtsratsvorsitzender):Beverley Kay Matthews.Silicon Valley Bank Germany Branch with registered office in Frankfurt am Main is registered with the local court of Frankfurt am Main under No.HRB 112038,

136、Branch Directors(Geschftsleiter):Phillip Lovett,Dayanara Heisig.Silicon Valley Bank and SVB Financial Group UK Limited are not licensed in Ireland to undertake banking business in Ireland or to undertake any other regulated activity in Ireland.SVB Financial Group UK Limited is registered in England

137、and Wales at Alphabeta,14-18 FinsburySquare,London EC2A 1BR,UK under No.5572575.SVB Israel Advisors Ltd.is a subsidiary of SVB Financial Group.Neither SVB Israel Advisors nor SVB Financial Group is licensed to conduct banking business or provide other financial services in Israel and neither engages

138、 in unlicensed banking activities.Banking services are provided by Silicon Valley Bank,a member of FDIC.Silicon Valley Bank is not supervised by the Supervisor of Banks in the Bank of Israel but by the US Federal Reserve Bank and the California Department of Financial Protection and Innovation(DFPI)

139、.If you no longer wish to receive marketing communications from SVB Financial Group or Silicon Valley Bank,you may unsubscribe.Read about our Privacy Policy.Please contact us by email at PrivacyO.Also read about our cookie policy.2023 SVB Financial Group.All rights reserved.SVB Financial Group(SVB)i

140、s the holding company for all business units and groups.SVB,SVB FINANCIAL GROUP,SILICON VALLEY BANK,SVB SECURITIES,SVB PRIVATE,SVB CAPITAL and the chevron device are trademarks of SVB Financial Group,used under license.Silicon Valley Bank is a member of the FDIC and the Federal Reserve System.Silicon Valley Bank is the California bank subsidiary of SVB Financial Group(Nasdaq:SIVB).Updated