Top Unicorns in Sweden

Sweden is often touted as one of the most innovative countries in the world, making it an excellent location for bright-eyed entrepreneurs to launch businesses and try to make their dreams a reality.

In fact, according to Startup Blink, Sweden ranks second in Western Europe and sixth in the whole world in terms of the best startup ecosystems. With a population of only 10,000 people, Sweden has become a great example of how small countries can make a massive economic impact.

 

What Makes Sweden A Great Place for Startups? 

 

There are plenty of things that make Sweden a conducive environment for launching startups and nurturing young entrepreneurs, including things like the country’s high quality of life, strong business climate, excellent proficiency in English and general entrepreneurship mentality.

Sweden is quickly becoming particularly successful in the tech sphere, with both the public and private sectors contributing to the growing industry.

Financial and economic schemes are being supported by several organisations including Invest Stockholm and Vinnova. They are actively working to help small and medium businesses by providing them with loans, venture capital and business development services.

On the other hand, Business Sweden and the Swedish Agency for Economic and Regional Growth are specifically focused on growing companies to achieve a sustainable business sector and a generally competitive business environment.

While there are plenty of things that make Sweden a great business environment for startups, one thing that’s becoming a challenge for growing businesses is the incredibly high cost of living. Indeed, it’s really hard for companies to commit to launching in Sweden without already secured investment.

Of course, several initiatives including Eye for AI and the Swedish Self-Employment Residency Programme are committed to incentivising people to start businesses and they’re actively helping them do so.

 

Top 7 Unicorns in Sweden

 

Several high-valued companies have come out of Sweden over the years, particularly Stockholm, and today, there are seven Swedish unicorns – that is, seven businesses that are both privately owned and are valued at a minimum of $1 billion.

 

1. Northvolt: $11.8 Billion

 

 

Founded in Stockholm in 2016, Northvolt is the operator of lithium-ion battery plants that are intended to develop specialised batteries for electric vehicles.

The company produces eco-friendly batteries made by means of a process that leaves a minimal carbon footprint and uses recycling technology. The most important aspect of this is that these processes don’t compromise essential ecosystems – rather, they help supply sustainable, high-quality battery cells and systems.

Northvolt was founded by Peter Carlsson and Paolo Cerruti who are now the company’s co-CEOs. As of 2022, Northvolt was valued at $11.08 billion making it the most successful unicorn in Sweden.

 

 

2. Neo4j: $2 Billion

 

 

Neo4j is the developer of a graph database platform that is used to help organisations properly utilise business connections, influences and relationships by means of data. The platform leverages data by means of applications that are flexible in that they can adapt to changing business needs.

The platform is also suited to being able to provide clients with assistance in fraud detection as well as dealing with maser data.

Neo4j has become a giant in the European tech industry, and after having been founded in 2007, it’s now worth $2 billion.

 

3. Kry: $2 Billion

 

 

Kry is another Swedish tech company, but they focus on digital health applications that can provide patients with an easy way to have video consultations with doctors.

The application allows users to consult with healthcare practitioners via a laptop, tablet or even a smartphone from anywhere in the world. Ultimately, this technology aims to provide ordinary people with seamless access to healthcare in the most convenient way possible, reducing the pressure on traditional healthcare providers and institutions while still providing top-quality care.

Kry was founded in 2014 by Johannes Schildt and Fredrik Jung-Abbou and as of 2022, the company has been valued at $2 billion.

 

4. Epidemic Sound: $1.4 Billion

 

 

Epidemic Sound was founded in Stockholm in 2014 by Oscar Hoglund, the current CEO, and today, it’s worth $1.4 billion.

The business is the developer of a royalty-free music library that is in the business of providing production music for both television programmes and films. It works on a subscription basis along with a cloud-based library that offers users a catalogue of tracks from all different genres and more.

Essentially, the platform allows visual content creators take make use of soundtracks with all rights included on all platforms anywhere in the world. The music can be used for an unlimited time without the need for reporting. The idea is to empower creators by allowing them to share whatever they want with the world without having to worry about legal issues regarding music and digital media.

 

5. Einride: $1.4 Billion

 

 

Founded in 2017 by Linnéa Kornehed Falck and Robert Falck in Stockholm, Einride is a Swedish manufacturer of road transport vehicles providing advanced transportation options.

The vehicles Einride produces make use of electric technology in order to be completely autonomous and coordinated by means of intelligent routing software. It does this by integrating data from a variety of sources, from customer data to traffic data.

By means of this data, Einride aims to provide a service with improved battery life, far better energy consumption and optimised delivery time, among other things.

Today, Einride is worth $1.4 billion.

 

6. Polarium: $1 Billion

 

 

Polarium is the manufacturer of smart lithium batteries that are intended to solve the issue of power backup challenges in the commercial, industrial and telecom industries.

Founded in 2014, the company makes use of easily adaptable modular lithium-ion battery technology. The idea behind the technology is to give people access to sustainable energy by enabling renewables, intermittent power supply and electrification.

The company was founded by Stefan Jansson and is now valued at $1 billion.

 

7. Voi: $1 Billion

 

 

Voi, valued at $1 billion, is a rental service for electric vehicles that are able to provide an environmentally-friendly commuting option that’s still affordable. People can make use of the service in urban centres by means of a day pass or a monthly subscription if they prefer.

Overall, the idea and motivation behind the company is to give customers a cost-effective way to travel freely in urban environments by means of a sustainable transportation network.