Stockholm is humming with AI potential these days.
Startups including Legora, Filed, Lovable and Tandem Health have all raised big rounds, and pulled a new spotlight onto the city. “Sweden is on fire right now,” seems to be the consensus among the VCs (like this one) waxing lyrical about the city on Linkedin.
But not all the VCs are chasing AI. So far in 2025, Stockholm startups here have raised a hefty €886m, with the biggest chunk of this going to healthtech (€328m) and then climate tech (€281m).
But who’s writing these cheques? A mix of local and global investors, according to our new Investor Tracker.
From EQT Ventures to Y Combinator, big-name VCs are piling into the city’s startups. Below we list the big money spinners so far in 2025 and all the startups they’ve backed.
1/ Industrifonden
HQ: Stockholm, Sweden
Deal count 2025: 8
Deals: Tribunetx, Novatron Fusion, Echandia, Fibbl, Agteria Biotech, Open Payments, Gesynta Pharma, AnaCardio
Industrifonden backs early and growth startups across the Nordics, with a strong focus on deeptech, life sciences and B2B SaaS. It’s by far the biggest dealmaker in Stockholm this year, with deals spanning nuclear fusion projects (Novatron Fusion) and tools to help e-commerce sites easily knock-up 3D assets (Fibbl).
2/ Luminar Ventures
HQ: Stockholm, Sweden
Deal count 2025: 4
Deals: ReCarber, Open Payments, IPercept, Ivy Interactive
Set up by ex-founders and angels, this seed-stage VC fund backs Nordic startups — particularly in AI, fintech and sustainability.
The firm pairs capital with access to an angel network made up of operators from companies such as Spotify and Truecaller. Deals Luminar Ventures found itself in this year include carbon removal company ReCarber’s €5.1m round.
3/ Y Combinator
HQ: California, US
Deal count 2025: 3
Deals: Legora, Vantel, Bluebook
The storied San Francisco-based accelerator has long backed European startups, with a focus on sectors like AI, fintech and deeptech. Just recently it participated in one of the city’s buzziest deals this year, legaltech Legora’s recent $80m Series B.
4/ Antler
HQ: Global
Deal count 2025: 3
Deals: Treyd, Telgea, Wingbits
The global early-stage investor launched its first European office in Stockholm in 2019, backing founders through its residency model. With its second Nordic fund closing at $100m in February 2025, it remains one of the region’s most active seed investors. Bets this year include a $5.6m raise for Wingbits, which uses real-time flight data to reduce delays and improve air travel.
5/ node.vc
HQ: Stockholm, Sweden
Deal count 2025: 3
Deals: Starhive, SponsWatch, Serverpod
The early-stage VC firm was created by founders, with a €71m fund backed by over 70 entrepreneurs. It takes a sector-agnostic approach to backing Nordic startups across AI, gaming, fintech and enterprise tech. Among its bets so far in 2025 is an investment in Starhive, which makes analytics tools for companies.
6/ European Innovation Council
HQ: Brussels, Belgium
Deal count 2025: 2
Deals: Blykalla, CorPower Ocean
The EU fund, with a budget over €10bn, backed nuclear plant builder Blykalla earlier this year with a €2.5m grant and €15m in equity investment.
7/ EQT Ventures
HQ: Stockholm, Sweden
Deal count 2025: 2
Deals: Bluebook, evroc
The VC arm of Swedish investment giant EQT writes €1–50m cheques for early-stage startups across climate tech, fintech and AI. Earlier this year, it joined Y Combinator’s bet on Bluebook, which is developing AI software for accounting firms.
8/ General Catalyst
HQ: Massachusetts, US
Deal count 2025: 2
Deals: Legora, Neko Health
This Silicon Valley stalwart — which typically backs startups across all stages in fintech, software and healthtech — can be found in two of the city’s biggest deals this year, leading Legora’s $80m deal and participating in Daniel Ek-backed body-scanning venture Neko Heath’s $260m Series B.
9/ Giant Ventures
HQ: London, UK
Deal count 2025: 2
Deals: Elvy, evroc
The London-based VC, which invests in startups across climate tech and healthtech via its $250m fund, recently chipped into fast-growing energy startup Elvy’s $20m round.
10/ Innovestor
HQ: Helsinki, Finland
Deal count 2025: 2
Deals: Tribunetx, Gesynta Pharma
With over €250m in assets under management, Innovestor operates six funds, focusing on sectors like biotech and digital health. This year saw it become one of the many co-investors in biotech Tribunetx, which seeks to tackle the root causes of fibrotic diseases.
11/ J12 Ventures
HQ: Stockholm, Sweden
Deal count 2025: 2
Deals: Treyd, IPercept
An early-stage VC that typically backs Nordic startups in fintech, AI, healthtech and gaming. Its $50m seed fund often writes cheques alongside a tight-knit angel network. Deals struck this year include the €5m round for IPercept, which develops a “predictive AI platform” for maintenance and production teams.
12/ Norrsken VC
HQ: Stockholm, Sweden
Deal count 2025: 2
Deals: evroc, Endra
Founded in 2017 by Niklas Adalberth, cofounder of fintech giant Klarna, this VC backs startups that it says have a positive “impact” across climate tech, energy, biotech AI and healthtech. Norrsken’s €320m fund is one of Europe’s largest impact investment pots and the VC has a portfolio that includes unicorns 1KOMMA5° and Einride. Bets this year include Swedish data centre builder evroc’s $55m round.
13/ Novo Holdings
HQ: Copenhagen, Denmark
Deal count 2025: 2
Deals: Tribunetx, AnaCardio
Novo Holdings is owned by the Novo Nordisk Foundation, the world’s largest philanthropic organisation, and deploys huge sums annually across seed to growth stages, focusing on therapeutics, RNA, stem cells and cardiometabolic diseases. Last year, we recorded it as the second most active corporate investor in Europe, deploying €4.6bn into life sciences ventures.
14/ SEB
HQ: Stockholm, Sweden
Deal count 2025: 2
Deals: Alight, Echandia
SEB is a Nordic bank that’s also an active investor in startups, focusing mainly on growth-stage fintech companies, though its biggest deal this year was the €46m round for solar developer Alight.
Read the orginal article: https://sifted.eu/articles/investors-betting-on-the-stockholm-hype/
