Analysis: Seed rounds in Sweden; 7 key findings

After our look at Denmark and Finland, we bring you our final individual country analysis of seed rounds ahead of our regional overview; Sweden.

(Please note: There has not been enough seed rounds in either Norway or Iceland in the last 18 months for a meaningful individual analysis on these two, but they will of course be included in the regional analysis)

1. The average seed round is $1.52M.

As expected, Sweden's average seed round comes out considerably higher than both Denmark's and Finland's and is also significantly higher than the average for the region. ($1.28M), showing Sweden's positive impact on the average for the Nordics as a whole.

2. The median seed round is $1.5M.

Sweden have seen four $3M seed rounds in the last 18 months, while at the other end of the scale, the lowest has been $350,000, with the median sitting at $1.5M.

3. The median time from being founded to raising seed is 24 months.

Despite the fact that early-stage capital is clearly more readily available in Sweden than the other Nordic countries, it still takes Swedish startups a couple of years to raise their seed round, which, perhaps surprisingly is longer than it takes Danish startups, but quicker than it takes Finnish ones.

4. 39.29% raised an angel or pre-seed round first.

However, there's clearly money available to bridge this gap, with nearly 40% of Swedish startups raising money before their seed round. This demonstrates a more active angel and pre-seed ecosystem than the other Nordic countries.

5. 26.92% of seed rounds had International investors.

As we've previously revealed on The Nordic Web, Sweden definitely does a better job of attracting International investors than the other Nordic countries (apart from Finland at Series A) and this is trickling down to the seed rounds too, with over 1 in 4 Swedish seed rounds containing an International investor.

6. Fintech startups attracted the most seed investments.

Fintech has been attracting more and more investment generally in the Nordics over the last year or so, and this has certainly been the case in Sweden, with Fintech attracting more early-stage investment than any other vertical.

7. Northzone are the most prolific seed investor in Swedish startups.

Northzone are currently investing in more Swedish seed rounds than any other investor, making an early-stage investment in Sweden at an average of around every three months. 

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