We've previously looked at the region as a whole to get a sense of how many U.S. based investors are investing in The Nordics, and in the analysis provided a high level breakdown of where the investors putting money into the region were based.
What we neglected to do was look at each individual Country.
The Nordic Web reader and member, Frode Jensen, upon receiving March's members article A spreadsheet of active investors in Nordic startups sortable by Stage, Location and Vertical, did exactly that, and the breakdown and analysis that follows is based on his data crunching, so thank you Frode!
The most striking result is that Sweden is the only Country where it's own domestic investors are not the primary source of investment, with U.S. based investors pumping the highest percentage of money into the Country.
As Frode comments, it certainly does fit with the thesis that Sweden have a more mature investment ecosystem than the other Countries.
Nearly 55% of funding in Sweden is raised from U.S and UK based investors compared to around 30% in Denmark and 28% in Finland. What is consistent across Sweden, Denmark and Finland is that the top three investors in each Country are from their own respective Country and the U.S. and the UK.
The biggest finding from How much U.S. VC money is coming into the region? shows the importance of having U.S. based investors backing your startups.
"With such a difference in the size of rounds where a U.S based investor is present, as well as the fact that we often turn to U.S VC's for the later rounds, having U.S money is important to the growth of the regions startups."
This analysis then is further explanation as to how Sweden are leading the way in The Nordics right now in terms of investment, but it also demonstrates that Finland and Denmark are also attracting their fair share of International investment, whereas Norway and Iceland are still heavily relying on domestic investors.