Market update – New Nordics Q1 2024

Published 8 May 2024


byFounders has published their Q1 market update for 2024.

Key takeaways include:

  • Several fundraising rounds were announced in Q1 2024, including 18 pre-seed, 35 seed, and 10 Series A rounds. This is an increase from a total of 40 to 63 rounds compared to Q1 2023.
  • The capital invested in the New Nordics increased from EUR 180 million in Q1 2023 to EUR 240 million in Q1 2024. Sweden and Denmark were in the lead with a combined total of EUR 189 million invested.
  • Energy and climate companies attracted the most funding, with EUR 80 million invested in this sector, marking it as the most popular sector for the past three quarters.
  • There has been a noticeable decline in non-European participation, dropping from 25% in Q1 2023 to 13% in Q1 2024.

Read the full update here.