"It’s like there’s an ecosystem of funding and expertise."Įxamples include the venture capital fund Norrsken, Swedish for Northern Lights, launched by Niklas Adalberth, the co-founder of payments platform Klarna Bank AB that has been valued at $31 billion Niklas Zennstrom of Skype Inc. "There is some kind of climate here where Swedes are quick to test new services and products,” Oscar Berglund said in an interview. Its chief executive officer says it’s no coincidence so many are emerging on his home turf. Only this month, payments firm Trustly Group AB became the latest example in a long line of Swedish startups to see its valuation soar into unicorn territory. The dynamics are also evolving as early tech founders and backers allocate some of their vast wealth to the latest crop of startups. The secret sauce includes technology and its intersection across a broad range of industries, from music streaming and gaming to how we pay for stuff and increasingly charge our cars.
The Nordic country ranked first in Europe in cumulative capital invested per capita in the past five years, ahead of Ireland and the U.K., according to a tech industry report by venture capital firm Atomico. Spotify Technology SA and Minecraft maker Mojang AB put Sweden on the map for startups valued at more than $1 billion and spawned a new generation of entrepreneurs. Sweden’s capital has bred more tech unicorns per capita than any other region in the world save for Silicon Valley.
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