Sweden’s tech ecosystem is at the forefront of global innovation, driven by a strong commitment to sustainability, digital transformation, and cutting-edge technologies. The country is leading advancements in green tech, battery production, and electric mobility. AI and automation are also gaining traction, with Swedish firms pioneering ethical AI and machine learning applications.
In 2024, Swedish tech companies raised over €13.7 billion, accounting for 18.4% of all European tech funding, and placing the country second in total capital raised. This marks a significant leap from 2023 when Sweden secured €4.6 billion and ranked fifth in Europe.
Leading sectors include cleantech (€10.4 billion, which consists of a few big debt deals for the expansion of the gigafactories), transportation (€1.6 billion), and energy (€586.9 million), highlighting Sweden’s growing influence in sustainable innovation.
As Sweden continues to strengthen its position as a global tech powerhouse, 2025 promises to be a defining year—bringing both challenges and opportunities that will shape the future of its digital economy.
Here are 10 companies to watch.
Stegra
Amount raised in 2024: €4.7B
Stegra (former Green Steel) is a pioneering company dedicated to decarbonizing hard-to-abate industries, starting with steel.
By replacing coal with green hydrogen and utilizing renewable electricity, Stegra aims to reduce CO₂ emissions in steel production by up to 95 per cent.
In 2024, Stegra secured €4.7 billion to advance its plans for the world’s first large-scale green steel plant in Boden, Sweden.
Aira
Amount raised in 2024: €408M
Aira is a company that provides an innovative and accessible solution that accelerates the transition to clean energy for residential heating.
The company's mission is to enable individuals to participate in the clean energy revolution, one home at a time. According to Aira, European customers can depend on its comprehensive home energy efficiency solutions, which leverage intelligent heat pumps.
By leveraging research and technological advancements, Aira strives to simplify the customer experience in energy optimization, making it more seamless and user-friendly.
In 2024, the company raised €408 million across three funding rounds to support its mission of electrifying residential heating throughout Europe.
Aonic
Amount raised in 2024: €152M
Aonic is a diversified video gaming group with the ambition to become the next gaming powerhouse.
Aonic was created to fill a clear gap in our industry: to build a truly supportive home for high-quality, mid-sized teams. What separates Aonic from other gaming groups is that Aonic is not a portfolio of studios, but a platform of like-minded enthusiasts.
To supercharge growth, Aonic runs a clearly defined hybrid operating model: we believe in decentralized empowerment to foster creativity and drive while providing a collaborative infrastructure to unlock synergies.
The company secured a €152 million investment to further mergers and acquisitions and support ongoing developments across the group.
Heart Aerospace
Amount raised in 2024: $107M
Heart Aerospace is an aerospace manufacturer focused on developing hybrid-electric regional airliners. The company is dedicated to decarbonizing and expanding access to air travel through electrification.
By advancing sustainable aviation technology, Heart Aerospace aims to reduce the industry's carbon footprint while making flying more accessible.
In 2024, the company raised $107 million in a Series B funding round to support the development of its ES-30 hybrid-electric aircraft.
Scayl
Amount raised in 2024: €100M
Scayl is a debt financing platform that connects fintech lenders with scalable funding from banks, enabling them to expand their loan portfolios efficiently.
Founded by experts in venture capital, private credit, and fintech lending, Scayl streamlines the funding process, offering faster and more flexible financing solutions.
Scayl emerged from stealth in 2024 after raising €100 million, making the funds immediately available to European fintech lenders.
Visit Group
Amount raised in 2024: €100M
Visit Group is a leading European software provider specializing in e-commerce solutions for the tourism industry.
The company offers a comprehensive digital ecosystem that includes booking systems, packaging, and distribution platforms tailored for various travel sectors such as hotels, ski resorts, theme parks, and destination management organizations.
With over 20 years of experience, Visit Group serves more than 300 tourism organizations and over 1,000 accommodations, tours, and activity vendors worldwide.
The company secured more than €100 million in strategic growth investment in 2024.
Syre
Amount raised in 2024: $100M
Syre is a textile impact company dedicated to decarbonizing and reducing waste in the textile industry through large-scale textile-to-textile recycling, focusing initially on polyester. By implementing true textile-to-textile recycling at hyperscale, Syre aims to drive the transition from a linear to a circular value chain by putting textile waste to use, over and over again.
The company's mission is to decarbonize and dewaste textiles, starting with polyester. By implementing true textile-to-textile recycling at hyper-scale, Syre aims to drive the transition
In 2024, Syre raised $100 million in a Series A funding round to support the construction of its blueprint plant in the US, set to launch later this year. The funds will also help the company prepare for its first two large-scale textile recycling plants.
Baseload Capital
Amount raised in 2024: €53M
Baseload Capital is a global leader in geothermal energy investment and development, dedicated to harnessing the Earth's natural heat to provide reliable, 24/7 clean power and heat.
The company collaborates with subsidiaries, known as Baseload Power companies, to build, commission, and operate geothermal heat and power plants worldwide. These subsidiaries manage project sourcing, evaluation, and execution, while Baseload Capital oversees financing, market research, and technological expertise.
In 2024, the company secured €53 million to help commercialize its current portfolio of projects.
Natural Cycles
Amount raised in 2024: $55M
Natural Cycles is a pioneering women's health company that offers a hormone-free, non-invasive birth control solution through its FDA-cleared app. By analyzing daily body temperature data, the app identifies fertile and non-fertile days, providing users with personalized insights to manage their reproductive health effectively.
In addition to its core services, Natural Cycles has integrated with wearable devices like the Oura Ring, allowing users to monitor temperature trends overnight and receive daily fertility status updates.
Natural Cycles continues to innovate in women's health, providing a reliable and personalized alternative to traditional hormonal contraceptives.
In 2024, the company raised $55 million in a Series C financing round, bringing its total funding to over $95 million.
Sana
Amount raised in 2024: $55M
Sana AI is an advanced knowledge assistant designed to transform how organizations manage and interact with their internal information. By integrating with various company tools, including document repositories, emails, and meeting notes, Sana AI enables employees to access data seamlessly and automate repetitive tasks, thereby enhancing operational efficiency.
The platform offers features such as semantic search, allowing users to find relevant information without precise phrasing, and customizable task automation to streamline workflows. Sana AI is committed to data security and privacy, ensuring that all interactions remain confidential and secure.
In 2024, the company raised $55 million, bringing its total funding to over $130M, which will be used to drive global market expansion and accelerate R&D in AI and experience design.
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