Thursday, February 29, 2024

Stockholm is a world-class tech hub: 6 startups and scaleups to watch

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Once predominantly known for IKEA, Ericsson, and Volvo, in the past decade, Sweden has emerged as one the most valued tech ecosystems in Europe, with Stockholm ranking as the fifth top performer in 2021.

The success of Swedish startups such as Tink and Spotify has turned the capital city into a world-renowned tech hub, attracting the attention of international investors — and for good reason.

Stockholm is home to nearly 3,000 startups and scaleups, and counts 208 VC investors and 101,000 tech employees.

The city has also bred more tech unicorns per capita than any other region in the world except for Silicon Valley — that is, 0.8 per 100,000 inhabitants. Some of those unicorns include the buy-now-pay-later fintech firm Klarna, lithium-ion battery developer Northvolt, and e-mobility provider Voi.

Stockholm’s fertile landscape reflects Sweden’s overall growth in the tech sector. Last year alone, the Nordic nation not only retained its place as the EU’s best-performing innovation leader, but also emerged as Europe’s fourth top ranking country in VC funding per capita, reaching $540 (€504).

To get a closer look at the city’s thriving ecosystem, we’re zooming in on six trailblazing local startups and scaleups.

Let’s dive in.


Founded in 2009 by Giovanni Fili, the Swedish deeptech scaleup has developed a unique solar cell, Powerfoyle, which can be seamlessly integrated into existing devices and convert all forms of light to virtually endless energy.

Unlike typical solar cells, Powerfoyle is a silicon-free technology, and thanks to a special dye, it absorbs indoor and outdoor light through a process called artificial photosynthesis.