Finland is home of 219 scaleups, about 4% of the total amount that we tracked in Europe. They cumulatively raised $1.9B in funding since inception, which is 2.3% of the total capital raised by European scaleups to date. The Finnish ecosystem is in the ninth position of the European Scaleup Country Index, between the Netherlands and Denmark. If absolute numbers suggest that Finland is really far from UK, Germany, France, and Sweden, the conversation changes in relative terms. Starting this year we introduced two indicators to better understand the efficiency of a scaleup economy as it relates to the size of the country in question.
“What’s wrong in Italy? It just moves too slow.”That was the blunt answer of Augusto Marietti during an interview a few years ago. Originally from Rome, Augusto is the CEO and co-founder of Kong (formerly known as Mashape), who just closed a $18 million round led by Andreessen Horowitz.
Europe is home to approximately 4,200 fast growing, high-tech companies that we refer to as “scaleups”. This distinction serves to separate this group from startups, i.e. to draw a line between early stage initiatives and real companies that are producing revenue and employment. If the count is restricted to only countries who are current members of the European Union, the number of scaleups goes down to 3,950 and the capital raised to $56B.
This SEP Monitor is a follow up to “Portugal Rising”, a report we published at the end of 2015, it gives an updated view of the ecosystem a year and a half down the line, and we are happy to
say the positive momentum has continued for Portugal. The scaleup scene in Portugal is extremely promising and gives hope to Southern Europe lagging scale-up ecosystems.
The European Innovation Scoreboard (EIS) says Finland is the best place for companies to find risk capital. Our recent research confirms that evidence. In Finland, we tracked 126 scaleups able to raise cumulatively $1B total in financing.
“Norway has been a bit of an underdog in the Scandiwegian startup scene for a few years. But in just a few short years has gone from been a pretty bleak affair to being a real – if nascent – startup ecosystem”. This is what Haje Jan Kamps wrote on TechCrunch last June1.
Denmark seems to have cemented its position at or near the top of every global quality-of-life survey. Take a look around, and it’s not hard to see why.
Our recent research confirms that the Nordic countries are without any doubts an innovation powerhouse in Europe.