The fastest growing startups from the Nordics that you should know of.

25 August 2020 Insights
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Let's talk numbers. Any pitch targeted for professional investors, especially when looking to deploy growth capital, is useless without traction numbers. A great sales story is one that is supported by data and investors are crazy about huge growth numbers. And for good reason as data doesn't lie.

Now, in the case of growth companies, the best traction proxy is the sales growth yoy.

So here's what we did. We pulled out from our databases a list of startups which raised between $1-5M during a 12 months period, between June 2018-June 2019.

289 companies in total - those are the one that raised between $1 million and 5 one-to-two years ago.

We excluded from the list the companies that raised since then. We also excluded companies with turnover of less than $1M and the ones that didn't show revenue increase 2018-2019.

We screened the rest up, dug through their financials, and came up with a list of 20 startups that show interesting growth numbers.

A few findings:

  • Half of those startups grew in triple digits yoy from 2018 to 2019.
  • The other half in double digits.
  • The biggest % growth yoy is 457%. That's 4.5x for double digits revenue in USD.
  • Top 3 in % growth: 457% (Sweden), 320% (Sweden) and 216% (Finland)
  • The biggest growth in absolute numbers yoy is $13.7 million. Yes, USD.
  • Ok, fine, here's another clue: the 13.7 is a delta between 2018 sales of 3M and 2019 sales of $16.7M.
  • 2 of the companies from the list had yearly revenues higher than $10 million
  • 11 of them had revenues higher than $3 million.
  • 9 of those companies are from Sweden
  • 6 from Finland, 4 from Norway and only one from Denmark.

Have we gotten your attention yet? We certainly hope so.

Access the report listing the fastest growing startups in the Nordics from 2019.


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