A Guide to Startup Funding Opportunities in the Nordics and Baltics

The startup landscape in the Nordics and Baltics is a thrilling and ever-evolving space filled with funding opportunities for innovation and growth. However, one familiar challenge entrepreneurs face is securing funding to bring their ideas to life.

In recent years, the Nordics and Baltics have emerged as hotspots for startup success, with a vibrant ecosystem and many funding opportunities. From government grants and angel investors to venture capital firms and crowdfunding platforms, this guide is designed to help navigate the funding landscape in the Nordics and Baltics. 

Whether you are a budding entrepreneur or an established startup looking for the next investment round, join us as we explore the various funding options available and provide insights on making the most of these opportunities in this dynamic region.

Understanding the startup ecosystem in the Nordics and Baltics

The startup ecosystem in the Nordics and Baltics has been thriving in recent years, making it an attractive landscape for entrepreneurs and investors alike. With a strong emphasis on innovation, technology, and sustainability, these regions have become hotspots for startups looking to make their mark on the global stage.

The Nordics and Baltics region has several successful unicorns, including SpotifyKlarna, and Bolt. This suggests that the area has a robust startup ecosystem capable of producing world-class companies.

The region is also attracting increasing attention from international investors. For example, Sequoia Capital and EQT Ventures have opened offices in the Nordics recently. This suggests that the region is a promising investment destination.

The region is robust in specific sectors, such as fintech, healthcare, and gaming. Supercell, known for titles like Clash of Clans and Clash Royale, and Rovio, famous for the Angry Birds franchise, are prominent mobile game developers in the Nordic and Baltic regions, achieving significant success and recognition in the industry.

The region is also known for its high quality of life and supportive government policies towards startups. This makes it an attractive place for entrepreneurs to start and grow their businesses.

This includes providing access to funding, mentorship, networking opportunities, and resources to help startups thrive. In addition to the supportive infrastructure, the Nordics and Baltics also boast a vibrant community of entrepreneurs, investors, and industry experts. 

This tight-knit and collaborative community provides knowledge, experience, and connections that can significantly benefit startups. Networking events, startup conferences, and incubators are just a few examples of the platforms for startups to connect with like-minded individuals and potential investors. 

Regarding funding opportunities, the Nordics and Baltics offer a range of options for startups at various stages of their journey. Angel investors, venture capital firms, and government grants are prevalent in the region. Furthermore, crowdfunding platforms have gained popularity as an alternative way for startups to raise funds and gain exposure. It’s essential for entrepreneurs looking to navigate the startup landscape in the Nordics and Baltics to stay informed about the latest funding opportunities and trends. 

Keeping an eye on startup news, industry reports, and attending relevant events can provide valuable insights into the funding landscape and help startups position themselves strategically.

Government grants and funding programs

Navigating the startup landscape can be a daunting task, especially when it comes to finding the right funding opportunities. However, in the Nordics and Baltics, several government grants and funding programs are specifically designed to support and foster the growth of startups. The governments of each country provide one of the most notable funding opportunities in the region. 

Many countries in the Nordics and Baltics have established dedicated funds to support startups at various stages of their development. Depending on the startup’s needs, these funds offer financial assistance through grants, loans, and equity investments. They also provide valuable resources, mentorship, and networking opportunities to help startups thrive.

Additionally, regional and international programs collaborate with governments to fund startups in the Nordics and Baltics. These programs often focus on specific sectors or industries, such as technology, clean energy, or social entrepreneurship. They offer financial support and access to a vast network of experts, investors, and potential partners. Moreover, many regional universities and research institutions have funding programs to support startups that emerge from their academic communities. 

These programs often have specific eligibility criteria, application processes, and deadlines. Applying can be a lengthy and painful experience, but if you win the grant, it is worth it.

EUopSTART is a Danish award for assisting SMEs, large enterprises, and research institutions in Denmark with EU Framework Programme (Horizon Europe) application writing. The Danish Ministry of Higher Education and Science organizes it.

The Innovation Fund Denmark Grand Solutions program invests in ambitious, cross-cutting research and innovation projects that can create new, concrete solutions to critical, politically prioritized societal challenges that create value for Denmark. Its Innobooster program provides investment in knowledge-based development projects in small and medium-sized Danish enterprises (SMEs) and entrepreneurial companies.

Vinnova in Sweden provides a search engine for “calls for proposal,” which can help uncover several regional opportunities.

Angel investors and seed funding

Angel investors and seed funding are among startups’ most popular and sought-after funding options. Angel investors provide capital to startups in exchange for equity or a share of ownership in the company. They often bring funding, valuable industry expertise, connections, and mentorship. Finding the right angel investor for your startup can be a game-changer. 

These investors are typically high-net-worth individuals or successful entrepreneurs keen to support and nurture early-stage companies. They are willing to take risks on innovative ideas and help entrepreneurs realize their visions. 

Seed funding, conversely, refers to the initial capital raised by a startup to get off the ground. It is usually obtained in the early stages of a company’s development when the founders have a promising business concept but may need a fully functioning product or significant market traction. 

Seed funding provides the necessary resources to build a minimum viable product (MVP), conduct market research, and build a customer base. The Nordics and Baltics have a vibrant startup ecosystem with a growing number of angel investors and seed funding opportunities. 

To attract angel investors and secure seed funding, startups need a compelling pitch deck, a well-defined business plan, and a strong value proposition. It’s essential to showcase your product or service’s market potential, scalability, and uniqueness.

Demonstrating a competent and dedicated team with relevant experience can significantly increase your chances of securing funding. It’s worth noting that while angel investors and seed funding can significantly boost early-stage startups, entrepreneurs need to consider the terms and conditions of the investment carefully. It’s crucial to balance securing the necessary capital and maintaining control and ownership of your company. 

Prominent angel investors across the Nordic and Baltic regions include Denmark’s Jesper Buch, co-founder of Just Eat; Finland’s Ilkka Paananen, President and CEO of Supercell, and Mikko Kodisoja, founder of Fireframe Studios and a former co-founder of Supercell; Norway’s Bjørn Stray, a partner at Northzone; Sweden’s Björn Ulvaeus, renowned member of ABBA; and Baltics’ Taavet Hinrikus, founder and CEO of Wise, formerly known as TransferWise. 

This is just a tiny sample of the many angel investors in the Nordics and Baltics. Grit provides a filtered search for angel investors that can help identify the right one for you. Signal by NFX Capital is a free community-driven tool with a mission to give all founders access to the highest quality capital sources and advice and has a significant database of angel investors, VCs, and more. FiBAN has a list of Finnish angel investors, and similar lists or application forms exist on the EstBANNorBAN, and LatBAN sites.

It is important to note that angel investors are typically looking to invest in startups at an early development stage. They are also typically looking to invest in startups with a strong team and a clear vision. If you are an entrepreneur looking for angel investment, it is essential to research and reach out to investors who are a good fit for your startup.

Venture capital firms and accelerators

When finding funding for your startup, venture capital firms and accelerators in the Nordics and Baltics are essential players in the startup landscape. These institutions provide the necessary funding and valuable guidance, mentorship, and networking opportunities to help startups grow and thrive. 

Venture capital firms are investment firms that provide financial backing to startups with high growth potential. Several prominent venture capital firms in the Nordics and Baltics focus on early-stage and growth-stage startups. They deeply understand the local market, industry trends, and the startup ecosystem. These firms typically have a portfolio of successful investments, which can enhance your startup’s credibility and attract additional investors.

On the other hand, accelerators are programs specifically designed to help startups accelerate their growth. They offer a combination of mentorship, resources, and funding in exchange for equity in your company. 

Accelerators typically run a structured program over a set period, during which startups receive intensive support, access to industry experts, and the opportunity to pitch their ideas to potential investors. Participating in an accelerator program can be a game-changer for startups, providing them with the necessary tools and connections to take their business to the next level. 

In the Nordics and Baltics, there is a thriving ecosystem of venture capital firms and accelerators. Here are just a few:


Early-stage: SEED Capital DenmarkPreSeed VenturesVækstfonden

Growth-stage: NorthzoneMaersk Growth


Early-stage: Icebreaker.vcLifeline Ventures

Growth-stage: Lifeline Ventures, Verdane CapitalTesi


Early-stage: Antler, Northzone, Investinor

Growth-stage: Northzone, Verdane Capital, DNB Ventures


Early-stage: Luminar VenturesAlmi InvestCreandum

Growth-stage: EQT Ventures, Northzone, Sequoia Capital


Early-stage: Startup Wise GuysNextury VenturesPractica CapitalChange Ventures

Growth-stage: Practica Capital, Karma VenturesOpenOcean

One way to find investors that match your stage, country, niche, and type of investment (VC, corporate VC, family office, angel) is to search OpenVC, which is “radically free and open – founders will always be able to search for VCs for free, and in return, VCs will always be able to receive pitch decks for free.”

Each of these institutions has its own investment focus, expertise, and network, so it’s crucial to research and find the ones that align with your startup’s goals and values. Navigating the startup landscape and securing funding can be challenging, but with venture capital firms and accelerators in the Nordics and Baltics, startups can gain the necessary resources and expertise to turn their ideas into successful businesses.


Using crowdfunding platforms offers various benefits. First, it enables you to raise funds from many people, regardless of whether they are affluent investors. 

These platforms also facilitate community building around your project, which can be instrumental for gathering feedback, promoting the project, and establishing a customer base. 

Furthermore, crowdfunding is an effective way to test the market for your product or service. A successful crowdfunding campaign indicates a promising level of interest.

However, there are potential pitfalls to consider. Crowdfunding does not guarantee success; it necessitates hard work and dedication. Some platforms impose high fees, so comparing these charges is crucial when selecting one. Raising money through crowdfunding can be challenging, mainly if you are a new entrepreneur or your project needs recognition.

It is also essential to read the terms and conditions of each platform carefully before you launch your campaign. This will help you understand the risks and rewards of crowdfunding and ensure that you choose the right platform for your project.

Several crowdfunding platforms were founded in the Nordics and Baltics.

Estateguru is a Baltic crowdfunding platform that was founded in 2013. The platform allows entrepreneurs to raise money from investors with real estate holdings.

Invesdor is a Finnish crowdfunding platform that was founded in 2012. The platform allows entrepreneurs to raise money for their projects from people in Europe.

Of course, established global platforms such as Kickstarter and IndieGoGo are available, especially for hardware startups that operate on the bleeding edge of technology. 

In summary, while crowdfunding is a valuable avenue for project funding, weighing its potential risks and rewards is vital. A well-thought-out project plan and communicating your vision to potential investors are essential. Set realistic goals, create a compelling campaign, promote it vigorously through social media and personal networks, and maintain transparent communication with your backers. These strategies enhance your prospects for crowdfunding success.


Startups in this region have a wide range of funding options to explore, from angel investors and venture capital firms to government grants and crowdfunding platforms. Staying informed about the latest trends is crucial, achieved through following startup news, industry reports, and participation in relevant events.

Government Grants and Funding Programs

Governments in the Nordics and Baltics have established dedicated funds to assist startups at various stages. These funds provide financial aid, resources, mentorship, and networking opportunities, often focusing on specific sectors. Universities and research institutions also support startups originating from academic communities.

Angel Investors and Seed Funding

Angel investors are pivotal in providing capital and expertise to startups, while seed funding helps early-stage companies get off the ground. To secure these investments, startups need compelling pitches, solid business plans, and the ability to showcase their unique value proposition.

Venture Capital Firms and Accelerators

Venture capital firms and accelerators are essential components of the startup landscape. They offer funding, mentorship, and networking opportunities to foster growth and success.


Crowdfunding platforms offer an avenue for raising funds from a diverse audience. These platforms facilitate community building, allowing startups to gather feedback and build a customer base. However, crowdfunding success is not guaranteed, and high fees can be a drawback.

The Nordics and Baltics present an exciting landscape for startups, teeming with opportunities for funding and growth. Remember, you can meet some of the region’s most prominent and active investors at Arctic15 and our many events throughout the year. Sign up for our newsletter to stay updated on startup news and hear about new opportunities to meet investors first.

Originally published on ArcticStartup : Original article

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