The State of Nordic
Women-Founded Startups 2025

Name: Nordic Women Founders Funding Report 2025
Creator: Even Founders
Published: 2025

Companies Tracked

€ 0 M

Total Funding

+ 0 %

Pipeline Growth

Changing the Narrative

Only a small percentage of Nordic venture capital reaches companies founded exclusively by women. While systemic barriers persist, focusing only on the gap overlooks a vital truth:

Women are building remarkable, high-growth companies right now

In 2025, women founders and co-founders across Denmark, Finland, Iceland, Norway, and Sweden secured €707M in funding. This is the data behind the breakthroughs.

Innovation Stacked Flip Cards

Health Tech

How we manage health conditions

Monitoring chronic conditions and risks with wearable solutions — from the tissue level up. Nordic Innovation

Food Tech

How we nourish our bodies

Scaling plant proteins through fermentation and making healthy eating a playful experience for kids. The Future of Food

Clean Tech

How we protect the world we live in

Deploying wave power for water security and replacing standard plastics with sustainable packaging. Circular Solutions

Fin Tech

How we use and understand our money

Closing the investment gender gap and revolutionizing debt management across real estate. Equitable Finance

Stat Grid Cards - Isolated

Pipeline

219

companies tracked in 2025

About the pipeline

Up 44% year-on-year, spanning 5 Nordic countries.

Sector

€182M

in DeepTech

Largest sector

Avg. round size of €13M, driven by autonomous systems.

Founders

26%

are women-only founded

Representation

Above EU benchmark. Sweden leads at 31%.

Sector

€160M

in BioTech

BioTech breakdown

An average of €5.7M per disclosed deal.

Sector

€62M

in ClimateTech

Climate context

Hycamite anchors the sector, accounting for 71% of all ClimateTech funding.

Grants

13% → 25%

women-only grant share

Non-Dilutive Support

Mixed teams rose from 8% to 15%. More grants means more non-dilutive support — but also signals that equity investors aren't stepping up.

Nordic Women Founder Funding in 2025

2025 was a year of growth and contraction in equal measure. We tracked 219 funding rounds for companies with women in founding roles—a 44% increase from 2024.

The data reveals a widening gap between a thriving pipeline and stubbornly unequal capital access.

Nordic Dealflow: Database & Tools

Access the raw intelligence behind 371 rounds raised over the last two years.

The Funding Target Estimator

Funded Tool Teaser

Stage

Pre-Seed

Seed

Series A

Series B+

Sector

ClimateTech

BioTech

DeepTech

SaaS

Country

Sweden

Denmark

Finland

Norway

Iceland

Team Composition

Women-Only

Mixed Gender

Expected Raise Range

€1M — €4M

Try out the Funding Target Estimator →

Using historic deal flow data from women-founded companies from the last two years, see what founders like you actually raised.

Benchmarks, top investors, and deal trends from 371 real rounds across Denmark, Finland, Iceland, Norway & Sweden (2024–2025). Unlock for just €1.

The Nordic Deal Database

Founder Database Teaser

Founder Database

371 Tracked

Search founders, companies…

Country

All

Sector

All

Stage

All

Team

All

Dive into the full dataset of every female-led startup featured across our 2024 and 2025 deep dives through the Nordic Deal Database.

Analyze and filter all 371 verified entries, sorted by geography, industry, funding round and team constellation.

Behind the Numbers: The Reality of the Gap

Comparison with our 2024 data reveals three crucial shifts in the funding landscape.

Behind the Numbers

Grant dependency doubled

Women-only teams saw their grant share jump from 13% to 25% of all rounds. Mixed teams rose from 8% to 15%. More grants means more non-dilutive support — but also signals that equity investors aren't stepping up.

Share of rounds that were grants

Women-only teams

2024

13%

2025

25%

Mixed teams

2024

2025

15%

Growth capital dried up

Series A deals collapsed. Mixed teams went from 10 to 3 deals. Women-only teams dropped from 2 to just 1. The pipeline to scale is narrowing at the worst possible moment.

Series A deals as share of all rounds

Mixed teams

2024

→

2025

−70%

fewer deals

Women-only teams

2024

→

2025

−50%

fewer deals

The gap narrowed — for the wrong reason

The funding gap fell from 5.9× to 2.8×. Sounds like progress — but women-only teams barely moved (€1.52M → €1.67M). The real story: mixed teams collapsed from €8.91M to €4.65M.

Average round size (€M)

€8.91M

Mixed
2024

€4.65M

Mixed
2025

€1.52M

Women-only
2024

€1.67M

Women-only
2025

Gap 2024: 5.9× → Gap 2025: 2.8×

Nordic Women Founders Funding Report - 2025 Edition

Spanning 52 pages, our research covers funding stages, sector patterns, team demographics, and year-on-year trends. Get the complete picture of the Nordic ecosystem.

Year-on-year comparison: 2024 vs. 2025

Country profiles: Sweden, Denmark, Finland, Norway, Iceland

Sector deep-dives: DeepTech, BioTech, ClimateTech

The investor landscape: Who is actually writing the checks

Nordic women founders who raised in 2025

Meet some of the tracked founders building high-growth companies across diverse sectors and markets.

Linnéa Kornehed Falck, Founder, Einride, Sweden

DeepTech Sweden

"Einride is a Swedish autonomous and electric freight technology company pioneering the future of road freight. By developing purpose-built electric autonomous trucks and a connected software platform, Einride is making freight safer, more efficient, and dramatically lower in carbon emissions."

Linnéa Kornehed Falck

Founder — Einride

Frequently asked questions

Everything you need to know about the current state of Nordic funding and our research.

Even Founders FAQ

How much did Nordic women founders raise in 2025?

219 companies with women in founding or leadership roles raised a combined €707M across Denmark, Finland, Iceland, Norway and Sweden in 2025.

What is the funding gap between women-only and mixed-gender founding teams in the Nordics?

Women-only founding teams raised an average of €1.67M in 2025, compared to €4.65M for mixed-gender teams — a 2.8× gap. The median deal for women-only teams was €587K.

Which sectors attract the most funding for women founders in the Nordics?

DeepTech led by capital (€182M), followed by BioTech (€160M) and ClimateTech (€62M). By deal count, BioTech led with 28 companies, followed by SaaS (20) and AI (18).

Which investors are most active in Nordic women-founded companies?

The most active investors by deal count across 2024–2025 were EIFO (11 deals, Denmark), Industrifonden (10 deals, Sweden) and Almi Invest (10 deals, Sweden). For women-only teams specifically, Visa She's Next and Women in Tech EU were the most active backers.

How does Nordic women founder funding compare between 2024 and 2025?

The number of tracked companies grew 44% from 152 to 219. Total funding fell from €906M to €707M. Women-only founders' share of total capital doubled from 5% to 10%, while their share of the pipeline held steady at 26%.

What is the Nordic Fundraising Intelligence Tool?

An interactive tool built from the Even Founders dataset showing founders what comparable companies raised by sector, stage and country, and which investors backed them. Available at evenfounders.com/nordic-fundraising-tool.

What is the Nordic women-founded startup database?

A searchable database of every company, founder and round tracked by Even Founders across 2024 and 2025 — 371 companies filterable by country, sector, stage and team type. Available at evenfounders.com.

The State of Nordic
Women-Founded Startups 2025