The definitive data on women-founded startups in the Nordics
The state of Nordic women-founded startups in 2024
In 2024, women (co)founders across the Nordics raised €906.3 million across 150 companies — roughly 20% of all Nordic startup funding. This is the full breakdown: who got funded, in which sectors, in which countries, and by which investors.
The 60-second version
Key findings
- €906.3Mraised by women-(co)founded Nordic companies in 2024 — about 20% of the ~€5.6B raised by all Nordic startups (Dealroom).
- ~6× gapMixed-gender teams raised roughly six times more per round than all-women teams (≈€9.1M vs ≈€1.5M average).
- 40 / 150All-women teams made up 40 of the 150 companies but raised just ≈€47.2M between them — and zero of them reached the top 10.
- 74%of all capital went to just three sectors: CleanTech, BioTech and HealthTech.
- Sweden 50.7%Sweden led with €459.6M, ahead of Denmark (€209.3M), Norway (€125.3M) and Finland (€110M).
- Seed→AThe funnel is "middle-heavy": 40 Seed rounds collapse to 12 at Series A — the make-or-break bottleneck for women founders.
The funding landscape
€906.3M across 150 companies — but heavily concentrated
2024 was a pivotal year for women founders in the Nordics. The headline number signals real institutional confidence — yet the capital clusters tightly by country, by sector, and by a handful of very large rounds.
Funding by country
By deal count, the split is Sweden 52.3%, Denmark 21.5%, Norway 14.1%, Finland 11.4%, Iceland 0.7%. Finland's rounds skew larger and fewer. Source: Even Founders, Funded! 2024 (internal tracking).
The funding funnel — where progression stalls
The sharp Seed-to-Series A drop-off (40 → 12) is the ecosystem's most challenging threshold for diverse founding teams. Source: Even Founders, Funded! 2024.
The funding gap
A ~6× gap between mixed and all-women teams
68% of the funded teams were mixed-gender (102 of 150). Across the €906.3M invested, mixed-gender teams averaged around €9.1M per round while all-women teams averaged about €1.5M — a gap of roughly six times.
The disparity is not just in averages. All 10 of the largest rounds went to mixed-gender teams — not a single all-women team broke into the top tier of funding, despite 40 all-women companies being active across the region.
The 40 all-women companies raised about €47.2M between them. The gap widens most dramatically at Series A — the growth stage where the highest-impact companies are built.
Averages from Even Founders' executive summary. The ratio is consistent across the dataset at roughly 6×. Source: Even Founders, Funded! 2024.
Sector breakdown
CleanTech, BioTech and HealthTech took 74% of the capital
Nordic women and mixed-gender founders are concentrated in high-impact, capital-intensive sectors — placing them exactly where future growth and regulatory tailwinds are strongest.
Funding by sector (EUR)
CleanTech alone took ≈38% of all funding from just 16.7% of companies — a 2.3× disproportionate funding ratio. Source: Even Founders, Funded! 2024.
Most companies, by sector (count)
By volume, the picture is broader: CleanTech (25) and HealthTech (24) lead, followed by BioTech and SaaS (15 each), AI (14), FoodTech (8), and E-commerce and FinTech (7 each). FemTech and AgTech (3 each) are small but strategic niches with strong founder–market fit.
Concentration of capital
The 10 largest rounds of 2024
The top 10 companies captured €565.8M — 62.4% of all funding. Five are in CleanTech; all 10 are mixed-gender teams.
| # | Company | Sector | Country | Round |
|---|---|---|---|---|
| 1 | Heart Aerospace | CleanTech | Sweden | €104.0M |
| 2 | Syre | CleanTech | Sweden | €100.0M |
| 3 | Antag Therapeutics | BioTech | Denmark | €80.0M |
| 4 | Oura | HealthTech | Finland | €75.0M |
| 5 | Natural Cycles | FemTech | Sweden | €50.8M |
| 6 | Onego Bio | BioTech | Finland | €50.5M |
| 7 | Asgard Therapeutics | BioTech | Sweden | €30.0M |
| 8 | Paptic | CleanTech | Finland | €27.5M |
| 9 | Paebbl | CleanTech | Sweden | €25.0M |
| 10 | ROAM Electric | CleanTech | — | €24.0M |
Source: Even Founders, Funded! 2024.
Soonicorns on the radar
Several companies are tracking toward unicorn valuations (Dealroom, March 2025): Heart Aerospace ($428–642M), Syre ($400–600M), Antag Therapeutics ($352–528M) and Natural Cycles ($220–330M). Mobility company Einride has already crossed the unicorn threshold.
The investor league
Who actually backs Nordic women founders
Pooling both years of the database (152 rounds in 2024 + 225 in 2025), these are the investors that appear most often in women-led rounds. EIFO deploys the most disclosed capital; Almi Invest is the most frequent backer.
| # | Investor | Women-led rounds | Disclosed capital | Top sectors |
|---|---|---|---|---|
| 1 | Almi Invest | 14 | €25.2M | CleanTech, E-commerce |
| 2 | EIFO | 12 | €180.3M | BioTech, CleanTech |
| 3 | Industrifonden | 12 | €90.0M | BioTech, HealthTech |
| 4 | Antler | 8 | €7.9M | SaaS, AI |
| 5 | Women in Tech EU | 8 | €0.6M | Energy, DeepTech |
| 6 | Gorilla Capital | 7 | €7.5M | SaaS, AgTech |
| 7 | EIC | 6 | €153.9M | BioTech, ClimateTech |
| 8 | Visa She's Next | 6 | €0.1M | FoodTech, ClimateTech |
| 9 | Novo Holdings | 5 | €173.0M | BioTech, FoodTech |
| 10 | Chalmers Ventures | 5 | €6.0M | CleanTech, MedTech |
Counts are appearances within the women-screened dataset, not a fund's overall portfolio gender ratio. Disclosed capital credits the full round size to every named investor (an upper bound). Source: Even Founders Investor League, pooled 2024+2025.
Country breakdown
Four ecosystems, four different playbooks
Sweden €459.6M
The dominant hub: 78 companies and 50.7% of all funding. Powered by CleanTech (€274.7M across 14 companies). Also the most diverse — the highest share of all-women teams in the region at 36%.
Denmark €209.3M
The BioTech capital. Danish companies captured 56.6% of all sector BioTech funding (€120.4M across 7 companies) — the strongest country-sector specialisation in the dataset. Heavily mixed-team (≈82%).
Norway €125.3M
Concentrated capital with emerging potential, led by AI and technology. Iris.ai's €7.6M was the largest Norwegian round. Mixed teams raised about €34.2M vs €2.5M for all-women teams.
Finland €110M
Fewer but larger rounds — a "quality over quantity" ecosystem. Home to two of the year's biggest deals: Oura (€75M) and Onego Bio (€50.5M).
Deal flow for female founders
The Funded! deal-flow database
Everything in this report comes from a structured, continuously updated database of every funding round we can verify for women-(co)founded Nordic companies. It is the single most complete source of deal flow for female founders in Sweden, Denmark, Norway, Finland and Iceland.
- 150 companies / 152 rounds in 2024, 225 rounds in 2025 — 377 and growing
- Founding-team gender composition on every deal
- Sector, stage, country and exact round amounts
- Named investors, with a pooled investor league table
- Filterable for sourcing, benchmarking and LP reporting
- Updated quarterly from verified public announcements
Frequently asked questions
Nordic women founder funding, answered
How much venture funding did women founders in the Nordics raise in 2024?
In 2024, women (co)founders in the Nordics raised €906.3 million across 150 companies, according to Even Founders' Funded! report — roughly 20% of the estimated €5.6B raised by all Nordic startups that year (Dealroom).
What share of funding goes to all-women founding teams?
All-women teams remain a small share of capital. Of the €906.3M tracked in 2024, the 40 all-women companies raised about €47.2M between them. On average, mixed-gender teams raised roughly six times more per round than all-women teams, and all 10 of the largest rounds went to mixed teams.
Where can I find deal flow for female founders in the Nordics?
Even Founders maintains the Funded! deal-flow database — a structured record of funding rounds raised by women-(co)founded companies across Sweden, Denmark, Norway, Finland and Iceland, covering 150 companies in 2024 and 225 rounds in 2025 with sector, stage, country, amount and named investors. Open the database.
Which investors back the most women-founded startups in the Nordics?
Pooling 2024 and 2025, the most active investors in women-led rounds are Almi Invest (14 rounds), EIFO (12), Industrifonden (12), Antler (8) and Women in Tech EU (8). EIFO deployed the most disclosed capital — around €180M across both years.
Which sectors attract the most funding for Nordic women founders?
In 2024, CleanTech led with €347.5M (≈38% of all funding), followed by BioTech (€212.7M) and HealthTech (€114.4M). Together, Bio, Health and CleanTech accounted for around 74% of all capital raised.
Which country raised the most for women founders?
Sweden led with €459.6M (50.7% of the total), ahead of Denmark (€209.3M), Norway (€125.3M) and Finland (€110M). Sweden also had the highest share of all-women founding teams, at 36%.
Methodology
How we built this
Even Founders identified 150 Nordic companies founded or co-founded by women that received funding in 2024, drawing on publicly available funding announcements, company websites and LinkedIn. All amounts were converted to Euros for consistency.
About 27% of companies have non-disclosed amounts or stages but were included for completeness. The dataset is comprehensive but not exhaustive, and tracks founding-team gender composition specifically to analyse fundraising dynamics. The 2025 edition extends the database to 225 rounds.
Cite this report
How to reference
When citing or referencing this data, please attribute Even Founders as the source:
https://evenfounders.com/funded-2024-reportFor permissions or full database access, contact hello@evenfounders.com.
