DLA Piper’s Nordic VC Report delivers insights on market trends in venture capital transactions

DLA Piper has published the second edition of Nordic VC Report, offering an analysis of 83 startup and growth company equity financing rounds completed in 2025 involving companies headquartered in Denmark, Finland, Norway and Sweden. More than EUR 1.07 billion of equity financing was raised across those deals. 

The Nordic VC Report is particularly relevant to investors, entrepreneurs, and other stakeholders active in the startup and venture capital ecosystem, as it delivers valuable insights on market trends and deal terms that define the Nordic venture capital landscape, including investor and target company profiles, economic terms and key legal provisions.

The findings show that while investors headquartered in the Nordics led the clear majority of rounds, there was an increase in financings led by non-Nordic investors compared with the previous year. One of the key findings was a significantly higher share of down rounds and flat rounds compared with the previous year, potentially reflecting the materialisation in 2025 of many of the anticipated down rounds following the elevated valuations in the post-covid boom years. The report also highlights an increased gap between average and median round sizes, pointing towards a more polarised fundraising environment. For this edition, the report introduces new datapoints including a dedicated section on secondary transactions.

Mikael Moreira, Partner at DLA Piper in Stockholm, said:

"The Swedish venture capital market continues to attract strong international attention, particularly from U.S.-based funds, alongside investments from Swedish funds. In 2025, capital increasingly concentrated into fewer but larger financing rounds. This positive momentum has carried into 2026, which has started on a very strong note, with a robust pipeline and several large financing rounds pointing to an active and confident year ahead."

DLA Piper is the only major law firm with a presence in each of the Nordic countries of Denmark, Finland, Norway and Sweden, and the report draws on the firm’s experience advising on numerous venture capital and other startup and growth company financing transactions across the region.

To find out more, please download your digital copy of the report here.

For further information or to discuss the findings, please reach out to your usual DLA Piper contact.