Five fast-growing Nordic scaleups have reached the finals of TECH5 — the “Champions League of Technology.” They join a standout quintet from Benelux, unveiled last week, in the race to be crowned Europe’s hottest scaleup.

The Nordics — comprising Denmark, Finland, Iceland, Norway, and Sweden — boast just 27 million people but punch well above their weight in innovation.

The region has Europe’s highest density of unicorns — privately held companies valued at over $1bn. Despite accounting for only 4% of Europe’s population, the Nordics hosted 17% of the continent’s unicorns between 2013 and 2023.

Sweden leads the pack with the EU’s top startup ecosystem, according to StartupBlink’s 2024 rankings.

The Nordics also possess one of Europe’s leading investment landscapes. The region is home to over 14,000 funded startups, which collectively raised $5.6bn in 2024, according to Dealroom data. Sweden, Norway, Finland, and Denmark rank among Europe’s top 15 countries for VC investment, while Iceland sits in the top 50.

This thriving ecosystem has produced global giants like Spotify and Klarna. Now, TECH5 aims to uncover the next wave of tech titans.

TNW’s judges selected the five finalists based on their growth, impact, and future potential. Let’s meet them (listed in no particular order).

1. Kompasbank

The Nordics have a thriving stable of fintechs. Over 1,500 of them currently reside in the region, which has also raised a herd of unicorns in the sector, from buy-now-pay giant Klarna to open banking platform Tink. Kompasbank is a leader of the new breed.

The Danish scaleup has developed a new type of bank — exclusively for small and medium-sized enterprises (SMEs).

These businesses are the backbone of the European economy, representing 99% of all EU firms and over 100 million jobs. Yet they remain underserved by traditional banks, facing slow decision-making, rigid processes, and financial barriers that hinder growth.

Kompasbank wants to change that. Founded in 2018 by Michael Hurup Anderson — a Saxo Bank and Deloitte veteran — the company rapidly delivers loans, currency trading, payments, and other banking services to SMEs.

“Our ambition is to empower SMEs to achieve their full potential by providing them with the speed, flexibility, and tailored financial solutions they need to invest, grow, and succeed,” kompasbank told TNW.  

2. Lassie

Sweden’s Lassie is redefining pet care — with insurance at its core. The fast-rising scaleup has a preventative focus that combines veterinary care, coaching for owners, e-commerce, and advice from vets to keep our furry companions healthy.

The company’s founders have an ideal blend of skills and experience. CEO Hedda Båverud Olsson grew up with a veterinarian parent. COO Sophie Wilkinson is a former head of pet insurance at a Nordic insurer, while CTO Johan Jönsson has developer expertise honed at Spotify and King.

After launching in 2020, Lassie rode a boom in pet ownership during the pandemic. By 2023, almost half of European households owned pets, which generated an estimated €24.6bn in spending on products and services. Investors have taken note, pumping over €36.5mn into Lassie.

“Our ambition is to become the European leader in pet insurance and preventive care — then go global,” the company told TNW. “We’re not just covering medical costs; we’re improving pet health, extending lifespans, and giving owners peace of mind.”

3. NORNORM

The norm that Denmark’s NORNORM wants to foster is circularity. Its target for the transition is office furniture. The scaleup helps businesses cut their environmental impact by ditching single-use furniture for a circular, subscription-based service.

Founded in 2020 by former IKEA manager Anders Jepsen and Skype co-creator Jonas Kjellberg, NORNORM is based in Copenhagen. In 2022, the company secured €110mn in a funding round led by growth equity firm Verdane. Inter IKEA Development also contributed to the round.

Today, NORNORM is active in 17 countries and 59 cities. The company plans to bring its service to many more businesses — and not only big brands.

“Real impact comes from reaching the many, not the few, which is why we have designed an accessible and highly affordable solution that requires no upfront investment or long-term commitment,” NORNORM told TNW.

“By making circular office interiors both attractive and scalable, we are driving systemic change in the industry and proving that sustainability and business success go hand in hand.”

4. Flower

Flower is fighting climate change with power – energy grid power, to be precise.

The Swedish company combines energy forecasting, optimisation, and trading software to stabilise grids by feeding them stored power when demand is high.  

John Diklev founded the company in 2020 while still a university student in Stockholm. Within a few years, Flower had amassed Sweden’s largest portfolio of battery systems for electricity storage.

Last April, Flower bought the largest battery facility in Sweden from wind energy developer OX2 AB. A few months later, the company completed a €45mn funding round, which took its total investments to a whopping €100mn.

Diklev wants his home country to set a standard in the energy transition. “Sweden can take the lead in the electricity industry, a flourishing future sector, while also protecting Swedish consumers from price increases,” he said.

5. Collective Minds Radiology

Collective Minds Radiology believes there is “almost infinite” expertise and data in healthcare. The problem is it’s trapped in siloes at hospitals and medical institutions.

The Swedish scaleup has created a cloud-based collaboration platform that connects healthcare professionals, medical educators, and researchers. Its goal? Accelerating patient access to accurate diagnoses and effective treatments.

“We are on a mission to build the world’s largest platform and community for professional healthcare collaboration that ultimately makes a difference for each patient in getting to the right diagnosis faster,” the company told TNW.

“Long-term, this will increase efficiency in healthcare by saving time and money while improving the patient journey.”

Collective Minds has high hopes for Sweden’s digital future. Alongside its talent, culture, and history of scaling big ideas, the scaleup emphasised the country’s focus on sustainability and impact-driven innovation — which makes it “an exciting place to build something meaningful.”

What’s next for the TECH5 scaleups?

With the Nordic challengers joining the Benelux contenders in the TECH5 regional finals, the competition for the hottest scaleup in Europe is heating up. Next Monday, we unveil the five finalists from another rising region: DACH.

TECH5 is part of a packed programme for TNW Conference, which takes place on June 19-20 in Amsterdam. Tickets for the event are now on sale. Use the code TNWXMEDIA2025 at the check-out to get 30% off the price tag.