Spotify and Ericsson are Sweden's largest tech companies
As of October 2026, there are now nearly 40 tech companies valued at over $1B that originated from Sweden in the last 10 years.
Spotify valued at $124B is the largest Swedish tech company, followed by Ericsson ($33.8B) and Hexagon ($29.4B)
Most Swedish unicorns were acquired or went public, just a few remained independent
Lovable is Sweden's most valuable private unicorn (still independently owned)
Sweden is strong across consumer tech - Spotify (music), Klarna (BNPL), Embracer (gaming), Modern Times Group (gaming) and many more
Great online marketplaces come from Sweden - Hemnet, Etraveli Group
These are the largest tech companies in Sweden
This ranking includes tech companies in Sweden valued above $1 billion. It includes private, public and acquired companies. Most valuations are last reported or recently rumoured.
On ZIRP-era valuations: we exclude companies that latest reported valuation would be enough to hit the list, but it is expected that the company is now valued significantly lower.
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1
SpotifySpotify is the leading global music streaming service, with over 750 million monthly active users and nearly 300 million paying subscribers, with the latter constituting the firm’s premium segment. Most of the firm’s revenue and nearly all its gross profit come from subscribers, who pay a monthly fee to access a music library that includes most of the most popular songs ever recorded, including all from the major record labels. The firm also offers access to audiobooks and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog, but cannot customize a similar on-demand experience.
$124B
$19.3B
5.9x
Public
2
EricssonEricsson is a networking equipment and software provider, primarily selling mobile networking equipment and services to wireless service providers. Ericsson operates in three segments: networks, cloud software and services, and enterprise. While large wireless carriers are its largest customers, Ericsson has expanded its offerings for large enterprises. These products and services include private 5G networking, contact centers as a service, and application performance interfaces. Ericsson aims to combine its 5G network expertise with cloud-native, as-a-service platforms offering a more comprehensive hardware and software package. Ericsson also monetizes its research and development investments by licensing patents to handset manufacturers.
$33.8B
$24.1B
1.3x
Public
3
HexagonHexagon is the global leader in digital reality solutions, combining hardware such as sensors and measuring devices, software, and services. Customers are mainly in heavy industry, such as oil and gas, mining, construction, manufacturing, chemicals, and agriculture. Major products include measuring technology, mapping tools, and software. Around 40% of revenue is generated in the Americas, 35% in Europe, the Middle East, and Africa, and the rest in Asia.
$29.4B
$6.1B
4.9x
Public
4
IFSIFS is a Sweden-headquartered global provider of enterprise software and Industrial AI applications for asset-heavy industries such as manufacturing, aerospace & defence, energy & utilities, and field service operations. The company was founded in 1983 in Linköping by five university friends and develops IFS Cloud, an AI-powered platform spanning ERP, EAM, SCM, FSM and enterprise service management. IFS was listed on Nasdaq Stockholm until EQT VII took it private in 2015–2016. It serves more than 10,000 customers and more than one million users across over 80 countries, with over 7,000 employees. IFS surpassed EUR 1 billion in annual recurring revenue and reported 2024 total revenue above EUR 1.2 billion. Since the buyout it has expanded through add-on acquisitions such as WorkWave, Astea, Axios Systems, Clevest and Ultimo. The business is co-controlled by EQT and Hg, with TA Associates, ADIA and CPP Investments among its minority shareholders.
$17.3B
$1.3B
13.6x
Acquired
5
EvolutionEvolution AB develops, produces, markets, and licenses fully integrated live casino and slots solutions to gaming operators. In live casino, a game presenter (dealer) runs the game from a casino table, which is followed in real time via a video stream, while players place bets on devices such as computers, smartphones, and tablets. Its games include Live Casino, Slots, Game Shows, First Person, Live Blackjack, Live Roulette, Live Baccarat, Super Sic Bo & Dragon Tiger, Live Poker, and Land-Based games. The Company innovates, develops, and produces online casino content on a B2B basis and generates maximum revenue from Europe, followed by North America and other regions.
$15.6B
$2.3B
6.4x
Public
6
LovableLovable is a Stockholm-based software platform that uses artificial intelligence to generate full-stack web applications from natural language descriptions. Launched in 2024, it supports building apps with built-in authentication, databases, and deployment to platforms like Vercel. The tool targets developers and non-technical users in sectors such as technology, finance, and healthcare, enabling rapid prototyping of customer-facing products like dashboards and e-commerce sites.
$13.3B
$500M
26.6x
Private
7
LegoraLegora is a Swedish legal technology company headquartered in Stockholm that sells an agentic operating system for legal work. It was founded in 2023 as Leya by Max Junestrand, Sigge Labor and August Erseus and took the Legora name in 2025. Law firms and in-house legal teams use the platform for research, document review, drafting and workflow automation, through a Word add-in, an editor and other tools. Legora serves more than 2,000 customers in over 80 markets, employs more than 1,000 people in 18 offices and reports annual recurring revenue above 200 million dollars. It raised a 550 million dollar Series E at an 8.8 billion dollar valuation in October 2026. In 2026 it acquired Walter, Qura, Graceview, Cadastral and Wexler to extend the platform.
$8.8B
$200M
44.0x
Private
8
NordnetNordnet AB (publ) is a digital platform for savings and investments in the Nordics. The company operates in Sweden, Norway, Denmark and Finland. Its purpose is to democratize savings and investments. It provides trading in a large number of equities, funds, and other types of securities from several markets at a low price, as well as pension savings without fixed fees. The firm also offers margin loans, private loans, and mortgages. There are a number of user-interfaces to choose from, such as web, app, or more trading applications. Digital financial guidance tools are offered to customers who want help and inspiration with their savings. It also operates the widely used social investment network in the Nordics, Shareville.
$8.7B
$549M
15.8x
Public
9
Neko HealthNeko Health is a Stockholm-based preventive healthcare company that offers full-body health scans to people who are not ill. It was co-founded by Daniel Ek, the founder of Spotify, and Hjalmar Nilsonne. A member visits a clinic for a short scan that combines body imaging, sensors and blood analysis to look for skin cancer, metabolic risk, prediabetes and cardiovascular risk factors. The company builds its own scanning devices and data science models and runs its own clinics, where results are explained to members through an app. Customers are individual consumers who pay per scan or through membership, and the company has expanded from Sweden to the United Kingdom and other European markets. It earns revenue from scan and clinic fees and from follow-up care services. The company was seeded by Prima Materia, the investment firm Ek co-founded.
$7.0B
–
–
Private
10
FortnoxFortnox is a Swedish cloud accounting software provider listed on Nasdaq Stockholm. Växjö-headquartered since 2003, it offers eight web-based applications for bookkeeping, invoicing, payroll, and time reporting used by 500,000 SMEs. Commercialized from 2004, the platform integrates with banks and tax authorities for automated VAT filings across Scandinavia.
$5.5B
$200M
27.5x
Acquired
11
KlarnaKlarna is the largest pure-play in the buy now, pay later space. The company operates a two-sided network with a payment method at its core, but it is ultimately a lender. Merchants sign up with Klarna to increase turnover in their stores. Primarily, Klarna can provide merchants with higher conversion rates and average order values relative to other payment methods. Some merchants enter a symbiotic relationship with Klarna, advertising its brand on the product page to drive conversion and to benefit from Klarna’s brand value in the merchant’s sales funnel. Customers use Klarna for its ease of use, quick access to credit, zero-interest financing, and lower reminder fees.
$5.2B
$3.5B
1.5x
Public
12
King.comKing is a Swedish developer and publisher of casual games for mobile, web and social platforms, best known for the Candy Crush franchise. It was founded in 2003 as Midasplayer and adopted the King.com name in 2005. The company develops its titles in studios in Stockholm, London, Barcelona and other cities and distributes them free to play, earning revenue mainly from in-game purchases and advertising. It was backed by Apax Partners and Index Ventures, listed on the New York Stock Exchange in 2014 and was acquired by Activision Blizzard in 2016. It became part of Microsoft when Microsoft acquired Activision Blizzard in 2023.
$5.0B
$2.0B
2.5x
Acquired
13
NOBA BankNOBA Bank Group AB (publ) is a European specialist bank operating through three brands: Nordax Bank, Bank Norwegian, and Svensk Hypotekspension. It offers retail financial products in four main segments: Private Loans, Credit Cards, Secured Loans (including specialist and equity release mortgages), and Other services such as deposits. Geographically, the company operates in eight countries, with a presence in the Nordic region (Sweden, Norway, Finland, Denmark), as well as Germany, Spain, the Netherlands, and Ireland. The company serves over two million customers across these regions, with lending activities covering private loans in the Nordics, credit cards in the Nordics and Germany, and deposit products available in all these markets.
$4.8B
$1.1B
4.2x
Public
14
VeoneerVeoneer is a Stockholm-headquartered automotive technology company specializing in active safety, ADAS, restraint control, and brake systems. Acquired by Magna in 2022, it supplies radar sensors, LiDAR, and digital chassis platforms to automakers including Volkswagen and Mercedes-Benz. Veoneer's vision systems process 30 frames per second for pedestrian detection, while its electronic stability control modules prevent skids in over 50 million vehicles annually.
$4.5B
$1.7B
2.7x
Acquired
15
SinchSinch AB provides cloud communication services and solutions to enterprises and mobile operators. The operating segments are Americas, EMEA, and APAC. The Americas region includes both North and Latin America, with the U.S. and Brazil being the contributing countries. The EMEA operating segment serves Sinch customers across Europe, the Middle East, and Africa, with the contributing countries being the UK and France. The APAC operating segment serves Sinch customers throughout the Asia-Pacific region, with India and Australia as the contributing countries.
$3.1B
$2.8B
1.4x
Public
16
EtraveliEtraveli is a Stockholm-headquartered flight technology company powering the Etraveli Group portfolio including Kiwi.com and Flight Network. The firm develops white-label booking engines, dynamic pricing tools, and ancillary revenue platforms connecting airlines with over 700 carriers worldwide. Operating in Europe, North America, and Asia, Etraveli processes millions of annual bookings through NDC-compliant APIs.
$3.1B
$1.5B
2.1x
Acquired
17
Axis CommunicationsAxis Communications AB is a Lund-based global leader in network video surveillance and security solutions. The Swedish company pioneered IP cameras in 1996 and holds the top market position with products including dome, bullet, and thermal cameras integrated with analytics software. Axis serves over 400,000 partners worldwide and supplies systems to sectors like transportation, retail, and banking across 180 countries.
$2.8B
$794M
3.5x
Acquired
18
ItivitiItiviti is a global technology provider for capital markets, supplying scalable order and execution management systems that consolidate trading infrastructure for financial institutions. Its modular OEMS platforms handle multi-asset class trading for principal and agency operations across equities, fixed income, derivatives, and forex. The Connect portfolio ensures FIX protocol connectivity, while Trade solutions adapt to market volatility and regulations like MiFID II and Dodd-Frank. Headquartered in Stockholm with offices worldwide, Itiviti serves banks, brokers, and asset managers seeking reduced costs and unified workflows.
$2.6B
$238M
10.8x
Acquired
19
Mojang Studios
$2.5B
–
–
Acquired
20
HMS NetworksHMS Networks AB supplies proprietary, patented technology for intelligent industrial communication. It develops and manufactures solutions for connecting industrial products to networks and gateways, thus enabling interconnection between various networks. The group sells products in various countries, including Germany. It generates the majority of its revenue from the USA, Japan, France, China, Sweden, Italy, and other countries. The brands of the company are Anybus, Red Lion, N-Tron, Ewon, Intesis, Ixxat, Owasys, and PEAK-System.
$2.4B
$365M
7.1x
Public
21
iZettleiZettle is a Stockholm-based financial technology company now operating as Zettle by PayPal. The firm provides card readers, POS software, and business management tools for small merchants worldwide. Launched in 2010 with the first mini chip card reader for smartphones, it supports contactless payments via Apple Pay and Google Pay. Services extend to invoicing, inventory tracking, and sales analytics. Available in over 10 European countries and Latin America, iZettle processes millions of transactions daily.
$2.2B
$165M
13.3x
Acquired
22
TinkTink is a Stockholm-headquartered open banking platform offering account aggregation, payment initiation, data enrichment, and personal finance management tools. Integrated by banks like ABN AMRO, BNP Paribas Fortis, Nordea, Klarna, and SEB, its APIs enable seamless financial data access and transactions across Europe. Founded in 2012, Tink powers standalone apps and embedded services in banking infrastructures, supporting PSD2 compliance. Acquired by Visa in 2022, it processes millions of bank connections.
$2.1B
$28M
75.3x
Acquired
23
Embracer GroupEmbracer Group AB is a parent company of businesses led by entrepreneurs in PC, console, mobile, and board games and other related media. The Group has an extensive catalog of several owned or controlled franchises and has a presence in various regions through its operative groups, namely THQ Nordic, Plaion, Coffee Stain, Amplifier Game Invest, and others. Its operating segments are: PC/Console Games, Mobile Games, and Entertainment & Services. Maximum revenue is derived from the Entertainment & Services segment, which is engaged in the development, publishing, and distribution of comic books, wholesale of publishing titles of games for console and PC, as well as films, and externally distributes films and TV series. Geographically, the Group generates maximum revenue from the USA.
$2.1B
$1.6B
1.1x
Public
24
NetEntNetEnt is a Stockholm-headquartered supplier of digital gaming content including slots, table games, and live casino solutions. It equips online casino operators globally with platforms certified across regulated markets like the UK, Malta, and New Jersey.
$2.0B
–
–
Acquired
25
Neo4jNeo4j is a US/Sweden-headquartered graph database leader powering analytics on connected data for fraud detection, customer 360 views, knowledge graphs, supply chain optimization, personalization, IoT, and network management. The platform includes native graph storage, vector search, data science tools, visualization, and enterprise security with ACID compliance. Neo4j serves Fortune 500 firms, government agencies, and NGOs worldwide from offices in Malmö, London, and Berlin.
$2.0B
$200M
10.0x
Private
26
BamboraBambora is a payment solutions provider for small and medium-sized enterprises handling in-store and online transactions. Canada-headquartered with European operations, it simplifies payment processing through unified interfaces and vendor integrations. The platform supports merchants from startups to established businesses in retail and e-commerce.
$2.0B
$267M
7.5x
Acquired
27
KryKry is a Stockholm Lan-headquartered digital healthcare provider founded in 2015. It connects patients with professionals via app-based consultations in primary care, specializing in e-health services across Europe.
$2.0B
$163M
12.3x
Private
28
Ahlsell
$2.0B
–
–
Acquired
29
HoganasHoganas AB is a Sweden-based producer of metal powders used in powder metallurgy applications worldwide. The company supplies iron-based powders, high-alloy steels, and nickel powders for manufacturing sintered components, welding electrodes, and chemical processes. Operating through segments like Components and Consumables, it serves automotive, electronics, and welding industries from production sites in Sweden, the United States, China, and India. Höganäs maintains research centers focused on sustainable powder technologies and additive manufacturing.
$1.8B
–
–
Acquired
30
BudbeeBudbee is a Stockholm-based last-mile delivery service optimizing urban logistics for e-commerce. Provides real-time tracking, in-app chat with drivers, and queue-free parcel collection at automated lockers or relay points. Operates in Sweden, Denmark, Norway, Finland, and Poland with a fleet of electric cargo bikes and vans. Partners with retailers like IKEA, Zalando, and CDON for same-day and next-day deliveries.
$1.7B
$86M
19.8x
Acquired
31
Silex MicrosystemSilex Microsystem AB (publ) is a pure-play MEMS foundry. It is a specialized wafer fabrication facility (a fab) equipped with progressive equipment, technology, and processes required to manufacture MEMS. Its customers develop designs and then order MEMS from the company, after which the Company manufactures high-quality and customized MEMS to its customers' specifications.MEMS are used in a broad range of applications in, for example, telecom, consumer, industrial, automotive, medical, defense, and aerospace industries. The group manufactures MEMS for almost every end-use application sector, providing comprehensive solutions for its customers.
$1.5B
$141M
10.3x
Public
32
Paradox InteractiveParadox Interactive AB is a Swedish company. It is engaged in the development and publishing of PC-based games. The company's product portfolio includes franchise brands such as Stellaris, Europa Universalis, Hearts of Iron, Crusader Kings, Cities, Skylines, Tyranny and Magicka. Paradox is also involved in the publishing and internal development of games and licensing of White Wolf's brands. The company distributes its games through the digital platform Steam as well as on Apple, Google Play, and Sony stores. It operates its business across the world. The majority of the company's revenue comes from the United States, while it also has its presence in Sweden, Rest of Europe and Rest of the World.
$1.5B
$223M
6.5x
Public
33
Epidemic SoundEpidemic Sound is a Stockholm-based music licensing company offering a catalog of over 40,000 tracks across 180 genres for video creators. Subscribers access unlimited downloads cleared for YouTube, TikTok, and broadcast use worldwide. Founded in 2009, it employs in-house composers and serves millions of users monthly.
$1.4B
$85M
16.5x
Private
34
YubicoYubico AB is a leader in setting standards for secure access to computers, mobile devices, servers, browsers, and internet accounts. Yubico is a creator and core contributor to the FIDO2, WebAuthn, and FIDO Universal 2nd Factor (U2F) open authentication standards, and is a pioneer in delivering modern, hardware-based passkey authentication security at scale to customers in over 160 countries. The company is a cybersecurity company and the inventor of the YubiKey, which offers the gold standard for phishing-resistant multi-factor authentication (MFA).
$1.4B
$226M
5.6x
Public
35
Byggfakta GroupByggfakta Group is a Stockholm-headquartered software and data provider for the European construction industry. The company delivers a cloud-based platform aggregating project leads, tender opportunities, and supplier data across Sweden, UK, Poland, and Baltics. With 500,000+ projects tracked annually, Byggfakta serves 20,000 subscribers including Skanska and Veidekke. Acquired by Catella in 2021, it employs 300 staff and generates €50 million in revenue.
$1.2B
$192M
6.4x
Acquired
36
Modern Times GroupModern Times Group (MTG) is a Swedish gaming group headquartered in Stockholm that owns and operates mobile and PC game studios, with A and B shares listed on Nasdaq Stockholm. Its studios include Plarium, maker of RAID: Shadow Legends, PlaySimple, a word- and casual-games developer acquired in 2021, InnoGames, Hutch, Ninja Kiwi (acquired 2021, known for Bloons TD), Snowprint and Futureplay. Most games are free to play, so revenue comes from in-app purchases and in-game advertising. MTG traces its origins to TV3, which Kinnevik launched in Sweden on New Year's Eve 1987 as Scandinavia's first commercial channel; its media assets were distributed to Kinnevik shareholders and listed in 1997. The group spun off its Nordic broadcasting and streaming arm as Nordic Entertainment Group (now Viaplay Group) in 2019 and sold esports operator ESL to Saudi Arabia's Savvy Gaming Group in 2022. In November 2024 it agreed to buy Plarium from Aristocrat Leisure for $620 million. In 2025 it reported record net sales of SEK 11,579 million and adjusted EBITDA of SEK 2,648 million, with 9% organic growth. Maria Redin is president and CEO.
$1.2B
$1.2B
1.3x
Public
37
Vitec SoftwareVitec Software Group AB is a software company in Vertical Market Software in the Nordic region. The company provides software for the pharmacy market, automotive and machine industry, banks and insurance companies, healthcare companies, real estate agents, and the education sector. Its segments comprise Auto, Energy, Real Estate, Finance and insurance, Environment, Estate Agents, and Education and health.
$1.2B
$370M
4.1x
Public
38
ApoteaApotea AB (publ) is engaged in the online pharmacy with fast deliveries, good prices and a large selection. Its vision is to be tomorrow's pharmacy by constantly facilitating and simplifying for the customer.
$1.1B
$734M
1.5x
Public
39
SanaSana Labs is a Stockholm-headquartered provider of AI-powered enterprise learning platforms that integrate search, content generation, and personalized training modules. The platform connects company knowledge bases with adaptive learning paths, serving clients such as Volvo, Salesforce, and Deutsche Telekom across manufacturing, finance, and tech sectors. Sana Labs supports over 10 million learners globally through its cloud-based system, which processes internal documents and videos to deliver real-time recommendations. Founded in 2015, the company operates in Europe and North America, with recent expansions into generative AI features for automated course creation.
$1.1B
–
–
Acquired
40
VoiVoi is a Stockholm micromobility operator founded in 2018 that rents shared electric scooters and bicycles in European cities. Riders use the company's mobile application to locate, unlock and pay for vehicles for short urban trips. Voi earns usage fees and sells ride passes, giving consumers an alternative to private cars for first- and last-mile travel. The company works with municipalities on licensing, parking, safety and fleet deployment and positions its service as part of the broader public-transport ecosystem. Its operating model combines connected vehicles, local fleet teams, maintenance, charging and software for managing availability and rider behavior. Voi has expanded across multiple European markets and continues to invest in vehicle durability, emissions reduction, equitable-access programs and integration with city transport systems.
$1.0B
–
–
Private
41
TrustlyTrustly is a Stockholm-based open banking payment provider enabling instant bank transfers for e-commerce across Europe and the United States. The service supports one-click checkouts without cards, powering transactions for platforms like Spotify and Steam. Merchants integrate via APIs for A2A payments compliant with PSD2 and ACH networks.
$1.0B
$146M
6.9x
Acquired
Data and methodology
Underlying data
Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.
Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.
Any raw figures are harmonised to USD for comparison purposes.
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