Swedish Tech Unicorns - September 2025

As of 19th September 2025, after a landmark Sana acquisition by Workday, there are now 25 tech companies valued at over $1B that originated from 🇸🇪 Sweden in the last 10 years.

➡️ Spotify is the largest Swedish tech company, valued at $145B as of 19th September 2025, followed by Hexagon ($31B) and Klarna ($17B)

➡️ Just 9 out of 25 Swedish unicorns remain independent, 16 were acquired or went public

➡️ Lovable is Sweden's most valuable private unicorn (still independently owned)

➡️ Sweden is strong across consumer tech - Spotify, Klarna, Embracer Group, Modern Times Group (MTG) and many more

➡️ Great online marketplaces come from Sweden - Hemnet, Etraveli Group

Methodology: this ranking includes tech companies in the UK 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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