Introducing the five Nordic scaleups featured in TECH5 — the 'Champions League of Technology'.

      Five rapidly growing Nordic scaleups have made it to the finals of TECH5 — often referred to as the “Champions League of Technology.” They join a distinguished group from Benelux, which was announced last week, in the competition to be named Europe’s most promising scaleup.

      The Nordic region, consisting of Denmark, Finland, Iceland, Norway, and Sweden, has a population of just 27 million yet excels significantly in innovation.

      It boasts the highest concentration of unicorns in Europe — privately owned companies valued at over $1 billion. Although this region represents only 4% of Europe's population, it was home to 17% of the continent's unicorns from 2013 to 2023.

      Leading the way is Sweden, recognized as having the EU’s premier startup ecosystem, according to StartupBlink’s 2024 rankings.

      Additionally, the Nordics feature one of Europe’s most prominent investment landscapes. With over 14,000 funded startups that raised a total of $5.6 billion in 2024, based on Dealroom data, Sweden, Norway, Finland, and Denmark are among the top 15 countries in Europe for VC investment, while Iceland is in the top 50.

      This vibrant ecosystem has given rise to global powerhouses like Spotify and Klarna. Now, TECH5 aims to identify the next generation of tech leaders.

      TNW’s judges have selected the five finalists based on their growth trajectories, impacts, and future prospects. Let’s meet them.

      1. Kompasbank

      The Nordic region is home to a flourishing array of fintech companies. There are over 1,500 of them in the area, having successfully birthed numerous unicorns such as the buy-now-pay-later leader Klarna and the open banking platform Tink. Kompasbank is at the forefront of this new wave.

      This Danish scaleup has created a novel banking model specifically for small and medium-sized enterprises (SMEs).

      These enterprises form the backbone of the European economy, making up 99% of all EU businesses and providing over 100 million jobs. However, they are often neglected by traditional banks, hindered by slow decision-making, rigid protocols, and financial obstacles that impede growth.

      Kompasbank seeks to address this issue. Established in 2018 by Michael Hurup Anderson, a former Saxo Bank and Deloitte executive, the company swiftly provides loans, currency exchange, payment solutions, and other banking services tailored for SMEs.

      “Our goal is to enable SMEs to fulfill their potential by offering the speed, flexibility, and customized financial solutions necessary for them to invest, develop, and thrive,” Kompasbank stated to TNW.

      2. Lassie

      Sweden’s Lassie is transforming the pet care industry with a core focus on insurance. This fast-growing scaleup adopts a preventative approach that incorporates veterinary care, owner coaching, e-commerce, and veterinarian advice to maintain the health of our pets.

      The company boasts a well-rounded founding team. CEO Hedda Båverud Olsson grew up in a household with a veterinarian, COO Sophie Wilkinson is a former head of pet insurance at a Nordic insurance company, and CTO Johan Jönsson has development experience gained at Spotify and King.

      Since its launch in 2020, Lassie capitalized on the surge in pet ownership during the pandemic. By 2023, nearly half of European households had pets, generating around €24.6 billion in expenditures on related products and services. Investors have noticed this trend, contributing over €36.5 million to Lassie.

      “Our goal is to become the foremost European provider of pet insurance and preventive care before going global,” the company communicated to TNW. “We’re not just covering medical expenses; we’re enhancing pet health, prolonging lifespans, and providing peace of mind to owners.”

      3. NORNORM

      Denmark’s NORNORM aims to promote the principle of circularity, particularly regarding office furniture. The scaleup assists businesses in reducing their environmental impact by replacing single-use furniture with a circular, subscription-based service.

      Founded in 2020 by former IKEA manager Anders Jepsen and Skype co-founder Jonas Kjellberg, NORNORM operates out of Copenhagen. In 2022, the company raised €110 million in a funding round led by the growth equity firm Verdane, with Inter IKEA Development also participating.

      Currently, NORNORM is present in 17 countries and 59 cities and aims to expand its services to more businesses, not just major brands.

      “True impact derives from reaching the many rather than the few, which is why we've created an accessible and cost-effective solution that requires no upfront costs or long-term commitments,” NORNORM stated to TNW.

      “By making circular office interiors not only attractive but also scalable, we are fostering systemic change in the industry, demonstrating that sustainability and business success can go hand in hand.”

      4. Flower

      Flower is tackling climate change through energy —