20 Swedish startups and scaleups that grew fast in 2023, sustainably
During the past months, many Swedish tech startups and scaleups have released their annual reports for 2023. In my daily PRO newsletters I systematically keep track of the most interesting ones, and in each monthly report (also for PRO subscribers), I highlight the top growers.
Below you find a selection of some of those Swedish tech startups & scaleups that are showing particularly good revenue growth – while either delivering profits, only moderate losses, or at least large relative improvements in result/margins.
List of Abbreviations:
YoY = Year-Over-Year
FY = financial year
SEK = Swedish krona (SEK100M are around €8.6M/$9.5M at the current exchange rate)
M = million
- Hyrdon (Stockholm, flexible car subscription service, founded 2019, public company data)
- 2023 net revenue: SEK437M, up 57% YoY
- 2023 pre-tax profit: SEK27.6M, vs SEK16.8M in 2022
- Covered in Swedish Tech News PRO on July 23.
- Proxify (Stockholm, platform connecting developers with growing companies, founded 2018, public company data)
- 2023 net revenue: SEK406.9M, up 77% YoY
- 2023 loss: -SEK28.7M, vs a profit of SEK1.5M in 2022
- Covered in Swedish Tech News PRO on August 2
- Teenage Engineering (Stockholm, creator of electronic products for people who love sound and music, founded 2007, public company data)
- 2023 net revenue: SEK281M, up 44.3% YoY
- 2023 pre-tax profit: SEK8M, vs SEK11.5M in 2022
- In 2022, the company raised its first funding of €10M, following 15 years of bootstrapping.
- Mullvad (Gothenburg, VPN provider, founded 2009, public company data)
- 2023 net revenue: SEK230.9M, up 42.1% YoY
- 2023 pre-tax profit: SEK57.8M, vs SEK47.2M in 2022
- Covered in Swedish Tech News PRO on June 4
- ChargeNode (Gothenburg, developer of smart EV charging systems, founded 2019, public company data)
- 2023 net revenue: SEK242.3M, up 93.4% YoY
- 2023 loss: -SEK20.6M, vs -SEK37.7M
- Covered in Swedish Tech News PRO on July 12
List continues after the break
- Refined (Malmö; no code solution to turn Confluence and Jira Service Management into custom intranets, documentation sites, support desks and more, founded 2009, public company data)
- 2023 net revenue: SEK124.2M, up 54% YoY
- 2023 pre-tax profit: SEK18.6M, vs SEK35.7M in 2022
- Covered in Swedish Tech News PRO on February 27, based on a Rapidus article
- Fedelta (Borås, SME loan provider, founded 2018, public company data)
- 2023 net revenue: SEK59M, up 57% YoY,
- 2023 profit: SEK5.4M, vs SEK2M in 2022
- Covered in Swedish Tech News PRO on June 17
- Halon (Gothenburg, email infrastructure for service providers, founded 2010, public company data)
- 2023 net revenue: SEK46.4M, up 48% YoY
- 2023 pre-tax profit: SEK12.5M, vs SEK4.2M in 2022
- Covered in Swedish Tech News PRO on July 24
- Bryntum (Stockholm; UI component library for project planning and resource management, founded 2009, public company data)
- 2023 net revenue: SEK43.5M, up 67% YoY
- 2023 pre-tax result: SEK5.9M, vs SEK1.4M in 2022
- Covered in Swedish Tech News PRO on June 7
- Elastisys (Umeå, Kubernetes platform service provider, founded 2011, public company data)
- 2023 net revenue: SEK40.1M, up 40.7% YoY
- 2023 loss: -SEK5.6M, vs -1.2M in 2022
- Covered in Swedish Tech News PRO on July 4
- Klimio (Stockholm, all-in-one provider for heat pump installations, founded 2021, public company data)
- FY 2023/2024 net revenue: SEK32.4M, up 71% YoY, according to preliminary numbers
- FY 2023/2024 result: profitable, vs -SEK3.5M in the previous FY
- Covered in Swedish Tech News PRO on July 2
- Lolo (Stockholm, iFaaS platform and programmable VPC for building cloud agnostic serverless apps, founded 2019, public company data)
- 2023 net revenue: SEK32.1M, up 72% YoY, marking an increase in the growth rate
- 2023 pre-tax profit: SEK1.1M, vs SEK2.5M in 2022
- Covered in Swedish Tech News PRO on July 22
- Devant (Norrköping, provider of synthetic data to support the training, validation and testing of Machine Learning networks, founded 2021, public company data)
- 2023 net revenue: SEK27.5M, up 450% YoY
- 2023 result: break-even, vs profit of SEK0.5M in 2022
- Covered in Swedish Tech News PRO on June 12
- Digip (Stockholm, digital solution for brand protection, founded 2019, public company data)
- 2023 net revenue: SEK22.3M, up 86% YoY
- 2023 loss: -SEK4.9M, vs -SEK14.5M in 2022
- Covered in Swedish Tech News PRO on July 5
- SCALINQ (Gothenburg, solutions for scaling quantum computers, founded 2022, public company data)
- 2023 net revenue: SEK20M, vs SEK0.2M in 2022
- 2023 pre-tax profit: SEK0.5M
- Covered in Swedish Tech News PRO on July 8
- Orimlig Hyra (Stockholm, service that helps tenants reclaim excessive rents paid to landlords and/or to lower future rent, founded 2017, public company data)
- 2023 net revenue: SEK11.9M, up 10x YoY
- 2023 loss: -SEK3.7M, vs -SEK6.3M in 2022
- Covered in Swedish Tech News PRO on July 5
- Climate Hero (Stockholm, carbon footprint calculation solutions for consumers and businesses, founded 2018, public company data)
- 2023 net revenue: SEK8.5M, up 81% YoY
- 2023 result: break-even, as in 2022
- Covered in Swedish Tech News PRO on July 3
- Reach (Stockholm, solution that enables commerce in seconds on a website, founded 2023, public company data)
- 2023 net revenue: SEK5M
- 2023 result: break-even
- Covered in Swedish Tech News PRO on June 11
- Womni (Stockholm, digital healthcare provider for women over 40, founded 2021, public company data)
- 2023 net revenue: SEK4.5M, up 200% YoY
- 2023 result: break-even, vs -SEK0.7M in 2022
- Covered in Swedish Tech News PRO on June 26
- Eivora (Stockholm, ownership data platform for Swedish companies, founded 2020, public company data)
- 2023 net revenue: SEK2.6M, up 2.5x YoY
- 2023 result: break-even
- Covered in Swedish Tech News PRO on July 5
NOTE: This is just a small, non-exhaustive selection. I covered many dozens more annual reports from Swedish tech startups and scaleups in the past weeks and months in the PRO subscription, including many under-the-radar companies. Join here.
