Spotify and Ericsson are Sweden's largest tech companies
As of June 2026, there are now nearly 40 tech companies valued at over $1B that originated from Sweden in the last 10 years.
Spotify valued at $98.3B is the largest Swedish tech company, followed by Ericsson ($32.5B) and Hexagon ($21.9B)
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.
#
1
SpotifySpotify is the leading global music streaming service provider, with over 750 million monthly active users and 290 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 the subscribers, who pay a monthly fee to access a music library that consists of 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.
$98.3B
$20.5B
4.3x
Public
2
EricssonEricsson provides telecom equipment and services that are primarily used to build and operate mobile networks. The firm divides its business into three segments: networks, cloud and software services, and enterprise. Wireless carriers have traditionally been the firm’s primary customers, but it is pushing to cater more to enterprises as well, as both try to take advantage of 5G capabilities and utilize “as-a-service” communications platforms. The company also licenses its patents to handset manufacturers.
$32.5B
$26.3B
1.2x
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.
$21.9B
$6.5B
3.6x
Public
4
IFSIFS is a Sweden-headquartered global provider of enterprise software for manufacturing, asset-intensive industries, and service operations. Linköping-based IFS develops IFS Cloud, an AI-powered platform covering ERP, EAM, SCM, ITSM, and FSM modules. Serving over 10,000 customers including Rolls-Royce, Nestlé, and Boeing, IFS enables real-time analytics and predictive maintenance. Acquired by EQT in 2022, the company expanded through acquisitions like Infor's EAM business.
$17.3B
$1.3B
13.6x
Acquired
5
EvolutionEvolution AB is a B2B provider of live and slots casino systems. The Company develops, produces, markets, and licenses fully integrated online casino systems to gaming operators. The company provides business-to-business solutions, which it develops and produces for gaming operators. Evolution's primary product, Live Casino, allows a human dealer to run a real-time casino table, which is then streamed to digital devices. Players can then place bets on desktops, smartphones, and tablets and communicate with the dealer through Evolution's software. The company's services are licensed to casino operators. The company generates the vast majority of its revenue from Asia.
$13.8B
$2.4B
5.2x
Public
6
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.
$9.5B
$608M
15.6x
Public
7
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.
$7.1B
$3.5B
1.3x
Public
8
Neko HealthNeko Health is a health technology company developing non-invasive whole-body scanners for preventive checkups. Its flagship device captures 3D images, heart rate, blood pressure, and skin analysis in minutes at clinics or pop-ups. Stockholm-based Neko Health, founded by Spotify co-founder Daniel Ek, began operations in 2023 with pilot sites in Sweden aiming for global expansion.
$7.0B
–
–
Private
9
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.
$6.6B
$200M
33.0x
Private
10
King.comKing.com is a Stockholm-headquartered mobile game developer owned by Activision Blizzard since its 2016 acquisition. The company delivers match-three puzzle games such as Candy Crush Saga, which surpassed 3 billion downloads worldwide, alongside Bubble Witch 3 Saga and Farm Heroes Super Saga. King maintains studios in six locations including Barcelona, Bucharest, Malmö, London, and San Francisco. Its titles support cross-platform play across iOS, Android, Facebook, and web browsers in 14 languages. King generates revenue through in-app purchases for boosters and lives, serving a global audience via free-to-play model. Founded in 2003, it pioneered synchronized progress across devices.
$5.9B
$2.0B
3.0x
Acquired
11
LegoraLegora is a London-headquartered AI platform designed for legal professionals to review documents, perform research, and generate drafts. The tool automates contract analysis and case law searches while integrating with firm workflows for junior lawyers and partners. Founded in 2023, it emphasizes collaborative features that align with client-specific implementations across litigation and corporate practices.
$5.6B
$100M
56.0x
Private
12
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
13
Modal LabsModal Labs is a Stockholm and New York-headquartered cloud platform for running machine learning workloads. Developers deploy models, parallel jobs, task queues, and web applications using Python code that automatically scales across GPU and CPU containers. The serverless infrastructure handles orchestration without manual DevOps.
$4.7B
$300M
15.5x
Private
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
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.
$4.3B
$1.3B
5.7x
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
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.
$2.8B
$3.0B
1.2x
Public
18
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
19
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
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.
$2.5B
$405M
6.8x
Public
21
Mojang Studios
$2.5B
–
–
Acquired
22
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
23
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
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
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
29
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, Tabletop Games, and Entertainment & Services. The company generates key revenue from the development and publishing of games for PC, Console, and Mobiles. Geographically, it derives maximum revenue from the United States of America and the rest from Europe (excluding Sweden), Sweden, and other regions.
$1.5B
$1.7B
0.7x
Public
30
Modern Times GroupModern Times Group MTG AB invests in esports, mobile games and other digital entertainment. The group’s companies offer a wide range of games available to audiences all over the world. MTG’s portfolio of IP spans across both the casual and mid-core segments of the gaming market. A vast majority of games are available to consumers on a free-to-play basis, and the group generates revenues from in-app purchases and in-app advertising. The Group operates in Europe, Singapore, USA, India and New Zealand.
$1.5B
$1.3B
1.4x
Public
31
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.
$1.4B
$247M
5.2x
Public
32
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
33
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
34
VoiVOI Technology is a micromobility operator providing e-bikes and e-scooters across more than 150 cities in Europe. The Sweden-headquartered company achieved EBIT profitability in 2024 through efficient fleet management and urban partnerships. Voi collaborates with city governments in countries like the United Kingdom, Germany, and Sweden to deliver sustainable last-mile transportation solutions.
$1.2B
$205M
5.9x
Acquired
35
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
$10M
110.0x
Acquired
36
Hexatronic GroupHexatronic Group AB is a technology group specialized in fiber communications products. The company supplies fiber optic products and solutions, and a complete range of passive infrastructure for telecom companies. The company offers products such as Fiber Solutions, including cables, Microtubules and bundles of microtubules, as well as Accessories for Cables and microducts. Additionally, it provides installation services. Wireless solutions include 5G and Wireless network infrastructure, along with the InOne Powered Fibersystem. For harsh environments, the company offers dynamic cables, Connectivity Solutions, and sensor systems. The company operates in Sweden, Europe (other than Sweden), North America, and APAC, with the majority of revenue from Europe and North America.
$1.0B
$835M
1.5x
Public
37
Sivers SemiconductorsSivers Semiconductors AB and its subsidiaries, develop, manufacture, and sell chips, components, modules, and subsystems based on proprietary semiconductor technology in the microwave, millimeter wave, and optical semiconductors. The company operates in the business areas of Wireless and Photonics. The Wireless business area which generates key revenue develops, manufactures, and sells chips, components, modules, and subsystems based on 5G mmWave technology. The Photonics business area develops, designs, manufactures, and sells compound semiconductor laser devices for optical communication, optical sensing/sensors, and optical wireless networks. Geographically, it derives key revenue from the USA and United Kingdom.
$1.0B
$34M
31.0x
Public
38
PriceRunnerPriceRunner is a shopping comparison website operating in Sweden, Denmark, and the United Kingdom. Users compare products, deals, attributes, and review shops through professional evaluations and consumer feedback.
$1.0B
$46M
21.8x
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.
This page is built on data available at Multiples. Sign up for a free trial to see the full dataset.
