DLA Piper’s Nordic VC Report delivers insights on market trends in venture capital transactions
DLA Piper has published the second edition of Nordic VC Report, offering an analysis of 83 startup and growth company equity financing rounds completed in 2025 involving companies headquartered in Denmark, Finland, Norway and Sweden. More than EUR 1.07 billion of equity financing was raised across those deals.
The Nordic VC Report is particularly relevant to investors, entrepreneurs, and other stakeholders active in the startup and venture capital ecosystem, as it delivers valuable insights on market trends and deal terms that define the Nordic venture capital landscape, including investor and target company profiles, economic terms and key legal provisions.
The findings show that while investors headquartered in the Nordics led the clear majority of rounds, there was an increase in financings led by non-Nordic investors compared with the previous year. One of the key findings was a significantly higher share of down rounds and flat rounds compared with the previous year, potentially reflecting the materialisation in 2025 of many of the anticipated down rounds following the elevated valuations in the post-covid boom years. The report also highlights an increased gap between average and median round sizes, pointing towards a more polarised fundraising environment. For this edition, the report introduces new datapoints including a dedicated section on secondary transactions.
Kenni Svanholm Jensen, Partner, said: “The Danish venture capital market appears aligned with the other Nordic countries, and it continues to show a challenged and more selective landscape in 2025, with a strong focus on technology‑driven, high‑growth companies as well as companies within the defence sector. The data for 2025 also points to a more competitive funding environment, with more internal funding rounds than in previous years. As such, it is our experience that capital concentrates around the strongest opportunities, while deal structures and investor terms continue to develop in response to market conditions.”
DLA Piper is the only major law firm with a presence in each of the Nordic countries of Denmark, Finland, Norway and Sweden, and the report draws on the firm’s experience advising on numerous venture capital and other startup and growth company financing transactions across the region.
To find out more, please download your digital copy of the report here.
For further information or to discuss the findings, please reach out to your usual DLA Piper contact.
