
Nordics · SE
Stockholm
Selected companies
Industrial by inheritance
Industry software and climate both run about 1.5 times the European rate. A city whose scale-ups have been producing founders for decades, now building for the sectors it already knew.
Aris Machina
Industrial AI AgentsThe Agentic Operating System for Modern Manufacturing
Aris Machina makes complex factory and engineering work easier to manage. Protos is an AI co-engineer for research and development teams, helping them come up with ideas, test them in simulation and check that they work. Gemba is a set of always-ready AI assistants for the factory floor, aimed at stopping unplanned downtime and quality problems. A third tool helps close the gaps between how a product is designed and how it is made. Its founders are Peter Carlsson, who built the battery maker Northvolt, and Siddharth Khullar, Northvolt's former vice president of software engineering and AI.
Founded 2025

Epiminds
Agentic Marketing AIAgentic AI for Marketing
Epiminds builds what it calls an AI team for marketers. At the front is Lucy, an AI marketing manager that coordinates a group of specialist agents, such as analysts, creative specialists and media buyers. The agents connect to a client's ad accounts on Google, Meta, TikTok and other networks, study how campaigns are performing and make approved changes, such as adjusting bids or pausing weak keywords. Each agent knows what the others are doing, so the system works as one team rather than a dashboard. Mid-sized marketing agencies are its main customers so far. Its founders are Elias Malm, who previously worked at Google, and Mo Elkhidir, a software engineer who worked at Spotify and Kry.
Founded 2025

Farang
Frontier AI ResearchArchitecting next-generation artificial intelligence.
Farang is an AI research lab building FX, a proprietary AI architecture. The team is developing it to reason, learn and solve problems across many different fields. Language is part of that ambition, but not its limit. It is starting with puzzles, forecasting and planning. Ultimately, superintelligence is the objective. Founded by Emil Romanus, who has started several companies before, and Kajsa Romanus, who is chief financial officer.
Founded 2025

FirstQFM
Quantum AI InfrastructureMachine learning foundation models for quantum computing performance and scalability.
FirstQFM develops machine learning models to improve the performance and scalability of quantum computers. The models work close to the hardware, on jobs such as controlling and tuning the quantum machine itself. The company partners with makers of quantum hardware and cloud providers, aiming to unlock practical quantum computing in fields such as chemistry, finance, life sciences and mobility. Its founders are Vish Ramakrishnan, who has started several technology companies, and Isaiah Hull, a researcher in quantum computing and machine learning.
Founded 2025

Forecasterly
AI-Native FP&AAI-Native Financial Planning & Analysis
AI-native FP&A platform that curates and maps forecast and actuals data from ERPs such as NetSuite and Fortnox, then generates variance analysis and draft commentary in a finance team's own tone, claiming over 300 hours saved per year for small to mid-size teams. Founded by Mehran Farshid, a former CFO of Werlabs, Fyndiq and Filmstaden, and Sina Rezaeipour, previously Technical Lead at Werlabs. Customers include CDON, Quartr and Werlabs. Selected into the F/ai program at Station F.
Founded 2025

Galdera Labs
Agentic Financial ModelingFinancial models built for reasoning, not just reporting.
AI-native financial modeling platform that maps a company's business model once into a persistent "model as memory," then generates always-on forecasts and board-ready reports that update as scenarios change. Built a unified FP&A model for payments company Kustom, spanning 15,000+ operational segments, in five weeks, cutting its forecast cycle from days to minutes. Founded by three former Klarna employees, Evan Rumpza, Mattia Scolari and Giovanni Casula, who conceived the idea together while still at Klarna. Rumpza helped lead Klarna's FP&A through its 2025 IPO.
Founded 2025

Ivy Interactive
AI Coding OrchestrationFrictionless Coding with AI
Open-source, model-agnostic orchestrator for AI coding agents, structuring work into Plan, Draft and Review stages across isolated Git worktrees so multiple agents can build in parallel without touching the main branch. Supports remote steering by phone via Cloudflare tunneling and Whisper voice input, plus token-spend budget analytics. Compatible with Claude Code, GitHub Copilot and Gemini CLI. Founded by Renco Smeding, previously co-founder of illustration-tutorial business 21 Draw and CMO of Tessin, and Niels Bosma.
Founded 2025

Pango
Agentic E-Commerce OpsAgentic hub for e-commerce operations.
Agentic hub automating e-commerce post-purchase logistics: carrier routing across 100+ carriers, checkout delivery options, pick and pack, tracking, returns and exchange automation, largely run by prompt. Customers include Switch Nails, Understatement Underwear and Eytys. Founded by Steve Rahimi and Lukasz Reszczynski, a former Toptal freelance developer and a molecular biology PhD dropout. Operating since August 2024.
Founded 2026

Pit
Enterprise Workflow AIWe map how your company actually works, and build the AI that runs it.
Maps how a company's work actually happens, capturing processes, handoffs and tacit knowledge into a living map (Pit Studio). It then builds custom AI software that automates the repetitive parts with enterprise governance built in (Pit Build). Pit deploys and maintains that software and keeps improving it. Founded by Adam Jafer and Fredrik Hjelm, who both remain co-founders of Voi, alongside founding engineers from Klarna and Voi.
Founded 2026

Specific
Agentic Cloud InfrastructureSpecific lets your coding agent both write code and build infrastructure to run it.
Agent-native cloud platform letting AI coding agents define application infrastructure, not just code, in one config file: services, Postgres via Neon, object storage, vector search and Temporal-based workflows, deployed with one command and testable locally against copy-on-write production data. Customers include Newly, Favora and mobile app builder Natively, which runs tens of thousands of backends on it. Founded by Fabian Lindfors, a former Stripe tech lead for systems processing tens of billions of dollars annually, and Iman Radjavi, ex-Fever and ex-Volvo.
Founded 2025
As early-stage VCs, most companies we look at are early, some pre-inception. To properly capture the formation layer, we looked back no more than 18 months from a company's founding, and no more than one institutional round raised.
We believe getting to the core truth of a company radiates from the founding team, and that those signs show up long before a company has its breakout success. So we got on the ground, city by city, talking directly to the ecosystem leaders, university professors, angels, operators and micro VCs who see these companies before anyone else does. The names that kept coming up independently, before they showed up anywhere public, were what we went after.
Every one of those names, alongside thousands of other companies we track a year, went through the same internal scoring model: the scale of impact the company could have globally, how genuinely AI-native the product is, the strength of the thesis, and the team, their talent density, where they've built before, how deep that experience really runs. We ended up with ten companies per city that we believe combine all of the above, while capturing the city's own heartbeat and the themes defining it.
Formations counted
275
Every city in the sample on a log scale, 10 to 1,876 formations. Stockholm is marked in pink. London sits at the far right as a volume outlier (1,876).
- Rank by formation volume
- 5 of 89
- SHARE OF SAMPLE EUROPEAN FORMATION
- 5.1%
- # FORMATIONS VERSUS THE AVERAGE CITY
- 4.47x
Category mix
What Stockholm is made of
The categories these 276 companies fall into. AI-first software is the largest.
- AI-first software27%
- Conventional SaaS21%
- Consumer12%
- Industry software12%
- Fintech9%
Specialisation
What Stockholm builds
On raw volume most European cities look alike. Character only appears once each theme is compared with a typical European city. Every company now carries a category and sub-theme. Pink marks the categories where Stockholm differs most; provisional comparisons rest on fewer than 10 companies and are never the lead claim.
Above the line means this city forms more of something than a typical European city does. Below means less.
- Centre line: a typical European city (1.0)
- Forms more than average
- Forms less than average
- Provisional: fewer than 10 companies
- Values read as 1.93x the average, then the theme's share of the city's companies
Typical European city (1.0)
Industry software1.47x the average · 12.0% of the city+ 3 sub-themes
- Retail & commerce enablement42.4%
- Education & edtech21.2%
- Supply chain & logistics9.1%
Climate1.45x the average · 4.3% of the city+ 3 sub-themes
- Grid, storage & power electronics41.7%
- Energy generation & transition25.0%
- Carbon & environmental MRV25.0%
AI-first software1.21x the average · 26.8% of the city+ 3 sub-themes
- AI tools for everyday work35.1%
- Legal, contracts & GRC10.8%
- Marketing, ads & content9.5%
City 6 of 7
Next city: Warsaw