Impact held firm – but fewer companies got a slice of the pie
More capital but fewer rounds. A new report from investor collective By Founders shows that impact startups in the Nordics and Baltics had a relatively good year in 2025.
One segment stands out.
'There is dry powder for the right companies,' the report authors note.
One segment stands out.
'There is dry powder for the right companies,' the report authors note.
As we start the new year, many are reflecting on the last one. Recently, a report from Pitchbook highlighted the impact niches that attracted the most capital in 2025, and now the investor collective By Founders has released a report on VC activity in the so-called New Nordics, with data from Crunchbase.
The New Nordics refers to Sweden, Norway, Denmark, Finland, Iceland, and the three Baltic countries of Estonia, Latvia, and Lithuania.