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Investment in Stockholm technology companies hits record high

Xinhua, January 17, 2017 Adjust font size:

The number of investments in Stockholm technology companies in 2016 almost tripled that of the previous year, Stockholm Business Region revealed on Monday.

A total of 247 investments were made in 2016 compared to 90 investments during 2015, Stockholm Business Region quoted data-driven analysis agency Nordic Web as saying.

Stockholm attracted a record level of capital in 2016, when 1.4 billion U.S. dollars were invested in the Swedish capital, compared to the 892 million U.S. dollars in 2015.

"The year of 2016 has been another amazing year for Stockholm's startup scene ...During 2017 we are likely to see Fintech increase even more due to a new Fintech hub that is launching early in the year," says Joseph Michael, Business Development Manager at Invest Stockholm.

Fintech, short for financial technology, is an emerging sector of the financial services industry which harnesses technological innovation. The launch of Stockholm FinTech Hub this year is expected to provide a system that can minimize challenges and increase opportunities for entrepreneurs in the area.

A total of 54 percent of the investment on financial technology in the Nordic countries went to Stockholm, according to the the Nordic Web.

"Incredibly, Stockholm is still experiencing dramatic growth in investments, with its importance and position as the Nordic's dominant hub only increasing," said Neil Murray, CEO of the Nordic Web.

According to Murray, one in three investments on technology companies that were made in the Nordic countries were made in Stockholm in 2016, while the figure was one in four in 2015.

Stockholm Business Region, owned by the City of Stockholm, is the official investment and tourism promotion agency for the Stockholm region. Enditem