Seventy-six recorded funding rounds by late July. Sixty-eight of them disclosed an amount, and those add up to EUR 4.1B across the eight Nordic-Baltic countries.
The headline number needs one caveat. Stegra's EUR 1.4B financing in June is industrial project capital, not venture money in the usual sense. Strip it out and the region still clears EUR 2.7B in disclosed capital for the year, led by growth rounds at Neko Health (EUR 613.7M) and Legora (EUR 484.0M in March, another EUR 42.0M in April).
Sweden holds the largest share of disclosed capital even without Stegra. Finland sits second on the strength of Iceye (EUR 450.0M) and Hostaway (EUR 319.2M). Lithuania's EUR 135.0M is concentrated in a single round: Oxylabs at EUR 113.6M in July. Denmark logged more rounds than Lithuania but a tenth of the capital, a reminder that round counts and round sizes tell different stories.
The quarter counts begin in 2025-Q1, when systematic coverage started, so the early bars partly reflect the tracker ramping up rather than the market itself. The recent quarters are the signal: 29 rounds in Q2 2026, and 30 already logged in a Q3 that is four weeks old.
The ten largest rounds of 2026
One sector deserves its own piece: defence and security has produced 15 rounds and EUR 200.8M since the start of 2025. That analysis follows.
Method: amounts are EUR, converted at the ECB reference rate on the event date. Counts cover published rounds only, de-duplicated across outlets; where several publications reported the same round, it is counted once. Coverage begins January 2025. Every company links to its dossier, and every dossier cites its sources.