Stockholm-headquartered Neko Health, founded by Daniel Ek, tops the third Sifted 100: Nordics Leaderboard, an annual ranking of the 100 fastest-growing companies in the region, in partnership with Nebius. Oslo-based Hystar, which produces electrolysers for green hydrogen, takes second place, while Helsinki-based Inven, offering AI-powered company research, ranks third. The leaderboard ranks companies based on two-year revenue CAGR across Denmark, Finland, Iceland, Norway, and Sweden. Neko Health recorded a 1103.30% CAGR between 2023 and 2025, with CEO Hjalmar Nilsonne highlighting strong member retention and diagnostic innovation. Hystar follows with 488.83% CAGR, and Inven with 422.51%.

Stockholm remains the dominant hub with 39% of startups, though down from last year. Oslo saw a 13% increase to 18%. B2B companies lead at 30% of the ranking, while fintech declined. Twelve AI-native companies made the list, and three—Ōura, Iceye, and Pleo—generated over €100m in 2025. Twenty-two startups are profitable. The top ten include Reel, Validio, Fever Energy, Flatpay, Pley, Fieldstream, and Quartr. Eligibility requires private, independent Nordic companies founded after 2010, with proprietary technology, at least three years of revenue data, and minimum revenue thresholds.