Vibe-coding darling Lovable just raised $400 million at a $13.3 billion valuation, roughly doubling its worth in eight months. But Lovable isn’t the only Stockholm startup putting up huge numbers lately — legal AI company Legora and health tech startup Neko Health are right there with it.

On this episode of Tech Crunch’s Equity podcast, Dominic-Madori Davis is joined by Sophia Bendz, a partner at Cherry Ventures and longtime fixture of Europe’s startup scene, to unpack what’s driving startup growth in the Nordic ecosystem, from Sweden’s social safety net to the wave of U.S. capital flowing in.

Listen to the full episode to hear more about: How the “Spotify Mafia” set the template for founders funneling their time, capital, and hard-won lessons back into Stockholm’s ecosystem, and how the same cycle may be starting again with the “Lovable Mafia”. Why Sweden’s social safety net might be fueling founders’ willingness to take bigger swings. Why Bendz is seeing American investors flying into Stockholm and handing out term sheets with little to no diligence, and the culture clash that’s creating with local funds.

How Europe’s sovereignty conversation is shaping how founders and investors think about building, even as most of them still plan to IPO in New York.