Climate techs made up close to a quarter (23%) of the accepted entries in Sifted's 2025 leaderboard of the fastest-growing startups in the Nordics and Benelux.
The ranking compiles the top 100 startups with the highest percentage revenue growth over the past three financial years by compound annual growth rate (CAGR), the mean annual growth rate over a period of two years.
Close to half of the climate techs on the leaderboard were based in Stockholm, Sweden, including the sector’s three highest ranked companies: smart grids and energy trading startup Flower (#3), agritech Earthbanc (#5) and plant-based plastic maker Grale (#13).
Climate techs were matched by fintechs for representation; the only sector with a higher percentage of companies on the leaderboard was B2B SaaS.
The Stockholm factor
Given climate tech funding fell 71% in the first half of this year, compared to the same period in 2024, according to Sifted data, filling almost a quarter of the leaderboard is encouraging for founders in the sector.
The energy in Sweden might have something to do with that. According to Business Sweden, there are more than 500 active climate techs in the country with a combined value of over $28bn. Capital Stockholm is also home to vibe coding unicorn Lovable, Europe’s fastest growing software startup ever.
“The ecosystem in Stockholm is well developed, especially for climate techs,” says Allen Mohammadi, cofounder of Grale. “It’s so impact driven that whatever the technology, it should be in a form which has a positive impact on society.”
To grow, these startups need to expand out of Sweden and the Nordics. John Diklev, founder of Flower, says growing internationally is its next focus, starting with Germany.
“We’ve been in the Nordics now for a while and we’ve been in Germany for two years developing projects,” he says. “Soon we’ll start building our first stuff there.”
The top 10
Here are the 10 fastest-growing climate techs in the Nordics and Benelux, according to the Sifted leaderboard.
Startups were only eligible if they were founded in or after 2010, could provide at least three years of revenue data and were private and independent. Companies were required to submit signed documentation to verify any financial data not publicly available.
1\ Flower — 528.31% CAGR
Launch year: 2020
HQ: Stockholm
Employees: 135
Flower is a Stockholm-based startup which has developed a platform to optimise and trade flexible energy assets like wind and solar farms, battery systems and EV chargers. According to information submitted to Sifted, Flower reported €17.8m in revenue last year, up sharply from €450k two years earlier.
2\ Earthbanc — 463.79% CAGR
Launch year: 2019
HQ: Stockholm
Employees: 74
Earthbanc is a Stockholm-based climate technology startup supporting regenerative land management with measurement software. Earthbanc has raised a total of €2.9m to date; its most recent round was a €1.5m seed round in April 2022. Revenue figures have not been disclosed.
3\ Grale — 353.38% CAGR
Launch year: 2018
HQ: Stockholm
Employees: 10
Grale is a Stockholm-based startup developing plant-based alternatives to conventional plastics, aiming to replace petroleum-derived materials with eco-friendly solutions. According to information submitted to Sifted, Grale reported €3.7m in revenue in the most recent financial year, up sharply from €180k two years earlier.
4\ Klimate — 256.45% CAGR
Launch year: 2020
HQ: Copenhagen
Employees: 21
Klimate is a Copenhagen-based startup developing carbon removal strategies for corporates. Klimate has raised a total of €5m to date, including a €3.5m seed round in October 2023, with backing from investors such as Redstone, Rockstart and The Footprint Firm.
5\ Greenely — 250.08% CAGR
Launch year: 2014
HQ: Stockholm
Employees: 57
Greenely is a Stockholm-based energy tech startup that helps households monitor, optimise and monetise their electricity usage through a smart app. According to information submitted to Sifted, Greenely reported €800k in revenue in the last financial year, up sharply from €68k two years earlier.
6\ Next Sense — 227.75% CAGR
Launch year: 2014
HQ: Amsterdam
Employees: 40
Next Sense is an Amsterdam-based startup helping decarbonise real estate using data insights, founded by Ferdinand Grapperhaus in 2014. According to information submitted to Sifted, the company reported €1.3m in revenue last year, up sharply from €124k two years earlier.
7\ Blykalla — 201.59% CAGR
Launch year: 2013
HQ: Stockholm
Employees: 48
Blykalla is a Stockholm-based startup developing advanced small modular nuclear reactors, aiming to deliver clean, scalable baseload energy. According to information submitted to Sifted, Blykalla reported €3.2m in revenue last year, up sharply from €346k two years earlier.
8\ Tapio — 188.63% CAGR
Launch year: 2020
HQ: Stockholm
Employees: 17
Tapio is a Brussels-based startup helping companies measure and reduce their carbon footprint with software that calculates and tracks emissions. According to information submitted to Sifted, Tapio reported €1.1m in revenue for the last financial year, up from €134k two years earlier.
9\ Improvin’ — 175.12% CAGR
Launch year: 2022
HQ: Stockholm
Employees: 19
Improvin’ is a Stockholm-based startup helping agri-food companies measure, report and reduce greenhouse gas emissions and biodiversity impact across their supply chains. Improvin’ has raised €5.5m to date, with its most recent round a €3.5m seed round in May 2023. Backers include Atomico, Pale Blue Dot and PINC.
10\ Einride — 170.99% CAGR
Launch year: 2016
HQ: Stockholm
Employees: 388
Einride is a Stockholm-based startup building a fleet of electric and autonomous heavy-duty transport vehicles. According to information submitted to Sifted, Einride reported €41.4m in revenue last year, up sharply from €5.6m two years prior.
