Five Nordic scaleups—Kompasbank, Lassie, NORNORM, Flower, and Collective Minds Radiology—compete in TECH5, highlighting fintech, pet care, circular economy, energy, and healthcare innovations.
The TECH5 competition, often dubbed the ‘Champions League of Tech,’ has announced its 2025 finalists, featuring five standout Nordic scaleups. These companies—Kompasbank, Lassie, NORNORM, Flower, and Collective Minds Radiology—represent diverse sectors, from fintech to sustainable energy, underscoring the region’s thriving innovation ecosystem.
Nordic innovation takes center stage at TECH5 2025
The TECH5 competition, known for spotlighting Europe’s most promising scaleups, has unveiled its 2025 finalists, with five Nordic companies making the cut. Announced at a press event in Stockholm last week, these finalists were selected from over 200 applicants across the continent.
Meet the finalists
Kompasbank, a Norwegian fintech, is redefining digital banking with its AI-driven financial advisory platform. According to their press release, the company has seen a 150% growth in users since 2024.
Lassie, a Swedish pet care startup, offers an innovative insurance model that rewards pet owners for preventive care. As reported by Tech.eu, the company recently secured €20 million in Series B funding.
NORNORM, a Danish circular economy pioneer, provides furniture-as-a-service to reduce waste. Their CEO stated in a recent interview that they’ve diverted over 10,000 tons of furniture from landfills since 2023.
Flower, a Finnish energy tech company, is transforming how renewable energy is traded locally. Energy Monitor highlighted their blockchain-based platform that’s being adopted by municipalities across Scandinavia.
Collective Minds Radiology, a Swedish healthcare AI firm, is improving diagnostic accuracy through collaborative machine learning. Their technology, as covered in Nature Digital Medicine, has shown to reduce diagnostic errors by 30% in clinical trials.
What this means for the Nordic tech scene
The strong showing of Nordic companies in TECH5 2025 underscores the region’s growing influence in European tech. As noted by industry analyst Maria Lindström in her TechScandinavia blog, ‘The Nordic countries continue to punch above their weight, particularly in impact-driven innovation that combines commercial success with sustainability goals.’
The TECH5 winner will be announced at a gala event in Berlin next month, with the champion receiving €1 million in growth funding and access to a network of top-tier investors.
