Continued strong development of startups in Norrbotten and Västerbotten

February 08, 2022
Jens Lundström, CEO of Arctic Business. Photo: Viveka Österman.
Jens Lundström, CEO of Arctic Business (Photo: Viveka Österman)

Startups fostered by Sweden’s Arctic Business generated 52 million kroner in tax revenues for Norrbotten and Västerbotten counties in 2020, an increase of 7 million kronor from the previous year. The companies is valued at more than 2 billion kronor and now employs more than 370 people full time, according to its 2021 annual report.

“We are proud of the figures, Covid-19 has characterized the last few years and we are a small team of just over ten people working with this to build, support and expand tech startups from northern Sweden,” says Jens Lundström, CEO of Arctic Business.

In 2021, Arctic Business Incubator AB had sales of 18 million kronor in financing from Vinnova, owners and various projects. During the year, the employees, who are located at the respective science park in Luleå, Piteå and Skellefteå, met over 130 business ideas from Norrbotten, Västerbotten, southern parts of the country and the rest of the world. Over 50 teams received help to develop their idea in Arctic Business Accelerator  to be able to decide whether or not to start a company.

During the year, 30 startup companies received more extensive support in the Arctic Business Incubator. Everyone got help with business, team building and financing. In total in 2021, Arctic Business attracted 48 million kronor in financing to its startups.

“These are companies that solve important global problems with technological innovation in areas such as energy, space and mining,” Mr Lundström says.

In 2022, Arctic Business believes in more ideas in the wake of the investments taking place in Norrbotten and Västerbotten. There has already been a sharp increase in interest from entrepreneurs and investors nationally and internationally who want to come to northern Sweden. In 2021, about a third of all contractors contacted Arctic Business from other parts of Sweden or the world.

“It can, for example, be about spin-off ideas from the industries that are now establishing themselves or expanding. Many skilled entrepreneurs will be needed to drive the green transition and we are here to support them,” Mr Lundström says.

Arctic Business Incubator AB in figures 2020
Since Arctic Business was founded in 2005, more than a thousand ideas and teams have received support and advice. To date, 170 limited companies have been created, and 130 of the companies are currently active (with income and employees) and valued at more than 2 billion kronor. Over the years, around 10 companies have been acquired or merged. The remaining 30 have little or no income or have been wound up.

Municipal tax revenues total:
SEK 52m
(of which Luleå SEK 16m and Skellefteå SEK 8.9m)
VAT: SEK 107m
Employed (full-time): 370+
Employer contributions: SEK 41+m
Revenues: > SEK 450m

*All figures are based on annual reports for 2020 that could be compiled in 2021 as they became public.


About Arctic Business

Arctic Business helps entrepreneurs develop extraordinary ideas with growing business nationally and internationally from northern Sweden. Since 2005, Arctic Business has worked with over 170 companies, which today are valued at over 2 billion kronor. We have staff in Luleå, Piteå and Skellefteå at each science park. The business is owned by LTU Holding,