Swedish startups among fastest growing in Europe

More than two dozen companies in Sweden are among the Financial Times’ top one thousand fastest growing in Europe, with a company from Finland topping the list.

The Financial Times’ sixth annual list of the fastest growing companies in Europe includes 28 Swedish startups. More than half of those 28 are newcomers to the FT list.

“I hope that our journey can inspire others”

Instabox, which claimed the 10th spot, has an absolute growth rate of 6,287 percent in the last five years. The company is the fastest growing in Sweden, and the third fastest growing technology company in Europe.

Instabox says it has approximately 2,700 employees and delivers packages to customers in Sweden, Norway, Denmark and the Netherlands.

More than half of Sweden’s population can pick up deliveries from their smart cabinets, according to their website.

“This is a fantastic recognition of the hard work many have put in over the past five years. Many fantastic and inspiring companies have placed in the top 10 before and I hope that our journey can also inspire others,” Alexis Priftis, CEO and founder of Instabox, said. “I am particularly proud that we have achieved this extreme growth without sacrificing our focus on sustainability.”

The company says it plans to continuing expanding the network of smart parcel cabinets in all markets, adding more e-retailers and establishing new markets. This year, Instabox has plans to enter the German market.

“If you don’t aim high, it’s hard”

Svea Solar, another Swedish startup, placed 164th on the FT list of fastest growing companies in Europe. They also rank 8th in the energy sector, and 6th fastest growing in Sweden.

“We’re very humble and super excited to continue our hyper-growth journey and keep adding brilliant people with a passion for fighting climate change,” the company said on LinkedIn.

The Swedish solar cell company was involved in Techarenan’s Entrepreneur’s Convention event last year.

“If you don’t aim high, it’s hard. You need to be proactive at all times and build scalable systems and recruit in a way that allows you to grow,” Svea Solar CEO and co-founder Erik Martinson said last year. “It is possible to grow well, but not so quickly if you do not plan for it.”

Italy is the country with the most entries on the FT list, with 235 companies. Second is Germany with 194 companies, followed by the UK with 155 companies.