This handbook will guide you through the Nordic startup and investor environment and highlight the most relevant regulatory and tax issues faced by angel investors.

Though the Nordics account for only 8 % of the European GDP, the Northern countries account for 50 % of the European startups that exceed the $1bn valuation - also known as unicorns due to their rarity. This is indicative of the Nordic countries’ supportive startup environment, ease of doing business and availability of financing, all of which are generally considered cornerstones of well-functioning startup ecosystems.

The angel investor environment is continually improving as angel investor networks have become more organised, which improves investment opportunities, awareness and information about angel investing.

For angel investors, the tax and regulatory environment is crucial, as it affects the lucrativeness of investing in startups. Improved incentives for investing in startups raise the interest in angel investments.

In this handbook, we present information on the Nordic startup and investor environment and guide you through the most relevant regulatory and tax issues primarily faced by angel investors - this includes a benchmark with London, regarded as the leading European startup hub.