Welcome to Swedish Tech Weekly issue #8, bringing you the latest from Sweden's tech and startup industry. For the first time sent to more than 100 subscribers!
In case you are looking for a tweet to tell others about this newsletter, here is one you could retweet.
- Stockholm-based video streaming specialist Magine TV has sold its German B2C-business to Swiss TV streaming service Zattoo (something those following @swedishtechwkly on Twitter learned 2 days before it was covered by Swedish media). Magine's consumer offering will be shutdown and Magine will focus on the B2B market (in English, in Swedish).
- The largest Scandinavian wine importer Viva Group has acquired Wine in Black, a Berlin-based online retailer of premium wines, for an undisclosed amount (in English).
- Stockholm-based Payments company Trustly has aquired Malta-based competitor Entercash (founded by the Swede Jonas Sundvall) for an undisclosed amount (in Swedish, paywall).
- Stockholm-founded cloud-based cybersecurity startup Baffin Bay Networks has announced its expansion to the US by acquiring Loryka, which focuses on botnet and IoT research. The terms of the deal were not disclosed (in English).
News from startups and the tech scene
- Linköping-based producer of 3D printers Wematter has raised SEK40M (€3.9M) from new and existing investors, including LMK Ventures and Syntrans (in English, in Swedish).
- After recent layoffs, Fyndiq, a Stockholm-based e-commerce company, announced that its existing investors increased their equity participation in the company with SEK 35.4M (€3.4M) by converting existing loans (in English, in Swedish).
- Stockholm-based Tipser, a company that offers an affiliate-based software solution to transform any content platform into an e-store, has raised SEK12M (€1.16M) from existing investors (in English).
- Helsingborg-based startup Invono, which has developed a platform providing a variety of services needed to run companies, has received SEK7.8M (€750K) from unnamed investors (in English, in Swedish)
- Upcoming Växjö-based online shopping search engine Shopit has raised SEK6.7M (€645K) from Almi Invest and Softhouse Invest (in Swedish, machine translation).
- Econans, a Gothenburg-based startup providing a digital financial forecast service, has raised SEK4M (€380K) from GoKap Invest and Almi Invest (in English, in Swedish).
- Stockholm-based startup Ugglo, an online children’s book subscription service and educational tool for pre-schools and schools, secured SEK3.9M (€376K) from Dan Castillo, Magnus Sandberg and Martin Randel (in English, in Swedish).
- Breakit has a list of the Swedish startups that have recently received money from the European Union's Horizon 2020 fund (in Swedish, machine translation).
A note about the funding rounds: Previously I chose SEK10M as threshold whether a round should be mentioned here or not. However, this would exclude many interesting startups. But a general lower limited is required in my opinion particularly during weeks with many news. So I am still experimenting. If you have opinions, please hit reply and let me know.
Other news and interesting things to read
- Startup generator Antler, which connects founders before they have a company, has launched in Stockholm. Successful creations get $110K from Antler for a 12 per cent stake in the company.
- SoundCloud financial numbers for 2017. Global revenues grew 80 per cent to €90.7M. 71 per cent were generated in the United States.
- Another e-scooter company is looking to enter the Swedish market, Berlin-based Tier (in Swedish, machine translation).
- Stockholm-based P2P lending platform Lendify has secured SEK1B (€96M) from a "large Swedish institution" to loan to its customers (in Swedish, machine translation).
- Profile of Malmö-based Telavox, an expansive company founded in 2002 that develops B2B communications platforms. Entirely bootstrapped, although Ericsson's former CEO Jan Frykhammar recently invested at valuation of SEK1.1B (€106M) (in Swedish, machine translation).
- Stockholm-based software firm Peltarion has created a 59-page "essential AI handbook for leaders".
- A very long article (30 minutes reading time) describing the fall of Stockholm-based video game company Starbreeze.
- Swedish fashion giant H&M has hired the Cambridge Analytica whistleblower Christopher Wylie as a consultant to work with data analytics and the ethical use of AI.
- Q&A with leading Swedish VR & AR experts on the state of virtual and augmented reality (in Swedish, machine translation).
- In 2018, Sweden’s p2p payment app Swish processed on average more than a million transactions every day; 397 million in total, of which 52 million were retail transactions (in Swedish, machine translation).
- Analysis of how European startup hubs are (or aren't) connected and how capital, talent and opportunities flow.
- According to a study, Swedish rail operator SJ is the most digital transport company in Europe.
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