Welcome to Swedish Tech Weekly issue #30.
Here is the latest from Sweden's tech and startup industry.
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Mergers & acquisitions
- Embark Studios, a Stockholm-based game development studio, has sold a 33 % stake to its existing investor, Japanese games company Nexon, for about SEK900M (€85M). This gives Nexon a controlling stake of 66.1% in the company (English, Swedish).
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- NA-KD (Gothenburg, online fashion retailer): €20M (SEK210M) from existing and new investors, among them Partech, Eequity and Northzone (English, Swedish).
- Epidemic Sound (Stockholm, music licensing provider for creators): $20M (€17.7M) in a financing round that includes equity funding from Korean investor DS Asset Management, and debt funding from SEB (English, Swedish). Also: An interview with CEO and co-founder Oscar Höglund about the round (English).
- Doktor.se (Stockholm, video-based healthcare): SEK150M (€14.2M) bridge funding via a convertible loan (English, Swedish).
- Mitigram (Stockholm, online platform for funding and hedging the risk of trade): SEK100M (€9.5M) from Sampo plc and others (English, Swedish).
- Adaptive Simulations (Stockholm, maker of the wind simulations technology "Ingrid Cloud"): €2.4M (SEK25.3M) from Fairpoint Capital, Industrifonden and others (English).
- LUB Foods (Stockholm, manufacturer of healthy "functional foods" branded as "NICK's"): €1.7M (SEK17.5M) from PeakBridge (English).
- Storykit (Stockholm, content marketing platform): SEK17.5M (€1.7M) from angel investors (English, Swedish).
- Sniph (Stockholm, perfume subscription service): SEK10M (€950K) from angel investors (Swedish, machine translation).
- Pangara (Malmö, market place for remote software developers): SEK8M (€760K) from Tassaka Invest (English, Swedish).
- 3TEMP (Arvika, service and equipment for the coffee industry, such as the "Hipster Brewer"): SEK7M (€660K) from angel investors (Swedish, machine translation).
- Belly Balance (Stockholm, developer of digital solutions to treat irritable bowel syndrome): SEK3.5M (€330K) from Add Health Media and Thnx Innovation (Swedish, machine translation).
- The Fit (Stockholm, mobile 3D body scanning solution): SEK2.85M (€270K) from angel investors and Saminvest (English, Swedish).
- Eneo (Stockholm, solar cell company focusing on large companies and organizations): Undisclosed amount from D-Ax (English, Swedish).
- Leeroy (Sundsvall, software solutions for the restaurant industry): Undisclosed amount form D-Ax (English, Swedish).
- Swedish VC firm Creandum made its first investment in the Baltics, by providing $1.9M in seed funding to Estonian startup Klaus, a "conversation review tool" for support teams (English).
News from Swedish startups and the tech scene
Other news and interesting things
- Steady Health, co-founded by Swedish entrepreneur Henrik Berggren in San Francisco, aims to offer modern diabetes care, initially targeting the US market (English).
- BYON8, a startup founded in Linköping and based in Stockholm, is launching AITOPYA, a free mobile application that helps sick people easily access a health check-up in minutes using AI, initially targeting markets in Africa, with Uganda first (English).
- Woilà, a Stockholm-based startup which promises people to pay them money if items they bought online have gotten cheaper after the purchase, has launched an app for iOS/Android (Swedish, machine translation).
- The game studio Isbit Games, co-owned by Zlatan Ibrahimovic and maker of the game "Zlatan Legends", is shutting down due to lack of commercial success (Swedish / DI Digital Paywall).
- The German e-scooter operator Circ has launched in Stockholm (Swedish, machine translation).
- Spotify is shutting down a program that allowed indie artists to upload their own music to the streaming service. The company believes that music distribution is best handled by partners (English).
- The trendy Stockholm district of Södermalm is becoming even more of a cluster of game studios (Swedish, machine translation).
- On July 1, a new strict smoking ban went into effect in Sweden (English).
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