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News from the Swedish startup and tech sector

Welcome to Swedish Tech Weekly issue #4. I didn't plan to publish another issue in 2018, but there have been so many news during the week before Christmas that I changed my mind. Let's get to it.


Exits and funding rounds
  • Stockholm-based connected car company Springworks has been acquired by its UK-based competitor, Tantalum Corporation, for £14M (€15.6M) in an all-cash deal.
  • Gothenburg-based startup Albert which provides digital learning tools for mathematics, announced that it completed a SEK50M (€4.8M) round from new and existing investors, including Schibsted Growth, Inbox Capital and RoosGruppen.
  • Stockholm-based blood analytics startup Werlabs received SEK36M (€3.5M) from undisclosed investors (article in Swedish, machine translation).
  • Stockholm-based video analytics specialist Vionlabs secured SEK30M (€2.9M) from Zenith Group (article in Swedish, machine translation).
  • Besedo, a Stockholm-based company founded in 2004 offering a platform for different types of content moderation for websites, raised SEK30M (€2.9M), led by Swedish investment firm Spiltan.
  • Stockholm-based startup Tiptapp, whose app helps people move things in and out of their homes, raised SEK26M (about €2.5M) from among others Atomico's Sophia Bendz (article in Swedish, machine translation).
  • Stockholm-based greentech startup CorPower, which has developed a compact high-efficiency Wave Energy Converter, secured €2.3M in fresh funding. The new investors include Midroc New Technology, Almi Invest’s Greentech fund and InnoEnergy.
  • Stockholm-based startup Enigio, which uses blockchain technology for digitization and long-term archiving of data, has raised SEK19M (€1.8M) in a financing round from Stockhorn Capital, Ann Grevelius, Sören Mellstig and Magnus Rosén (article in Swedish).
  • Paydrive, a Stockholm-based startup providing an insurance product for drivers that is customized to the way of driving, raised SEK16M (€1.5M) from existing investors, the Norwegian insurer Gjensidige as well as NFT Ventures and Ålands Ömsesidiga Försäkringsbolag.
  • Swedish VC firms Creandum, EQT Ventures and Spintop Ventures cashed in when Zynga bought 80 % of Helsinki-based mobile game maker Small Giant Games for $560M (Creandum's blog post, EQT's blog post, Spintop's blog post).
News from startups and the tech scene
  • Stockholm-based payments firm PFC, formerly known as Betalo, has launched what its CEO Eli Daniel Keren calls "Sweden’s first neobank", P.F.C.
  • Rdot, a startup founded in 2016 based in Gothenburg, has developed an e-paper display that its makers think is better than E Ink.
  • Stockholm-based fintech Dreams, which has developed an app that is intended to make it easier to save and invest money, has reached a valuation of SEK450M (€43.5M) and 300,000 customers (article in Swedish).
  • Entrepreneur and angel investor Erik Byrenius created the new Swedish financing instrument WISE (Warrants for Investment in Startup Equity), inspired by Y Combinator’s Safe convertibles.
  • Move To Nordics is a site that connects Nordic startups with talent outside of the Nordics, initiated by Stockholm-based startup hub Sup46, Malmö Startups and other partners from the Nordic countries.
  • Berlin-based food delivery service Delivery Hero, led by Swedish CEO Niclas Östberg, has sold its German operations to for €930M.
  • When it recently started to snow in Stockholm, Voi temporarily removed its e-scooters from the streets of the capital, while U.S.competitor Lime didn't (article in Swedish, machine translation).
  • Spotify and music publishing company Wixen have mutually agreed to dismiss the $1.6B lawsuit Wixen filed back in 2017.
Other news and interesting things to read
  • The 29th iteration of the Icehotel in the Swedish town of Jukkasjärvi has opened its doors, including many impressive ice sculptures.

And a little correction from last issue:
Sweden’s innovation agency is named Vinnova.

Thanks for reading. See you again in 2019!

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