Welcome to Swedish Tech Weekly issue #108.
Bringing you the latest from Sweden's tech and startup industry.
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Mergers & acquisitions
- Stronger (Stockholm, direct-to-consumer brand for activewear for women) has sold a 51 percent stake to the Danish private equity firm Polaris. According to Breakit, the deal valued the company at SEK1.5B (€150M, $180M) (English, Swedish).
- Bambuser (Stockholm, provider of technology for live video shopping) announced the acquisition of Relatable, a Stockholm-based global influencer marketing technology company, for $24M (English, Swedish).
- Foss ID (Malmö, software composition analysis tool that scans code for open source licenses and vulnerabilities) has been acquired by UK-based cloud native application security company Snyk. Financial details were not disclosed (English).
News from Swedish startups and the tech sector
- Exeger (Stockholm, manufacturer of flexible solar cells made to power gadgets): $38M in a mix of debt financing and equity funding, from Swedbank, Swedish Export Credit Corporation and existing investor Ilija Batljan Invest (English).
- SurfCleaner (Stockholm, developer of a system that collects and separates pollutants from water surfaces): SEK48.6M (€4.8M, $6M) from angel investors (Swedish, machine translation).
- Checkin.com (Stockholm, provider of registration flow solutions for online services): SEK45M (€4.5M, $5.4M) through an IPO (Swedish, machine translation).
- Ecohelix (Stockholm, developer of proprietary biopolymer processing technology): SEK20M (€2M, $2.4M) from Almi Invest Greentech, Molindo Energy and angel investors (English, Swedish).
- Migränhjälpen (Jönköping, provider of digital health services focused on treatment of migranes): SEK10M (€1M, $1.2M) from new and existing investors, among them Almi Invest and Add Health Media (English, Swedish).
- FindOut Diagnotic (Stockholm, developer of diagnostic self-tests): SEK7.5M (€750K, $900K) from Blq Invest, AddHealth Media and angel investors (English, Swedish / Breakit paywall).
- Pigello (Stockholm, SaaS platform for the real estate industry): SEK4M (€400K, $480K) from PropTech Farm (English, Swedish).
- IamIP (Stockholm, provider of an agile patent platform): undisclosed amount from Black Pearls VC (English).
- Swedish VC firm EQT Ventures led a $47M Series B funding round raised by UK-based workforce mental health platform Unmind (English).
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- Storytel is shutting down Ztory, the subscription service for newspapers, children books and magazines it acquired 2 years ago (Swedish, machine translation).
- Stockholm-based startup Returnado, which handles all aspects of the returns process for e-commerce customers in over 70 countries, launches a solution that allows consumers of participating retailers to return unwanted items, regardless of their age (English).
- E-scooter and micromobility provider VOI has decided to continue to invest in growth, giving up on its previous goal to become profitable in 2021 (Swedish, machine translation).
- The initiative Shift, which aims to support Swedish startups that don't originate from the typical tech hubs and well-connected networks, has revealed the 10 finalists that will pitch to raise funding from an investor jury (Swedish, machine translation).
- Global early-stage VC and startup generator Antler has closed its first Nordic fund at €29.6M ($36M), looks to back startups in Sweden, Norway, Denmark (English).
- Spotify was the first company to go public through a public listing. In this interview, Spotify’s CFO Paul Vogel talks about the process and learnings (English).
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Other interesting things
- The Swedish computer science professor Pontus Johnson discovered an arbitrary code execution vulnerability in the Universal Turing Machine, one of the earliest computer designs in history (English, Swedish / Ny Teknik paywall).
- The secret behind the Nordic countries' high happiness rankings: reasonable expectations (English).
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