Welcome to Swedish Tech Weekly issue #27. Sent to 239 subscribers.
Here is the latest from Sweden's tech and startup industry.
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Mergers & acquisitions
- Ideal of Sweden, Norrköping-based e-commerce brand for "Swedish designed fashion cases, phone wallets & accessories", has sold a 60 % stake to private equity firm Altor, in a deal that is estimated to be worth more than SEK1B/€100M (Swedish, machine translation).
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- Northvolt (Stockholm, energy storage): $1B (€890M) led by Goldman Sachs and Volkswagen, with participation from BMW and IKEA, to create Europe’s biggest lithium-ion battery plant (English, Swedish).
- Lendify (Stockholm, lending platform): SEK1.5B (€140M) from Insight Investment to lend to Lendify customers (English, Swedish).
- Stillfront (Stockholm, game publisher): SEK500M (€46.8M) through a directed share issue (English, Swedish).
- Insurello (Stockholm, digital insurance solution): SEK25M (€2.3M) from new and existing investors including Schibsted Growth and Luminar Ventures (English, Swedish).
- DIB Hotel (Stockholm, travel booking solution for corporate travel): SEK12M (€1.1M) from angel investors (Swedish, machine translation).
- Irriot (Stockholm, creator of an Irrigation IoT automation platform): SEK2.5M (€230K) from angel investors (English, Swedish).
- BOOM (Stockholm, next generation watches): SEK2.43M (€220K) through crowdfunding (Swedish, machine translation).
- Soundtelling (Stockholm, podcast studio): undisclosed amount from Comade (Swedish, machine translation).
- Swedish VC firm Northzone led a $25M financing round (alongside Atomico) raised by Norway-based startup Spacemaker (English).
News from Swedish startups and the tech scene
Other news and interesting things
- The global startup generator and early-stage VC Antler recently launched in Stockholm. Now the first 13 startups that are part of the program have been announced. Each receives around €100K for a 12 % stake (English).
- The Stockholm-based coworking space and investment fund Norrsken Foundation launched its first international hub in Rwanda's capital city Kigali (English, Swedish).
- Payments firm Klarna lost SEK96M (€9M) during the last quarter; it's the first loss since the company started to publish quarterly reports. According to a company spokes person, the result is due to the company's growth strategy (Swedish, machine translation).
- Struggling video game company Starbreeze has announced that it assigned the publishing rights for the game Psychonauts 2 to Microsoft in exchange for $13.2M (English, Swedish).
- The accelerator Uppsala Innovation Centre is about to close a SEK150M (€14M) fund from private investors as well as government-owned Saminvest, to invest in startups (Swedish, no machine translation available).
- The Stockholm-founded startup hub SUP46 is opening up shop in Helsingborg (Swedish, machine translation).
- Invest Stockholm released the second edition of the Stockholm Fintech Guide (English).
- The results of Breakit's "Impact Challenge" during which hundreds of startups and companies worked to reduce their climate footprint (Swedish, machine translation).
- Atomico's Sophia Bendz on her learnings and insights after having backed 34 companies as angel investor (English).
- Sweden ranks second in the European Union's "Digital Economy and Society Index (DESI)" after Finland (English).
- Less positive: Sweden's current gang violence crisis (English).
- WeWork just opend its first Swedish property in Stockholm. New York Magazine has a long profile of the coworking giant's unconventional founder Adam Neumann and the company's (not flawless) rise (English).
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