News August 22: CAKE, Anyfin, H2 Green Steel, Curb Food, European startup mafias and more

Here is today's curation of news from Sweden's startup and tech sector, exclusively for subscribers of Swedish Tech News.

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News from Swedish startups, the tech sector and VCs

  • CAKE, Stockholm-based electric motorcycle startup, delivered 1050 motorcycles in 2021 and has 5500 units on its order books, which it plans to deliver within the next 18-20 months. However, supply chain issues and lack of compontents are causing challenges, says founder and CEO Stefan Ytterborn. The company plans to raise a Series C in fall 2022 (Swedish / DI Digital paywall).
  • Stockholm-based consumer finance app Anyfin, which is active in Sweden, Finland and Germany, generated revenue of SEK130M (€12M, $12M) in 2021, and a net loss of SEK199M. Co-founder & CEO Mikael Hussain says the startup is benefiting from high inflation and had close to 500,000 downloads during H1 2022 (Swedish / DI Digital paywall).
  • Swedish fossil-free steel plant startup H2 Green Steel signed a final contract with German car maker BWW Group on the delivery of CO2-reduced steel (English).
  • Curb Food, Stockholm-based dark kitchen and online restaurant brand operator, is expanding into Germany with a first store in Berlin (English).

Other interesting things from the startup/VC world & beyond

  • Dealroom added 150+ companies to the “European startup mafia” landscape, which among many other protagonists features Sweden's "Spotify mafia" (25 companies) & "Klarna mafia" (15 companies) (English).
  • Early founders shouldn't let other people talk them out of their startup idea (English).
  • Costco, the American multinational chain of big-box retail stores, plans to open its second Swedish store in 2024 outside Malmö. The first store will open near Stockholm in the coming months (Swedish, machine translation).

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That's it for today.

Martin Weigert

Martin Weigert

Stockholm