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News August 25, 2022: Sensorem, Audiodo, Vembla, CAKE, Qick, F10, Checkin.com 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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Funding news

  • Sensorem (Stockholm, smartwatch with SOS function for seniors): SEK4M (€380K, $380) from angel investors including Magnus Silfverberg, Pontus Lindwall and Johan Menckel (English, Swedish).
  • Audiodo (Malmö, technology for personalized audio, which adapts music to a person's individual hearing): undisclosed amount from world famous music producers and songwriters Carl Falk Gramer and Savan Kotecha (English).
  • Fairpoint Capital participated in a €6M ($6M) seed round raised by Danish software prediction services platform Neurons Inc (English).

>> Daily updated, subscriber-exclusive Google sheet with all funding rounds raised by private Swedish startups and scaleups. Request access.

News from Swedish startups, the tech sector and VCs

  • Vembla, Swedish instant hyper-local grocery home delivery service competing with foodora Market and Kavall in Stockholm and Malmö, is fighting for its survival after planned financing fell through. The company is responding with closing 2 of its 4 dark stores and laying off some of its staff, while trying to secure more funding (Swedish / DI Digital paywall).
  • CAKE is expanding into Asia. The Stockholm-based electric motorcycle startup announced a 3-year contract worth $20M for electric motorcycles with a local dealership partner in South Korea (English).
  • Milad Mahmoudyan started bootstrapped Ă–rebro-based e-scooter provider Qick with the help of a consumer loan. The company has its focus on smaller Swedish cities and currently employs a staff of around 20. In 2021, it generated a profit of SEK1.9M, at a revenue of SEK16.7M (€1.6M, $1.6M). For this year, it aims for SEK27M in revenue and SEK6.2M in profit (Swedish / DI Digital paywall).
  • F10, a global innovation ecosystem and incubator with roots in Switzerland, is launching "the world's first Climate FinTech Incubation Program" for startups in the Nordics and Baltics. The program is led by Stockholm-based Anders Norlin. Doconomy, Swedish creator of climate-friendly fintech solutions, is one of the first supporters (English).

Swedish tech earnings reports

Other interesting things from the startup/VC world & beyond

  • Max Novendstern, co-founder and former CEO of high-profile US startup Worldcoin, plans to launch a new venture: Mana, an “AI venture capitalist that will run autonomously on-chain”. The goal is to create "a venture model that scales like software —no marginal cost" (English).
  • A working list of early-stage founders’ financial model questions and helpful resources (English).

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That's it for today.

Martin Weigert

Martin Weigert

Martin is the founder of Swedish Tech News. Every day he spends many hours gathering and curating the latest from Sweden's startup & tech sector. Contact: m@swedishtechnews.com
Stockholm