News December 7: Einride, Sana Labs, Fibbl, Novatron Fusion Group, Elias, Nextory, Spotify, Lifesum and more

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

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Funding news

  • Einride (Gothenburg; autonomous, all-electric transport provider): $500M in financing, including $300M in debt financing provided by Barclays Europe, and a $200M Series C equity round (which includes a $90M convertible note raised earlier this year) from new and existing investors, such as AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek (English, Swedish).
  • Sana Labs (Stockholm, personalized learning platform): $34M in a so far unconfirmed funding round reportedly led by a yet undisclosed US-based VC firm (Swedish / Breakit paywall).
  • Fibbl (Stockholm, end-to-end solution for 3D and AR focused visual marketing): SEK30M (€2.7M, $2.8M) in a seed round. The majority of the money was provided by angel investors Pontus Lindwall and John Wattin (English).
  • Novatron Fusion Group (Stockholm, developer of fusion power technology): undisclosed amount from EIT InnoEnergy and KTH Royal Institute of Technology (English).
  • IKEA and H&M president and CEO Karl-Johan Persson participated in a €110M funding round raised by Danish B2B subscription-based furnishing service Nornorm. The round was led by Verdane. Nornorm was co-founded by Inter IKEA Development in 2020 (English).
  • In another follow-on investment, IKEA-owned Ingka Investments participated in a CAD75M (€52M, $55M) Series C round raised by GoBolt, a Canadian technology-enabled logistics and last-mile delivery provider (English).

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

News from Swedish startups, the tech sector and VCs

  • Elias, Stockholm-based game audio and music software platform which was declared bankrupt in October, announces on its website that it will keep developing the company's "adaptive music and sound engine", promising more details to come in January 2023.
  • Nextory, Stockholm-based audiobook and e-book subscription service, broadens its offering on the Swedish market by adding digital magazines to its app (English, Swedish).
  • To reduce costs, Spotify reportedly is asking its employees to avoid nonessential travel, and pauses offsite events (Swedish, machine translation).

Swedish tech earnings

  • Lifesum (Stockholm, digital nutrition platform) generated revenue of SEK203M (€18.6M, $19.5M) during the financial year which ended in April 2022 – compared to SEK228.9M during the 12 months before – and a loss of -SEK39.3M (Swedish, machine translation).

Other interesting things from the startup/VC world & beyond

  • Atomico published its annual State of European Tech 2022 report, showing that European startups are on track to raise $85B this year, down from $100B+ in 2021 (English).
  • German VC firm Cavalry Ventures raised €100M of a target €160M fund — its third investing in early-stage technology companies (English).
  • Potentially useful: A tool creating domain name suggestions based on company/product descriptions (English).
  • ”Ginseng strip 2002” by Swedish rapper Yung Lean, released in 2013, was the song used the most in videos shared on TikTok globally this year (Swedish, machine translation).

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That's it for today.

Martin Weigert

Martin Weigert

Stockholm