News January 19, 2023:, SunRoof, Scrintal, Quritis, VOI, Dynamic Code, Lexly, teen social networks, Realheart 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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Mergers & acquisitions

  • (Malmö, provider of WebAuthn APIs to support secure password logins) was acquired by US-based open source password management platform Bitwarden. Financial terms were not disclosed. The service was founded by Anders Ă…berg, launched around 2 1/2 years ago and had not raised any external funding (English, Swedish).

Funding news

  • SunRoof (Stockholm, custom-engineered solar roofs): €13.5M ($14.6) extension round from a syndicate of European climate tech investors, including World Fund, Nordic Alpha Partners, and L&G Capital. The company will use the funds to drive its expansion plans across the Nordics, Germany as well as in the US (English, Swedish / Breakit paywall).
  • Scrintal (Stockholm, visual note-taking and collaboration tool): €1M ($1.1M) in a funding round led by Spintop Ventures, and joined by existing investor (English).
  • Quritis (Stockholm, automated tool to help harden the security for cloud-based applications that run within containerized software, such as Docker): SEK3M (€270K, $290K) from angel investors Johan Qviberg, Simon Josefsson, Jimmy Lundström and Christopher Suarez (Swedish / Breakit paywall).
  • Trellis Road participated in a €1.2M ($1.3M) pre-seed round raised by German-Brazilian startup InPlanet. The company specializes in large-scale removal of CO2 from the atmosphere through Enhanced Rock Weathering (English).
  • In a follow-on investment, Norrsken VC led a €2M ($2.2M) funding round raised by Estonian sustainable investment platform GrĂĽnfin (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

  • VNV Global, biggest investor in VOI, massively wrote down the valuation of the Swedish e-scooter company again, this time by 40% compared to Q3 2022, to SEK3.7B (€330M, $360M). This represents an EV/Revenue multiple of 3.3, down from 6.3 (Swedish / Di Digital paywall).
  • Dynamic Code, Linköping-based provider of end consumer health and diagnostic tests, is laying off around 20 employees and pausing its activities on the German market (Swedish, machine translation).
  • Last Monday I covered the launch of Swedish teen-focused, poll-based social networking app LYCKLI. The sector appears to be hot: Earlier this week Discord announced having acquired US-based social app Gas, which LYCKLI clearly was inspired by (one more Swedish clone). Today, the reportedly fast growing Germany-based compliments app for teens Slay announced a €2.5M pre-seed funding round led by Accel.
  • Lexly, Stockholm-based provider of online legal services, is launching in Norway (Swedish, machine translation).
  • Realheart, publicly listed VästerĂĄs-based medtech company, and KTH have developed a patient simulator to test the algorithm that controls the company's artificial heart (English).
  • Spotify and a group of European companies are calling on the European Commission to take “swift and decisive action” against Apple over what they describe as anti-competitive practices that have hampered their businesses (English).

Swedish tech earnings

  • VNV Global (Stockholm, investment company) published its Q4 2022 interim report (English).

Other interesting things from the startup/VC world & beyond

  • Sequoia Capital launched a $195M dedicated seed fund, its fifth. The vehicle will be used to back founders across the United States and Europe (English).
  • Last year, US startups with all-women teams received 1.9% of venture capital invested. That's down from 2.4% in 2021. Mixed teams raised 17.2% of the funding (English). That's bad but outperforms Sweden significantly nevertheless.
  • How to explain a (potentially complicated sounding) startup idea to investors in the best possible way, that’s super easy to understand (English).


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: