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
- Bonnier News' cash offer for Swedish digital magazine subscription service Readly made a month ago looks to not materialize in its current form, as two of Readly's main owners have rejected it due to the price "being too low" (Swedish, machine translation).
- Insurello (Stockholm, digital solution that simplifies and democratizes the process of claiming insurance compensation): SEK28M (€2.5M, $2.7M) from existing investors such as Schibsted, Nordstjernan, Luminar Ventures, Inventure as well as Soundtrap founders Per Emanuelsson and Björn Melinder. This round was raised at a post-money valuation of SEK51M, which is a dramatic 80%-90% lower than in July 2021, when Insurello raised SEK150M (Swedish / Breakit paywall, Swedish #2, machine translation).
- In a follow-on investment, Swedish early-stage VC firm Partinc Capital bought shares for €580K in Dutch supply chain platform TIE Kinetix (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
- SEK58.1B (€5.2B, $5.5B) were invested in Swedish tech companies and startups in 2022 according to Di Digital. That's around SEK12B less than in 2021 (Swedish / Di Digital paywall).
- Tickital (formerly Tripier), Stockholm-based startup offering an app for renting or renting out public transport tickets, is seeing customer demand but (unsurprisingly) facing some skepticism from public transport operators. Meanwhile, founder and CEO Saliou Sall says the company will soon launch in an additional sector to broaden its concept (Swedish, machine translation).
Other interesting things from the startup/VC world & beyond
- GP Bullhound’s annual Technology Predictions report (English).
- E-commerce platform Shopify is conducting a “calendar purge,” removing all recurring meetings with more than two people “in perpetuity". It also encourages workers to decline other meetings, and remove themselves from large internal chat groups (English / Bloomberg paywall, alternative URL).
Other interesting things related to Sweden
- 74,140 companies were started in Sweden in 2022. That's 6% fewer than in 2021 (Swedish, machine translation).
That's it for today.