News July 20, 2022: Magma, H2 Green Steel, REARQ, WAYOUT, Roam, Klarna, Jacob de Geer and more

Here is today's curation of news from Sweden's startup and tech sector.

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Funding news

  • Magma, formerly Matteappen (Stockholm, math learning app for elementary schools): SEK52M (€5M, $5.1M) from Stena family's Kim and William Olsson as well as existing investors Fros Ventures and Per Emanuelsson, at a post-money valuation of SEK230M. The fresh funds will be used to scale up in the US, as well as expansion into additional markets (English, Swedish).
  • H2 Green Steel (Stockholm, developer of a fossil-free steel plant to be built in northern Sweden): undisclosed ("significant") amount from Hitachi Energy as part of a broader partnership (English, Swedish / DI paywall).

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News from Swedish startups, the tech sector and VCs

  • Gothenburg-based startup REARQ specializes in converting existing vehicle fleets to become 100% electric as well as smart & connected. MatHem is now using one converted truck that formerly ran on diesel, to make grocery deliveries in Gothenburg, with the option of more vehicles to follow (Swedish, machine translation).
  • WAYOUT, founded in 2018, has developed a micro-factory system that allows for local production and distribution of perfect drinking water. The Stockholm-based startup hopes to put 600 units into the field in regions of the globe where clean drinking water is harder for people to access, within the next 2-3 years (English).
  • Roam, the Swedish-Kenyan developer of electric mobility technology formerly named Opibus, unveiled its next-generation electric motorcycle "Air", which is adapted and designed for markets in African (English).
  • Klarna is opening a pop-up store in Los Angeles, described as "shopping escape" that will be open for 2 days (July 23 and 24) and "feature exclusive offers from all of your favorite mission-driven brands" (English).
  • 🎧 Jacob de Geer, who once was the first employee at Tradedoubler and later founded iZettle (now "Zettle") and sold it to PayPal for $2.2B, talked on Swedish radio's program "Sommar i P1" about his entrepreneurial journey and failures (Swedish, 60 minutes).

Swedish tech earnings reports

Other interesting things from the startup/VC world

  • European startups raised €54.4B ($55B) in H1 2022, but Q2 registered a decline of 10.6% in capital invested over Q1, according to Pitchbook's just published Q2 2022 European Venture Report (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: