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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).

>> 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

  • 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).

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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
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