Here is today's curation of news from Sweden's startup and tech sector.
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Mergers & acquisitions
- Momentum (Stockholm, publicly listed provider of a SaaS solution for property management) is being acquired by German proptech software company Aereon. Aereon buys 93% of the shares in a deal that values Momentum at SEK1.8B (€170M, $180M), representing almost 19x 2021' sales (English, Swedish).
- MATCHi (Gothenburg, booking platform for racket sports) is acquiring Spanish sports center management software provider TPC-MATCHPOINT for an undisclosed amount (Swedish / DI Digital paywall).
- Just Football (Stockholm, mobile app which gets people playing football in real life) was acquired by Danish competitor Inchbyinch and is being merged with its app. Financial terms were not disclosed (English, Swedish).
- Elypta (Stockholm, early cancer detection technology): $21M in a Series A funding round led by Bonnier Ventures, with participation from existing investors such as Navigare Ventures, Industrifonden, Norrsken VC, Nina Capital, Chalmers Ventures and Hillclimber (English).
- MATCHi (Gothenburg, booking platform for racket sports): SEK70M (€6.6M, $7M) from existing investors Verdane and Sprints Capital (Swedish / DI Digital paywall).
- Flowfactory (Stockholm, low code platform for business applications): SEK16M (€1.5M, $1.6M) from among others Johan Hernmarck, Jensen family and Fredrik Vom Hofe (Swedish, machine translation).
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News from Swedish startups, the tech sector and VCs
- Stockholm-based OhCleo is pivoting its model from a subscription service for audio erotica for women, to something akin of an "OnlyFans for audio erotica" by offering a platform for creators (Swedish, machine translation).
- Zipforce, founded in 2016 by Måns Bengtsson and based in Stockholm, launches two new rechargeable electric motors capable of turning any bike into an electric bike (English).
- Transfer Galaxy plans to turn its remittance service into a finance super app for people with migrant background. The Örebro-based startup which has been profitable for the past two years aims for a launch date by year end (Swedish / DI Digital paywall).
- UK-based investment firm GP Bullhound published its "Titans of Tech 2022" report on European unicorns. Sweden ranks now #3 compared to #1 last year by cumulative value, beaten by the UK and Isreal.
Other interesting things from the startup/VC world & beyond
- UK-based VC firm LocalGlobe has closed a $500M fund and changed its name to Phoenix Court Group (English).
- 10 things that make investors lose confidence in a startup (English).
Other interesting things related to Sweden
- Volvo Trucks begins testing vehicles that use “fuel cells powered by hydrogen" (English).
That's it for today.