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# News March 3, 2022: Acast, VOI, Spotify, Nothing, Tradera, Crowdcube and more
- URL: https://www.swedishtechnews.com/news-march-3-2022/
- Published: 2022-03-03T16:00:00.000Z
- Updated: 2023-08-08T16:14:52.000Z
- Description: Here is today's curation of news from Sweden's startup and tech sector, as well as some interesting reads, exclusively for subscribers of Swedish Tech News.
- Author: Martin Weigert
- Tags: Daily (PRO), Acast, Voi, Spotify, nothing, tradera, crowdcube

Here is today's curation of news from Sweden's startup and tech sector, as well as some interesting reads.

💡

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**News from Swedish startups, the tech sector and VCs**

- [Acast](http://www.acast.com)'s consumer podcast app hasn't received a lot of love lately, and now the Stockholm-based company announced that it will shut down the app in 2022\. Acast's focus will be entirely on the open podcast ecoystem, which it monetizes through an ad marketplace and a recently launched subscription offering ([English](https://investors.acast.com/press-releases/acast-is-strengthening-its-focus-on-the-open-podcast-ecosystem-and-is-therefore-shutting-down-its-own-podcast-app)).
- [VOI](https://www.voiscooters.com/) has reportedly picked banks to arrange a planned initial public offering either in the second half of 2022, or next year, targeting to achieve a market capitalization of well above $1B in the IPO ([English](https://www.bnnbloomberg.ca/electric-scooter-firm-voi-picks-banks-for-nordic-ipo-1.1731968)).
- [Spotify](http://www.spotify.com) has decided to close its recently opened Russia office, but is not disabling access to its service within Russia ([English](https://variety.com/2022/digital/news/spotify-closes-russia-office-removes-rt-sputnik-1235194594/)).
- [Nothing](https://nothing.tech), the London-based hardware startup founded by Swedish entrepreneur Carl Pei, is reportedly working on a smartphone expected to be announced next month ([English](https://techcrunch.com/2022/03/02/nothing-smartphone-carl-pei/)).
- Swedish online market place [Tradera](https://www.tradera.com/) is jumping on the NFT hype, starts to run digital art auctions ([Swedish](https://www.mynewsdesk.com/se/tradera/pressreleases/ernst-billgren-och-tradera-i-ny-nft-satsning-3166062?utm%5Fsource=rss&utm%5Fmedium=rss&utm%5Fcampaign=Alert&utm%5Fcontent=pressrelease), [machine translation](https://www-mynewsdesk-com.translate.goog/se/tradera/pressreleases/ernst-billgren-och-tradera-i-ny-nft-satsning-3166062?utm%5Fsource=rss&utm%5Fmedium=rss&utm%5Fcampaign=Alert&utm%5Fcontent=pressrelease&%5Fx%5Ftr%5Fsl=auto&%5Fx%5Ftr%5Ftl=en&%5Fx%5Ftr%5Fhl=en&%5Fx%5Ftr%5Fpto=wapp)).
- UK-based equity crowdfunding platform [Crowdcube](https://www.crowdcube.com/) is launching in Sweden, enabled through new EU regulations. Companies can raise external capital of up to €13M from individuals ([English](https://arcticstartup.com/crowdcube-new-source-of-investment-in-nordics/), [Swedish](https://www.realtid.se/internationella-crowdfunding-plattformen-crowdcube-lanserar-i-sverige)).

**Swedish tech earnings reports**

- [Zound Industries](https://www.zoundindustries.com/) (Stockholm, audio electronics company and maker of Marshall, adidas and Urbanears speakers and headphones brands): [English](https://www.zoundindustries.com/news/zound-delivered-best-ever-performance-in-2021).

**Other interesting things from the startup/VC world & beyond**

- Nearly half of all startups with less than $10M of annual revenue that went public last year through a SPAC, have failed or are expected to fail to meet the 2021 revenue or earnings targets they provided to investors ([English](https://www.wsj.com/articles/spac-startups-made-lofty-promises-they-arent-working-out-11645785031) / *WSJ* *paywall*, [alternative URL](https://archive.ph/hnL9u)).

**Other interesting things from Sweden**

- IKEA and H&M are temporarily pausing operations in Russia and Belarus because of the invasion of Ukraine ([English](https://edition.cnn.com/2022/03/03/business/ikea-h-and-m-russia/index.html)).

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That's it for today.