News March 3, 2022: Acast, VOI, Spotify, Nothing, Tradera, Crowdcube and more

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'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).
  • VOI 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).
  • Spotify has decided to close its recently opened Russia office, but is not disabling access to its service within Russia (English).
  • Nothing, the London-based hardware startup founded by Swedish entrepreneur Carl Pei, is reportedly working on a smartphone expected to be announced next month (English).
  • Swedish online market place Tradera is jumping on the NFT hype, starts to run digital art auctions (Swedish, machine translation).
  • UK-based equity crowdfunding platform Crowdcube is launching in Sweden, enabled through new EU regulations. Companies can raise external capital of up to €13M from individuals (English, Swedish).

Swedish tech earnings reports

  • Zound Industries (Stockholm, audio electronics company and maker of Marshall, adidas and Urbanears speakers and headphones brands): English.

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 / WSJ paywall, alternative URL).

Other interesting things from Sweden

  • IKEA and H&M are temporarily pausing operations in Russia and Belarus because of the invasion of Ukraine (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: