News May 24, 2022: Photon Sports, Polestar, Klarna, Södra, founder-VC alignment, chicken-free eggs and more

Here is today's curation of news from Sweden's startup and tech sector, exclusively for subscribers of Swedish Tech News.

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Funding news

  • Photon Sports (Skellefteå, mobile performance tracking solution to optimise sports training): SEK19M (€1.8M, $1.9M) from Pulsen Group (Swedish, machine translation).
  • Swedish EV maker Polestar invests an undisclosed amount in Israel-based EV battery startup StoreDot, as part of a strategic partnership (English).

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News from Swedish startups, the tech sector and VCs

  • Klarna is laying off 700 employees, representing 10% of the workforce (English). Here's the official announcement by CEO Sebastian Siemiatkowski (English). The company is also reporting a loss of -SEK2.5B (€240M, $250M) for Q1 2022, compared to -SEK0.8B for Q1 2021. Free cashflow was at a negative -SEK7.3B during Q1 2022 (Swedish, machine translation). Meanwhile, Swedish labor unions are unhappy that Klarna didn't talk to them before deciding about job cuts (Swedish, machine translation).
  • Einride orders 110 electric trucks from Scania. The fleet will be built to Einride's hardware specifications and powered by their first of its kind operating system Saga (English).
  • In Q1 2022, Swedish e-commerce revenue dropped by 8% compared to the record Q1 2021 (Swedish, machine translation).
  • Swedish forest industry group Södra is launching an investment vehicle to invest a total of SEk200M (€19M, $20M) in around 20 startups with relevance to the forest sector (Swedish / DI Digital paywall).

Other interesting things from the startup/VC world & beyond

  • Based on new survey data, founders and VCs should have more discussions and alignment on expectations at the start of their relationship (English).
  • A survey with responses from 34 VCs investing in Europe shows money is still flowing, but investors are more careful (English / Sifted soft paywall, alternative URL).
  • Eric Byrenius of Swedish early-stage foodtech micro fund Trellis Road published an analysis of the chicken-free egg space (English).

Other interesting things from Sweden

  • The Swedish government aims to cull the country's wolf population by as much as half (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: