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# News November 1, 2022: Cling, Y/ELM, Ekobot, Mia&Noa, Mendly, memmo, Propel Capital and more
- URL: https://www.swedishtechnews.com/news-november-1-2022/
- Published: 2022-11-01T16:00:34.000Z
- Updated: 2023-09-24T14:49:12.000Z
- Description: Here are today's news from Sweden's startup and tech sector, sent as daily email newsletter exclusively to subscribers of Swedish Tech News.
- Author: Martin Weigert
- Tags: Daily (PRO), cling, y/elm, ekobot, mia&noa, mendly, Kry, memmo, Propel Capital, emanuel andersson, sara resvik, BackingMinds, albert, Fortnox, Wellstreet, navus ventures, exits

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

💡

This post has been unlocked and made available for free a month after publication.  
  
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### Mergers & acquisitions

- [Fortnox](https://www.fortnox.se/) (Växjö, cloud-based finance management platform for smaller businesses and accounting agencies) is buying 51% of Stockholm-based startup [Cling](https://cling.se/), whose SaaS solution helps smaller companies cover the sales cycle from quote to invoice. Financial terms were not disclosed. The deal comes with an option to acquire the remaining 49% in 2024 ([Swedish](https://mfn.se/cis/a/fortnox/fortnox-ab-fortnox-forvarvar-cling-group-d242286c), [machine translation](https://mfn-se.translate.goog/cis/a/fortnox/fortnox-ab-fortnox-forvarvar-cling-group-d242286c?%5Fx%5Ftr%5Fsl=auto&%5Fx%5Ftr%5Ftl=en&%5Fx%5Ftr%5Fhl=en&%5Fx%5Ftr%5Fpto=wapp)).

### Funding news

- [Y/ELM](https://www.yelmprotection.com/) (Stockholm, protection system that enables riders to experience the thrill of riding hard without restraint): SEK5M (€460K, $460K) in a funding round led by Wellstreet, with participation from angel investors Alexander Hars and Ebba Danielsson ([English](https://www.linkedin.com/feed/update/urn:li:activity:6988416666275590144/)).
- [Ekobot](https://www.ekobot.se/) (publ) (Stockholm, solutions for precision agriculture based on artificial intelligence and autonomous mob robot platforms): SEK2.4M (€220K, $220K) in a directed share issue from Navus Ventures ([English](https://mfn.se/a/ekobot/navus-ventures-invests-an-initial-sek-2-4-million-in-ekobot-to-support-its-commercial-rollout)).
- Mia&Noa / *no website yet* (Stockholm, developer of smart health tech for pets): SEK1.2M (€110K, €110K) from undisclosed investors. The startup is led and co-founded by Totte Löfström, who previously co-founded and [sold](https://www.bequoted.com/bolag/wifog/pressmeddelande/arcane-crypto-ab-acquires-remaining-shares-in-in-ijort-inves-85015/) Swedish crypto exchange Trijo ([Swedish](https://www.breakit.se/artikel/34885/totte-lofstrom-vill-satta-ett-chipp-i-din-katt-husdjur-ar-familjemedlemmar), [machine translation](https://www-breakit-se.translate.goog/artikel/34885/totte-lofstrom-vill-satta-ett-chipp-i-din-katt-husdjur-ar-familjemedlemmar?%5Fx%5Ftr%5Fsl=auto&%5Fx%5Ftr%5Ftl=en&%5Fx%5Ftr%5Fhl=en&%5Fx%5Ftr%5Fpto=wapp)).

\>> Daily updated, subscriber-exclusive [Google sheet](https://docs.google.com/spreadsheets/d/19CzBwRojH%5FK8zin277bpLJ8KCgEUp2AWw%5F%5FJuFUujAs/edit?usp=sharing) with all funding rounds raised by private Swedish startups and scaleups. 

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

- [Mendly](https://mendly.se/), Stockholm-based app startup for chat-based, asynchronous cognitive behavioral therapy founded in 2018, is bankrupt ([Swedish](https://www-breakit-se.translate.goog/artikel/34895/mendly-satsade-pa-terapi-via-chatt-men-tvingades-byta-modell-gar-i-konkurs?%5Fx%5Ftr%5Fsl=auto&%5Fx%5Ftr%5Ftl=en&%5Fx%5Ftr%5Fhl=en&%5Fx%5Ftr%5Fpto=wapp), [machine translation](https://www-breakit-se.translate.goog/artikel/34895/mendly-satsade-pa-terapi-via-chatt-men-tvingades-byta-modell-gar-i-konkurs?%5Fx%5Ftr%5Fsl=auto&%5Fx%5Ftr%5Ftl=en&%5Fx%5Ftr%5Fhl=en&%5Fx%5Ftr%5Fpto=wapp)).
- [Kry](https://www.kry.se/) is leaving the German market, where it launched in 2019\. The decision was already made in spring this year ([Swedish](https://www.di.se/digital/di-avslojar-kry-lamnar-tyskland/) / *Di Digital*, [Swedish #2](https://www.breakit.se/artikel/34896/kry-maste-spara-annu-mer-lamnar-den-tyska-marknaden), [machine translation](https://www-breakit-se.translate.goog/artikel/34896/kry-maste-spara-annu-mer-lamnar-den-tyska-marknaden?%5Fx%5Ftr%5Fsl=auto&%5Fx%5Ftr%5Ftl=en&%5Fx%5Ftr%5Fhl=en&%5Fx%5Ftr%5Fpto=wapp)).
- [memmo](https://memmo.me/), Stockholm-based provider of personalised greeting messages from celebrities, laid off around 40% of its workforce right before summer. Now the company is reportedly cutting even more jobs, although details are scarce ([Swedish](https://www.breakit.se/artikel/34901/nya-nedskarningar-pa-memmo-som-vagrar-att-kommentera), [machine translation](https://www-breakit-se.translate.goog/artikel/34901/nya-nedskarningar-pa-memmo-som-vagrar-att-kommentera?%5Fx%5Ftr%5Fsl=auto&%5Fx%5Ftr%5Ftl=en&%5Fx%5Ftr%5Fhl=en&%5Fx%5Ftr%5Fpto=wapp)).
- Greentech investor Emanuel Andersson is new CEO of [Propel Capital](https://sting.co/investors/propel-capital/), the seed investment unit operated by accelerator Sting. He's joining from Almi Invest Greentech ([English](https://sting.co/greentech-investor-emanuel-andersson-is-the-new-ceo-of-propel-capital/), [Swedish](https://www.mynewsdesk.com/se/sting/pressreleases/greentech-investeraren-emanuel-andersson-aer-ny-vd-foer-propel-capital-3209970)).
- 🎧 "I don't believe we have seen the bottom of this market downturn yet. Startup entrepreneurs should keep focusing on cost control", says [Backing Minds](https://www.backingminds.com/) CEO and investor Sara Resvik in this wide-ranging podcast interview on the market climate, what investments Backing Minds is looking for, and her own journey ([Swedish](https://kommuniceramera.libsyn.com/66-sara-resvik-om-en-techbransch-i-gungning-vad-gr-man-nu), *26 minutes*).

### Swedish tech earnings reports

- [Albert](http://hejalbert.se) (Gothenburg, digital learning subscription service for kids and teens): [English](https://mfn.se/a/albert/interim-report-for-january-september-2022).

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

- Why "generative AI" is suddenly on everyone's lips ([English](https://techcrunch.com/2022/10/28/generative-ai/)).
- What is a fair amount of equity for a late co-founder? ([English](https://www.saastr.com/fair-amount-equity-late-co-founder-2-original-founders/)).

### Other interesting things related to Sweden

- The number of bankruptcies in Sweden during October 2022 was 38% higher than during October 2021 ([English](https://www.bloomberg.com/news/articles/2022-11-01/swedish-bankruptcies-rise-to-highest-level-since-pandemic) / *Bloomberg paywall*, [alternative URL](https://archive.ph/HjNMI), [Swedish](https://www.svd.se/a/P4pj96/konkurserna-okar-slar-med-full-kraft)).
- The app of Stockholm's public transport SL can now show the location of buses on a map in real time ([Swedish](https://www.mynewsdesk.com/se/sl/news/nyhet-i-sl-appen-se-paa-kartan-var-bussen-aer-456414), [machine translation](https://www-mynewsdesk-com.translate.goog/se/sl/news/nyhet-i-sl-appen-se-paa-kartan-var-bussen-aer-456414?%5Fx%5Ftr%5Fsl=auto&%5Fx%5Ftr%5Ftl=en&%5Fx%5Ftr%5Fhl=en&%5Fx%5Ftr%5Fpto=wapp)).

+++

That's it for today.