Here are today's news from Sweden's startup and tech sector, exclusively for subscribers of Swedish Tech News.
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- PulPac (Gothenburg, technology for low-cost, high-performance fiber packaging that replaces single-use plastics): €31M ($32M) in a funding round led by Aliaxis, with participation from Stora Enso, Amcor Ventures and Teseo Capital. Existing shareholders, including the communications giant WPP – from which PulPac was spun out in 2018 – also participated. WPP remains the largest shareholder (English).
- Tengai (Malmö, AI-based interview screening solution): SEK10M (€930K, $960K) from new investor Paui and existing investors, including Traction Invest och Key People. The round was raised in January but only made public now (Swedish, machine translation).
- Teenage Engineering (Stockholm, creator of electronic products for people who love sound and music): undisclosed amount in a funding round led by Seven Seven Six (the VC firm started by Reddit co-founder Alexis Ohanian), with participation from Dialectic and other undisclosed investors (English).
- Norrsken VC participated in a $50M Series B funding round raised by UK-based carbon ratings and risk analytics platform BeZero (English).
>> Daily updated, subscriber-exclusive Google sheet with all funding rounds raised by private Swedish startups and scaleups.
News from Swedish startups, the tech sector and VCs
- Profile of Vidde, a startup from Northern Sweden founded by Christian Lystrup and Yalda Mirbaz, which is in the early stages of developing an electric snowmobile (Swedish, machine translation).
- Klarna, in another step towards becoming a "shopping super app", launched a price comparison service inside its mobile app for users in Sweden, Denmark and the UK. The solution is based on Klarna's recent acquisition of PriceRunner (English, Swedish).
- Lyko, Swedish online retailer for personal care products, launched an app for iOS and Android which comes with various social shopping features such as the ability to follow like-minded users and to share photos and videos with others (Swedish, machine translation).
- Louise Nylén will step down as CEO of Linköping-based provider of end consumer health and diagnostic tests Dynamic Code, during Q1 2023 (Swedish, machine translation).
- Match Group is launching Hinge, one of its many dating apps, on the Swedish market (Swedish, machine translation).
- Oxx, Sweden- & UK-based VC firm specializing in B2B SaaS, released a comprehensive guide on how to create a Go-To-Market (GTM) strategy that drives continuous scale (English).
Swedish tech earnings
- Flarie (Stockholm, platform for brands to create "advergaming") generated revenue of SEK20M (€1.9M, $1.9M) in 2021, and a profit of SEK2M (Swedish / Breakit paywall).
- Skolon (publ) (Karlshamn, digital learning tool) published its Q3 2022 interim report (Swedish, machine translation).
Other interesting things from the startup/VC world & beyond
- In preparation for 2023, startup founders should create a hierarchy of goals (English).
- With more downrounds, founders brace for boardroom conflict (English).
- 15 engineering KPI ideas (English).
Other interesting things related to Sweden
- Polestar recorded its first profit since going public in Q3 as it races toward 50K deliveries in 2022 (English).
- The Swedish Migration Agency is facing criticism from the Swedish tech sector for slow processing of paper work required when companies want to hire talent from outside the EU (Swedish, machine translation).
That's it for today.