News November 16, 2022: Adway, SeaTwirl, Volta Greentech, Heap, Flasheye, Kive, LumenRadio, Zimpler and more

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

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To those of you attending Slush, have a good time! Rest assured that you won't miss any important Swedish startup news while you are there :)

Funding news

  • Adway (Gothenburg, platform for automated social recruitment marketing): €10M ($10.4M) in a Series A round from new investor Octopus Ventures and existing investors Brightly Ventures and Spintop Ventures (English, Swedish).
  • SeaTwirl (Gothenburg, floating wind power technology): SEK50.4M (€4.6M, $4.8M) grant from the Swedish Energy Agency for the company's S2x project, a 1 MW wind turbine that will be installed in Norway (English, Swedish).
  • Volta Greentech (Stockholm, developer of feed supplement for cows from seaweed): SEK20M (€1.8M, $1.9M) in a strategic investment from Novax, Protos and Konsumentföreningen Stockholm (Swedish, machine translation).
  • Heap (Gothenburg, peer-to-peer carsharing service): SEK10M (€920K, $960K) in a funding round led by unspecified existing shareholders, with participation from new investors Dina Försäkringar and Martin Capital. For 2023, Heap plans to become Gothenburg's leading carsharing service, to launch in Stockholm and to start its international expansion (Swedish, machine translation).
  • Flasheye (Luleå, 3D laser monitoring system for early detection of deviations and danger): undisclosed amount from Mobilaris, PartnerInvest i Norr, Norrlandsfonden, Sleipner Solutions, Projekt och konsulting i Kiruna, and Arctic Venture 2 (English). The funding was announced in April 2022. I just stumbled upon it, it wasn't widely covered.
  • EQT Ventures participated in a $4.8M seed round raised by Czech Republic-founded, US-based startup Supernova, which has built a platform that acts as a bridge between design and development teams (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

  • Kive, Stockholm-based smart asset platform for creators, launched its new tool AI Canvas through Product Hunt. The startup describes it as a "multiplayer product for image generation, where you can create images with AI and collaborate with others in real time. Imagine Figma meets Midjourney and DALL–E" (English).
  • Gothenburg-based scaleup LumenRadio, which aims to replace cables with "ultra-reliable wireless technology for the most business-critical applications", announced its intention to list its shares on the Nasdaq First North Growth Market, and to carry out a new issue of shares of around SEK50M (English, Swedish)
  • Zimpler, Stockholm-based provider of account-to-account payment solutions for merchants, is expanding into Latin America and opening a regional headquarter in São Paulo (English).
  • Skåne Startups published a report about the Swedish mental health tech sector (English).
  • Dealroom ranked the top 100 startups to watch in the Nordics based on fundraising timeline, growth indicators, founding team, and a number of other factors (English).
  • The recent investment by Seven Seven Six (the VC firm started by Reddit co-founder Alexis Ohanian) in Teenage Engineering was apparently not a one-off: According to a tweet by Ohanian, the firm will soon announce its second Swedish tech investment.
  • Berlin-based Cherry Ventures is expanding its Stockholm presence with another VC: Björn Nilsen is joining from Heartcore Capital and will work alongside current Sweden-based partner Sophia Bendz (English).

Swedish tech earnings

Other interesting things from the startup/VC world & beyond

  • The current market environment is extremely challenging for everyone no matter how outwardly successful, confident, and happy they appear (English).
  • FTX collapse will reverberate throughout the VC world for a long time (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: