Swedish Tech Weekly #306

Welcome the latest from Sweden's startup & tech sector.

I'm Martin Weigert. Every Monday morning, Swedish Tech Weekly brings you a selection of some of the news I previously covered in my daily PRO newsletters. Today's newsletter was sent to 2878 subscribers.

Mergers & acquisitions

• Byhmgard (Halmstad; provider of turn key grid connected photovoltaic, battery and EV charging systems) is being acquired by publicly traded Swedish electricity trading company Suntrade, for SEK300M (€27M, $31M) (Swedish, machine translation).

• BIMobject, Malmö-based global marketplace for the construction industry, is acquiring the Malmö-based early-stage AI agent startups Lumea and GreenMetrica for SEK13M (English).

• eSyn (Stockholm, B2B invoice processing automation) has acquired the Västerås-based company behind LevDoc, which offers climate-smart invoice management solutions (English).

• Adecla, a Stockholm-based financial services provider, is acquiring an unspecified stake in Auxality, Stockholm-based startup offering SaaS solutions for enabling mutual funds to effectively manage large volumes of complex data (Swedish, machine translation).

• Prisjakt (greater Helsingborg area, price comparison and product information platform) is being sold by its owner Schibsted to eEquity for around SEK500M (€46M, $52M) (English, Swedish / Di Digital paywall).

• Done.ai, publicly traded Stockholm-headquartered AI-powered platform to run a business formerly known as 24SevenOffice, has acquired 80% of the shares in Norway-based SEO and GEO (Generative Engine Optimization) startup metamanager.io (English).

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Funding news

Are you a founder in fundraising mode? Get free access to the FOUNDER version of my funding and investor database. Closed a funding round? Submit it here.

Note to first time founders: Raising VC funding is not a goal in itself, and not every company is a fit for it. If you plan to choose that path, make sure to understand the implications.

• Legora, formerly Leya (Stockholm, AI assistant for legal professionals) is reportedly in talks to raise $85M in funding at a $675M valuation, led by General Catalyst and Iconiq (English).

• Aris Machina (Stockholm; stealth startup developing software for manufacturing, factory design and production): undisclosed amount in first funding from Earlybird, AENU and Planet A, Village Global, and angel investors (English / Bloomberg paywall). Aris Machina was founded by Siddharth Khullar, who led Northvolt’s AI efforts. He's joined by Northvolt co-founder and former CEO Peter Carlsson, though it's not confirmed right now that the latter officially counts as founder. ➡️ My PRO subscribers were the first to learn about Aris Machina, already on March 26.

• IPercept (Stockholm, solutions for automated diagnostics and monitoring of industrial equipment): €5M ($5.7M) seed funding round led by Luminar Ventures, for the European expansion (English).

• Centra (Stockholm, fashion brand commerce platform): SEK50M (€4.6M, $5.2M) in a strategic investment from H&M Group (English, Swedish / Di Digital paywall).

• Sproud (Malmö, producer of a milk drink made from peas): SEK21.6M (€2.M, $2.2) mostly from existing major shareholders Findeln Holding, Dream Beverage Group, and VGC Partners (Swedish, machine translation).

• Onefin (Stockholm, SaaS solution that helps corporate real estate groups streamline and optimise their financial operations): €1.9M ($2.2M) from People Ventures (English). ➡️ PRO subscribers first learned about this round on April 26.

• Klang.ai (Helsingborg, SaaS for AI-powered interview and meeting transcription): SEK8M (€730K, $820K) from existing angel investors. The company says it is experiencing a "Trump effect", i.e. more European businesses seeking non-US alternatives. (Swedish / Breakit paywall). ➡️ Startup first covered in PRO in June 2023.

• Reccan (Lund; blood test for quick, accurate and none-invasive screening for pancreatic cancer): SEK7M (€640K, $730K) led by existing investor Sandberg Development (English).

• PriceAgent (Stockholm & Los Angeles, predictive pricing platform): $550K in seed funding from the founders and angel investors including Emanuel Lipschütz (English). ➡️ Startup first covered in PRO in April 2023.

• Vesence, formerly Verse (Stockholm, agentic AI for law firms & professional service providers): $500K in pre-seed funding from Y Combinator, as the the company was accepted into YC's spring 2025 batch (English). ➡️ Startup first covered in PRO on January 28.

• Hydro Diagnostics (Stockholm, develops technical solutions to combat legionella): SEK4M (€310K, $370K) EU grant from the Swedish Board of Agriculture (Swedish, machine translation). ➡️ Initial, previous angel funding first covered in PRO in March 2024.

• XENSE Vision (Jönköping, real time 3D AI traffic insights): SEK1.5M (€140K, $160K) grants from Vinnova and Skyltfonden (Swedish, machine translation).

• Angry Camel (Malmö, maker of protein made from chickpeas): undisclosed amount led by Jenny Lindén Urnes, with participation from BLING Capital (English). ➡️ Funding first covered in PRO on March 27.

News from the Swedish startup & tech sector

• AI-Reformen is a new foundation backed by Sana, that will provide free access to AI tools for 2.3 million Swedes across the public sector, education system, and civil society (English).

• Sweden ranks #4 in Europe by VC investment since 2020, and first per capita, according to Dealroom's annual "State of the Swedish Tech Ecosystem" report (English).

• Hemla, the Stockholm-based startup co-founded by Budbee founder and former Instabee CEO Fredrik Hamilton, has launched its intelligent home security solution for smart homes (Swedish, machine translation).

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• Talentium has officially launched its next-generation AI-powered hiring platform (English).

• Teemyco, Stockholm-based customisable virtual office platform founded a few months before the beginning of the pandemic, is being liquidated, due to not being able to raise additional funding (Swedish, machine translation). ➡️ PRO subscribers last week learned about several other VC-backed Swedish tech startups that reached the (likely) end of their journeys.

• Profile of Pythom Space and interview with Filip Stern Cedell, CEO of the Swedish-American spacetech startup, which aims to create a small space rocket that can launch swarms of satellites without the need for a large-scale spaceport (English).

• Quartr, Stockholm-based data platform for qualitative public market research, is opening offices in New York and Dublin, and touts ARR growth of 300% (English).

• Arash Fayyazi, co-founder of Lund-based foodtech startup Saveggy, is stepping down as CEO, to focus on his CTO role (Swedish / Impact Loop paywall).

• Otto Lundman, co-founder of Modvion, is stepping down as CEO of the Gothenburg-based developer of modular wooden wind turbine towers, after ten years. CFO Maria-Lina Hedlund is succeeding at the helm (Swedish, machine translation).

• Tzafon, the recently unveiled AI R&D lab startup founded by two Swedes, will host a launch event together with NVIDIA in Stockholm on May 16 (English).

• Daniel Ek has now cashed out over $800M in Spotify stock since mid-2023 (English).

• Revolut, the UK-headquartered digital bank, touts 800,000 users in Sweden, and plans to open a local branch in Stockholm this year (Swedish, machine translation).

• PropTech Farm, Gothenburg-headquartered VC firm, announced the initial close of its third fund. It's the first headquartered in Singapore (English).

• Malmö-based VC firm Pale blue dot is hiring a Founder's Associate and a Financial Controller (English).

• 🎧 Podcast interview with Marika King, Head of Stockholm-based PINC, the corporate VC of Finnish family-owned food and drink company Paulig (English / 47 minutes).

PRO subscribers last week learned about many more news – including exclusives that have not been covered or curated anywhere else yet. Join PRO today.

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Selected Swedish tech startup jobs

A non-exhaustive selection of open positions at Swedish tech startups.

• Technical co-founder (early stage AI startup)
• Various roles (FLOX Robotics)
• Various roles (Zendr)
• Software Developer – Postgres, Typescript, Nextjs (Mana)
• Technical Lead (Perspetivo)
• Customer Support Specialist (Elvy)
• Talent Acquisition Partner (Sitoo)
• Engineering roles; Customer Support (All Ears)
• Team Lead & Senior Fullstack Engineer (Caspeco)
• Product Manager (Rarity Bioscience)
• Operations Coordinator (SolidSport)

To the listings

Special shout-out to my partner Eivora for providing me with access to their awesome AI-powered ownership database of Swedish companies.

Other interesting things from the startup/VC world & beyond

• The applications for Y Combinator's summer 2025 batch are open until tomorrow (May 13) (English).

• "Founders, especially those doing anything sufficiently new, weird or hard, should largely disengage from the online discourse" (English).

• Ten terms to help name, diagnose, and spark reflection on the strange new ways people communicate in the age of AI (English).

Other interesting things related to Sweden

• Sweden, Finland, Norway, Denmark and Estonia are developing an offline card payment systems to avoid outages if online services are knocked out (English).

• Tesla sales have collapsed in Sweden (English).

• Costco, the US membership-only big box retail giant, will open its second Swedish store, on June 1 in Malmö (Swedish, machine translation).

• Sweden's new national security adviser quit hours after taking up the role as sensitive pictures of him on the dating app Grindr were sent anonymously to the government. (English).

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That's it for this week. Thank you for being a subscriber!

Martin