Swedish Tech Weekly #315: Lovable, DREM, Tiltid, Axiomatics, CorPower Ocean, Qurrent, Opper, Graphmatech, Nordic Angels, Pulse Mindfulness, Lead Biologics, Preventai, Nimt, VetyFinder, Irma AI, Flox, and more

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 2957 subscribers.

🚨 Next Monday Swedish Tech Weekly will take another summer break. You'll receive the next issue on Monday, August 4. The regular weekly frequency will resume then. Enjoy the calm of the summer period!

Mergers & acquisitions

• The bankruptcy estate of DREM, Stockholm-based provider of a seamless solution for heat pump deployment in residential properties, has been acquired by one of the founders, Hannes Palm (Swedish / Di Digital paywall).

• Tiltid (Stockholm; cloud-based scheduling and staffing solutions for retail, restaurants, and the hospitality sector) is being acquired by Canada-based Valsoft Corporation (English).

• Axiomatics (Stockholm; provider of a runtime, fine-grained authorization solution) is being acquired by Italian multinational company Leonardo (English).

• Verdane is buying a majority stake in Stockholm-based hunting and outdoor community software provider Natlink, maker of the hunting app WeHunt, from previous owner Open Air Group (English).

• Matilda FoodTech (Malmö, B2B platform connecting all functions of the meal process) is acquiring PS in Foodservice, the largest search engine for the foodservice market in the Netherlands (English).

• group.one, Malmö-headquartered all-in-one SaaS platform for small businesses, is acquiring India-founded social media management platform SocialPilot (English).

• Touchtech, founder-led publicly traded Gothenburg-based sales platform for the fashion sector, acquired the assets of Denmark-based competitor Zliide (English).

PRO subscribers learned about more relevant details for many of those deals.

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Funding news

Are you a founder in fundraising mode? Get free access to 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.

• Lovable (Stockholm, AI web app builder): The anticipated Series A round has now been closed, amounting to $200M at a valuation of $1.8B, led by Accel. Existing investors and a large number of high-profile angel investors also joined in. Lovable now plans to open an office in New York, mostly for commercial roles (English, Swedish / Di Digital paywall).

• CorPower Ocean (Stockholm; designs, manufactures and operates wave energy farms): undisclosed amount (but more than €4M) in a Series B extension from new strategic investors Acario and GTT Strategic Ventures (English, Swedish / Impact Loop paywall).

• Qurrent (Stockholm, flexible energy solutions for maximizing grid support): €3M ($3.5M) seed funding round from VERBUND X Ventures, Arkwright X, and existing investor AxSol (English, Swedish / Di Digital paywall).

• Opper (Stockholm, task completion API for AI): €2.5M ($2.9M) in a pre-seed funding round led by Luminar Ventures, with participation from Emblem, Greens Ventures, and angels (English). I last year covered a partial closing of this round. ➡️ Startup first covered in PRO in January 2024.

• Graphmatech (Uppsala, materials technology company that solves industrial challenges using graphene): €2.5M ($2.9M) EU grant, to develop a pilot facility (English).

• Nordic Angels (Stockholm, high trust social network for angel investors): SEK15M (€1.3M, $1.6M) from angel investors (English, Swedish / Breakit paywall).

• Pulse Mindfulness (Stockholm & New York, maker of "the world's first mindfulness smart ring"): SEK10M (€900K, $1.05M) from The Inner Foundation and angel investors (Swedish / Di Digital paywall).

• Lead Biologics (Lund, develops antibody treatments designed to challenge and revolutionize cancer care): SEK6M (€540K, $630K) from Almi Invest, I Love Lund, and angel investors (Swedish, machine translation).

• Preventai (Stockholm, intelligent surveillance system for retail that spots suspicious behavior in real-time): SEK5M (€460K, $520K) from angel investor Martin Stenberg (English). ➡️ Funding and startup first covered in PRO on June 9.

• Nimt.ai (Helsingborg; tool helping brands measure, track, and improve their performance in AI-driven search): SEK4M (€360K, $420K) in pre-seed funding from Loop Capital, Skåne Ventures, and angel investors (English). ➡️ Startup first covered in PRO on January 20.

• VetyFinder (Helsingborg; platform connecting pet owners, veterinarians, and insurance providers): SEK4.6M (€410K, $480K) from angel investors (Swedish / Breakit paywall). ➡️ Startup first covered in PRO on February 4.

PRO subscribers learned about many more rounds during the past two weeks, including unannounced ones. PRO subscribers also get full access to the unique Startup Database.

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News from the Swedish startup & tech sector

• I've put together Leaderboards for the most active VCs and most active angel investors in Sweden, and will update them at the beginning of each month.

• Di Digital published a piece in English listing 40 hot Sweden-based AI startups (English). ➡️ Without exception, all these startups have previously been mentioned in Swedish Tech News PRO.

• Irma AI, a new Uppsala-based startup, has launched its AI assistant for Mac that takes meeting notes automatically without joining the call. ➡️ Startup first covered in PRO on June 23, launch first covered on July 3.

• Stockholm-based Flox will launch a "digital shepherd" device named Flox Edge; a"rugged, self-learning, AI-powered field unit that detects wildlife based on both species and behavior — and responds instantly, without harm" (English).

• Andon Labs, Sweden-founded provider of AI safety evaluations formerly known as Vectorview, generated international tech media headlines, after partnering with OpenAI competitor Anthropic for a project (English). The founders also appeared at xAI's Grok 4 launch event, and talked with Elon Musk about the project (English).

• Baemingo, Stockholm-based startup that offers digital payments and order solutions for restaurants, is now providing loans of up to €50K to restaurants, and plans to lend €5M to €10M in 2025 (English, Swedish).

• Hava, satiety-focused nutrition app launched in early 2024 by Stockholm-based startup Diet Doctor, launched AI voice tracking (English).

• Accumeo, Stockholm-based trading platform for secondaries in unlisted Swedish companies, is being integrated into Swedish crypto exchange Trijo (English).

• Dynamic Code, Linköping-based provider of end consumer health and diagnostic tests, which during the pandemic years was highly profitable, is bankrupt (Swedish, machine translation). ➡️ More bankruptcies – and startups at the end of their life cycle – covered in PRO during the past weeks.

• Mathem, Swedish online grocery store that since 2023 is part of Norway-headquartered Oda Group, has completed a corporate restructuring process initiated in fall last year (Swedish, machine transation).

• MoveByBike, publicly traded Malmö-based smart city logistics provider, has also completed a corporate restructuring (Swedish, machine translation).

• SaaSiest, Lund-based B2B SaaS community, published its SaaSiest Benchmark report 2025 (English).

• Nordic Tech Week, the previously announced open tech conference that will take place September 15-19 in Stockholm, is giving away free booths (not booze!) to 20 startups, including basic furniture and branding (English).

• KTH Innovation and KTH Ventures are looking for venture builders and potential co-founders for their new "Pioneer" deeptech program (English).

• Denmark-headquarted VC firm byFounders was one of the first investors in Lovable. In a blog post, the firm's Sweden-based investors Magnus Hambleton and Sara Rywe share how their investment came to be (English).

• Another of the earliest Lovable investors, Guillaume Durao of Emblem, shares his rather hilarious story on how sheer luck led him to the investment (English).

• SEB Greentech VC's investment mandate has been increased by SEK400M to a total of SEB1B (English).

• Ballista Capital, a new Umeå-based PE firm focused on unlisted startups and SME growth companies, closed its first fund at SEK200M (Swedish / Breakit paywall).

• Pinecone Ventures, Norway-founded venture studio which launched in Sweden in early 2025, raised SEK14M in initial funding for its Swedish operations (Swedish / Breakit paywall).

PRO subscribers learned about many more news during the past two weeks, including many exclusives on early-stage startups that have not been covered or reported anywhere else.

Some of the exclusives recently covered in PRO

• A former VC is building a Sweden-based startup in the AI agent & CRM space, and has just raised yet-to-be-announced pre-seed funding from a Swedish firm, and high-profile angel investors.
• A startup founded by Swedes will soon launch a tool that is "able to automate any task" on a Mac computer.
• A new Swedish startup that wants to do health data tracking inside the body, just emerged from stealth mode.
• A Stockholm-based startup in the AI coding space is raising a seed round.
• A well-known angel investor and serial entrepreneur teamed up with another repeat founder for a new AI efficiency-focused investment vehicle, currently in stealth mode.
• Excellent 2024 numbers with high growth and modest or no losses from a bunch of Sweden-based tech startups, many of them rarely covered by the media.

Selected Swedish tech startup jobs

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

• Many open roles (Lovable)
• Senior Computer Vision Engineer (Polar Mist Technologies)
• Operations Assistant, Customer Success Manager (DigiProc)
• Head of Engineering (Learnster)
• Junior Content Developer (Get Tested)
• Chief Financial Officer (Findity)
• Chief Financial Officer (Enairon)
• Marketing Coordinator (Saveggy)

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

• GP Bullhound's annual Titans of Tech report is out, this year titled "Europe's Technology Renaissance" (English).

• "Legal AI is inevitable, but how it gets adopted is still up for grabs", writes Northzone (English).

• The AI browser space is hot, as Arc maker The Browser Company, Perplexity, and soon even OpenAI enter (English). Let's see what this means for Swedish contender Strawberry.

• Founder’s guide to building a V1 of customer success (English).

• Co-founder exiting after pivot – what's a fair exit package? (English).

• The force-feeding of AI on an unwilling public (English). 💯

Other interesting things related to Sweden

• Sweden reclaims its position as the EU's top innovator, according to the European Innovation Scoreboard 2025 (English).

• Facebook has launched a SEK75/month paid subscription for users in Sweden who prefer an ad-free experience, following an EU ruling (Swedish).

• Security Service bodyguards leaked locations of the Swedish PM and members of the royal family through the fitness app Strava (English).

• Only 9000 individuals in Sweden reported crypto trading in their tax return for 2024 (Swedish).

• Sweden eases textile waste rules as recycling centres overflow (English).

• It's long been tradition in Sweden for hotels to include breakfast in all rates. Now the biggest hotel chain in the Nordic region, Scandic Hotels, is breaking with this (English, Swedish).

• Swedish hard rock and metal music is now more successful abroad than Swedish pop, according to new figures from Spotify (English).

• June saw plugin EVs take 65.3% share (including hybrids) in Sweden, up from 56.5% year-on-year. The Tesla Model Y was the best-selling EV (English).

• Stockholm is the European capital city with the best air quality (English).

• IKEA plans to release 20 smart home products in January 2026, calling it the “biggest step” yet to make smart home technology open, simple, and affordable (English).

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

Martin