Swedish Tech Weekly #319: Northe, Mindler, Dynamic Code, Anocca, TrackPaw Scientific, Curoflow, Fifty, Nrlyze, Edeva, Seaqure labs, EasyScan, Virtual Days, After Class, Favvos, Arkyv, TERASi, 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 PRO newsletters, which are available as daily and weekly version. Today's newsletter was sent to 3008 subscribers.

Mergers & acquisitions

• Northe (Stockholm, EV fleet management platform) is being acquired by Finland-based industry peer Virta (English).

• Mindler (Stockholm, online therapy provider) acquired ieso Digital Health, one of the UK’s leading online talking therapies services. The acquisition is paid with fresh funding, see below (English).

• Anne Kihlgren, founder of bankrupt Swedish provider of end consumer health and diagnostic tests Dynamic Code, is teaming up with Swedish industry peer Quicktest, and acquires parts of the immaterial assets, and the Dynamic Code brand (Swedish, machine translation).

• Position Green (Malmö, ESG management software) acquired Norway-based carbon management platform Morescope (English).

• IFS (Linköping, global enterprise technology company) acquires the UK-based startup 7bridges, an AI-powered supply chain management solution provider (English).

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Funding news

Sweden-based startup founders, request free access to my funding and investor database. Already more than 250 founders have done so.

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.

• Anocca (greater Stockholm area; creating a pipeline of precision T-cell immunotherapies by combining its novel approach to T-cell biology, cutting-edge biotechnologies and integrated software): $46M in a funding round led by Mellby Gård (English).

• Mindler (Stockholm, online therapy provider): SEK75M (€6.7M, $7.8M) convertible note from existing investors. Mindler also raised €10M in debt funding from UK-based Claret Capital (English, Swedish / Di Digital paywall).

TrackPaw Scientific (Lund, providing 24/7 monitoring of preclinical development with improved animal welfare and increase data quality): €2.3M ($2.7M) seed funding round co-led by Fåhraeus Startup and Growth and Industrifonden (English). ➡️ Funding first covered in PRO on August 14.

• Curoflow, formerly Remisshjälpen (Stockholm, digital healthcare and telemedicine platform): SEK21M (€1.9M, $2.2M) led by Lotus One Investment, for the international expansion (English).

• Fifty (Åre & Stockholm; AI platform for energy and capacity): €1.4M ($1.6M) from Fortum Innovation & Venturing (English). ➡️ Startup first covered in PRO on January 16.

• Nrlyze (Stockholm; software that analyzes, identifies and corrects incorrect settings and imbalances in the property’s heating system): SEK10M (€900K, $1.05M) led by VEQ and Aipa Invesco (Swedish, machine translation).

• Edeva (Linköping; provider of a smart city software platform and Actibump, a dynamic and intelligent traffic safety system): SEK9.1M (€810K, $950K) led by the real estate company Botrygg (Swedish).

• Seaqure labs (Gothenburg, technology for creating mycoproteins used for aquaculture feed): €470K ($520K) in a pre-seed funding round from Chalmers Ventures, Almi Invest, Propel Capital, SLU Holding, and Västkustens Affärsänglar (English). ➡️ Startup first covered in PRO in December 2023.

• EasyScan (Östersund; upcoming platform that integrates allergen- & preference data into self-scanning devices): SEK1M (€90K, $100K) from Almi Invest and two local entrepreneurs. The company also secured SEK750K in grant funding. ➡️ Startup first covered in PRO on April 7. Funding first covered in PRO on August 22.

• Virtual Days (Stockholm; virtual event platform for recruitment, onboarding, and employer branding): undisclosed amount from new investor Gorilla Capital, and existing investors (English).

• Three startups from the current BLING Incubator batch receive a SEK300K equity investment each from BLING Capital: After Class, Favvos, and Arkyv (Swedish, machine translation).

PRO subscribers learned about many more rounds last week. PRO subscribers also get full access to the unique Startup Database.

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News from the Swedish startup & tech sector

• TERASi, Stockholm-based maker of next generation high-frequency wireless solutions, unveiled a pocket-sized Starlink alternative named RU1, that promises secure military communications (English). ➡️ PRO subscribers learned about TERASi's funding plans.

• Co. Society, a Stockholm-based startup founded in 2022, launched its virtual office collaboration platform "for fast-moving companies". ➡️ PRO subscribers previously learned about the company's unannounced funding rounds.

• Fintower, Gothenburg-based startup offering an AI finance workspace for CFOs & CEOs, has launched. The company was co-founded by former Albert co-founder Salman Eskandari (Swedish). ➡️ Startup first covered in PRO on January 3.

• Headwai launched its AI-powered platform that aims to help e-commerce brands achieve profitable growth by understanding true customer value, then automatically optimizing Google and Meta campaigns in real-time (English). ➡️ Startup first covered in PRO in August 2024.

• Sferical AI, a company founded in a collaboration between Swedish industry giants and Wallenberg Investments, aims to operate a sovereign AI supercomputer to help prepare Sweden’s leading industries for the age of artificial intelligence (English).

• Medoma, Stockholm-based platform for decentralized acute care, signed a "multi million" contract with Latvia's largest hospital. ➡️ First covered in PRO on August 22.

• Mojo, VC-backed Malmö- and London-based startup offering AI-powered at-home semen analysis, has shut down (English).

• Cosmofoil, Antler-backed Stockholm-based startup offering automated planning & decision making for the airline industry, has joined the accelerator program of IAG, the parent company of British Airways, Iberia, and other airlines (English). ➡️ Startup first covered in PRO in July 2024.

• Profile of Nuroe, a gamified training app for children, rooted in neuroscience (English). ➡️ Nuroe first covered in PRO in February 2024.

• The hydrofoiling electric ferry made by Swedish startup Candela, which has been in operation in Stockholm for a while, will run in Gothenburg during September, as part of a pilot project (Swedish, machine translation).

• 🎧 UK podcaster and VC Harry Stebbings spent time in Stockholm and recorded full-length episodes with both Lovable co-founder and CEO Anton Osika (English / 68 minutes) and Legora co-founder and CEO Max Junestrand (English / 78 minutes). 💭 Both great listens!

• Databricks, the US-based enterprise software giant co-founded and led by Swedish entrepreneur Ali Ghodsi, is in the process of closing a fresh $1B funding round, at a $100B valuation (English).

• The "AI Demo Days" series is coming to Stockholm on September 3: "15 minutes per talk, no marketing, no bs, just technical demos from people building seriously cool AI products" (English).

• Another high-profile hackathon in Stockholm will take place on the weekend September 13/14, aimed at technical builders (English).

• The Women in AI Sweden Speaker Network launched a database of Sweden-based women with AI-expertise that are available for public speaking (English).

• "Just as we once overestimated the value of physical labour, we may now be over-indexing on intellect", writes Beata Enwall, Investment Manager at Norrsken VC (English).

• Norrsken Accelerator is relaunching as Norrsken Evolve, and announces the closing of a pre-seed fund of €57M aimed at investing in early-stage founders who are "building Europe's resilient and sustainable future" (English)

• Indra Sharma, since 2021 Stockholm-based Partner at European early stage VC firm Peak, is leaving the firm and VC sector, to join Planhat as an operator (Swedish / Breakit paywall).

• Swedish VC firm Spintop Ventures is opening a permanent presence in Copenhagen, and has recruited Jasenko Hadzic as a Principal (English).

Exclusives in PRO last week

• A buzzy Swedish AI startup challenging big tech incumbents has raised a major, yet-to-be-announced funding round from a top-tier US VC — leaving local investors disheartened by the massive valuation.

• A stealth startup is developing a wearable, embedded AI platform purpose built for real world use cases where hands are busy, attention is critical, and traditional devices and interfaces get in the way.

• A Swedish AI-powered martech startup is the latest to be selected for the EWOR fellowship.

• A Swedish stealth mode startup is developing a new healthcare and care operating platform, which intends to "replace today's fragmented system".

• A Stockholm-based startup founded by three accounting/financial controlling specialists, launched its AI tool to analyze financial data.

• A Swedish startup quietly launched what it claims to be "the world's first AI-powered worldbuilder".

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Selected Swedish tech startup jobs

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

• Software Developer (SmartNotes)
• Head of Marketing (Permly)
• Experienced ML Engineer (EmoCare AI)
• Techlead – AI & app development (Hockeyfy)
• Founding Engineer, Founders' Associate (Modig)
• Tech Lead (Perspetivo)
• Creative video editor & content specialist (Eqvor)
• Senior Data Engineer (Telness Tech)
• Senior Fullstack Developers (Zendr)
• COO/CFO (Allihoop)
• Senior Embedded Engineer (Flox)
• Marketing Designer (Lifesum)
• Lifesum (Stockholm, digital nutrition platform, founded 2013)
• Product Manager (SaaS) (Betao)
• Frontend Engineer (Learnifier)

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

• 15.9% of venture-backed deals in 2025 so far have been down rounds, marking a decade high (English).

• Some founders are savers. Some are spenders. Both are often taken too far (English).

Other interesting things related to Sweden

• A McKinsey report says Sweden can become a global leader but must resolve growth paradoxes (English).

• Sweden has selected so-called small modular nuclear reactors (SMRs) for its first nuclear power expansion in a half-century (English).

• The EU wants to unleash trillions of euros in household savings by encouraging people to invest in capital markets — and it sees Sweden as a template of how to do so (English).

• Unemployment among university graduates in Sweden reached its highest level in 20 years in July (English / The Local paywall).

• Packages from Sweden (and Denmark) to the US containing goods will temporarily not be delivered by PostNord, following a recent change in the customs and tariffs rules for the US (English).

• Three Swedish universities are among the world's 100 best: Karolinska Institutet (#50), Uppsala University (#93) and Stockholm University (#100) (English).

• Sweden's landmark Kiruna Church was moved to its new location, to save its wooden walls from the expansion of the world's largest underground iron ore mine (English).

• There is an "acute problem" with independent Stockholm tourist guides who spread false information during their tours (Swedish, machine translation).

• IKEA and Swedish designer Gustaf Westman have created a dedicated plate for serving Swedish meatballs (English).


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

Martin