Swedish Tech Weekly #321: Flightradar24, Onefin, Nordark, Flowbox, Position Green, Aonic, Mediaflow, Hubert, GreenVoltis, Charge Amps, GLOBHE, SalesKong, 2D fab, Smartports, InTeEx, 0TO9, WRLDS, 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 3019 subscribers.

Mergers & acquisitions

• Sprints acquired a stake in the bootstrapped, highly profitable Stockholm-based flight tracking service Flightradar24 – reportedly 35% for almost SEK1.5B (€140M, $160M) (English, Swedish / Di Digital paywall).

• Onefin (Stockholm, SaaS solution that helps corporate real estate groups streamline and optimise their financial operations) acquires the older Stockholm-based industry peer Nordkap (English).

• Nordark (Stockholm, all-in-one banking solution for crypto businesses) has been acquired by Hilbert, publicly listed Stockholm-based investment firm specializing in crypto asset management and Web3 technologies (English).

• Flowbox (Stockholm, SaaS platform helping brands leverage and distribute social content throughout the buyer journey) acquires Denmark-based industry peer Dreaminfluence (English).

• Position Green (Malmö, ESG management software) acquires the Belgium-based industry peer Greenomy (Swedish / Impact Loop paywall).

• Aonic (Stockholm, video gaming and technology group) acquires the US-incorporated startup Prime Insights, which offers a platform for quality market research at scale, in a transaction "with a total value in excess of $250M" (English).

• Baseload Capital (Stockholm, investment entity that funds the deployment of heat power worldwide) acquired a majority stake in Japan-based geothermal energy developer Furusato Netsuden (English, Swedish / Impact Loop paywall).

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Funding news

Sweden-based startup founders, request free access to my funding and investor database.

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.

• Mediaflow (Uppsala; SaaS platform for more efficient workflows with images, videos, and branding): SEK50M (€4.5M, $5.3M) from Bonnier Capital, which additionally acquires existing shares for another SEK50M (Swedish / Di Digital paywall).

• Hubert (Stockholm, solution for high-volume talent acquisition): €2.5M ($2.9M) seed funding round led by Spintop Ventures (English).

• GreenVoltis (Stockholm, AI-driven intelligence platform for maximizing renewable assets): undisclosed "multi-million" euro amount from DeepMind Capital (English). ➡️ PRO subscribers learned some more background on this company, which was not founded in Sweden.

• Charge Amps (Stockholm, manufacturer of smart EV charging solutions): SEK15M (€1.4M, $1.6M) in loans from existing investors OK Ekonomisk förening and Skellefteå Kraft (Swedish / Breakit paywall).

• GLOBHE (Stockholm, drone data platform): $1.2M convertible note from existing investors including Course Corrected, VEQ, and MIT Solve, as well as new investor RadCap (English).

• SalesKong (Stockholm, intelligent assistant for sales teams): ~€600K ($700K) in a pre-seed round from Novax and Niclas Palmstierna. With the announcement, SalesKong comes out of stealth mode (English). ➡️ Company details added in November 2024 to the New Startup Database for PRO subscribers. Partial closing of this funding first covered in PRO in November 2024.

• 2D fab (Sundsvall, large-scale manufacturer of graphene-based products): SEK6M (€550K, $640K) from existing investors and shareholders (Swedish / Impact Loop paywall).

• Smartports (Örebro; transforms parking lots into revenue-generating energy hubs by combining solar power, EV charging, and battery storage): SEK4.9M (€450K, $520K) from angel investors (English). ➡️ Company details added on February 18 to the New Startup Database for PRO subscribers.

• InTeEx (Sandviken, safety systems for construction machinery): SEK3M (€270K, $320K) from Almi Invest and Rebmax (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

• Now it's official: Klarna announced the launch of its IPO, aiming to raise $1.27B at the New York Stock Exchange, at a valuation of $14B (English). No date has been announced yet, but the IPO may take place as early as this week.

• In other Klarna news, the company is launching its debit card in Sweden and across the EU, looking to reposition itself as a bank (English).

• 0TO9, Stockholm-headquartered fintech venture builder and investor, has launched out of stealth, "to build 1,000 profitable fintechs by 2045" (English, Swedish). ➡️ 0TO9 first covered in PRO on March 19.

• Profile of Stockholm-based startup WRLDS and interview with the founder and CEO Felix von Heland. The company operates an AI-powered, uniform-integrated monitoring platform aimed at armed forces, emergency responders, and law enforcement agencies (English).

• ClearScanAI, a Stockholm-based startup that's developing an AI-powered solution to enhance early detection of breast cancer, is raising a €400K pre-seed funding round. Here's the pitch deck. ➡️ First covered in PRO on Sep 1. PRO subscribers have access to a curated database with information on ongoing/upcoming fundraising of interesting Swedish early-stage tech startups.

• Vetnio, Stockholm-based solution for generating automatic medical notes for veterinary professionals, is launching in the UK (English). ℹ️ Company details added in November 2024 to the New Startup Database for PRO subscribers.

• VNTRS, Stockholm-based Nordic-Baltic venture studio, will now use AI agents to automatically identify problems discussed in public online forums and news, based on which the team then builds a fast vibe version or MVP for further validation. In conjunction with this, former COO Amanda Enocksson Gyllenberg is taking over as CEO and Managing Partner (Swedish / Breakit paywall).

• Bybit, a Dubai-headquartered crypto exchange, is launching in the Nordics. The expansion in the region will be led by Stockholm-based entrepreneur Gustav Buder (English).

• The voting for this year's Startup 4 Climate competition has opened, featuring 62 Swedish startups speeding up the energy transition.

• The applications for the National Incubator for Space Connected Startups (ESA BIC Sweden) are open. Spacetech startups can secure grants of up to €50K, among other things (English).

• Nordic Angels named "Sweden's most promising angel investors under 40 years of age": Ida Haväng Herbertsson, Isabel Keulen, Max Junestrand, Jonathan Ortheden, Adam Jafer, and Douglas Stark (Swedish, machine translation).

• This year's Gothenburg Tech Week will take place October 14-16. The code TECHBLUEPRINTVIP10 gives a 10% discount on the ticket for the Tech Blueprint main event (English). ➡️ Added to the Swedish tech event calendar

• This year's annual GROW Invest invite-only event for investors and other "key players in the Swedish and Nordic growth scene" will take place on 9 October in Helsingborg (English). ➡️ Added to the Swedish tech event calendar

• Swedish VC Oliver Sjöstedt, based in Copenhagen, joins Switzerland-headquartered early-stage fintech fund Tenity as Principal for the Nordics and the UK (English).

• Robin Wänlund, based in Stockholm, joins London-headquartered SaaS and cloud VC firm Notion Capital as Associate to cover the Nordics and UK (English).

Exclusives in PRO last week

• A Swedish serial entrepreneur, who exited twice to Silicon Valley giants, teamed up with two others to launch a new Malmö-based startup focused on physical AI for autonomous mobile robot fleets.

• Becoming "the best in the world at rapidly testing AI-driven products with real users – and scaling what works" - that's the goal of a newly founded Stockholm-based startup.

• A well-known investor from western Sweden co-founded a startup in the sustainability and supply chain space, supported by various Sweden-based global corporates.

• A stealth startup in the enterprise AI agent space raised yet-to-be-announced pre-seed funding led by a well-known Swedish firm.

• Also newly funded and not announced yet: A rental provider of designer cabins in nature.

• A niche digital healthcare provider grew revenue in 2024 by over 500% year-over-year, and has now reached an ARR of SEK50M.

• 28 new Swedish tech startups

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Selected Swedish tech startup jobs

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

• Forward Deployed Engineer (Agaton)
• Technical co-founder (PACK AWAY)
• Tech Lead, Full-Stack Developer (Dentme)
• Lead Fullstack Engineer (Nrlyze)
• Product Designer (Din Psykolog)
• Head of Marketing (MarketHype)
• Embedded AI Specialist (EmbeDL)
• Data Engineer (Rebase Energy)
• Marketing Lead (StoreSprint)
• Business Controller (Kry)
• Chief Financial Officer (CorPower Ocean)

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

• Global venture funding in August fell to the lowest monthly amount since 2017 as seed and late-stage investors retreated (English).
• Vertical AI has become the most popular segment of AI for European VCs, with healthcare standing out as a leading area of focus (English).
• The price per token for AI models has fallen, but costs for developers are rising as newer reasoning models require more tokens to complete tasks (English).
• How to launch a startup out of stealth, from Figma's first marketer (English).
• How to find a co-founder (English).
  

Other interesting things related to Sweden

• The government unveiled the contested cultural heritage list. Pippi Longstocking, IKEA and the Nobel Prize are among 100 works, brands and ideas deemed to define what it means to be Swedish (English, Swedish).
• The Public Employment Agency says it is tracking IP addresses when job-seekers log in to their homepage – to ensure those signed on are located in Sweden, which is required for getting benefits (English).
• The Swedish krona reached the strongest level in more than three years (English).
• SVT, Sweden’s public broadcaster, is ending live continuity announcers and switching to pre-recorded ones (Swedish, no machine translation available).
• August saw plugin EVs take 59% share in Sweden, up from 56% a year ago (English).
• A “Blood Brownie,” baked with cattle blood, whole grains, and of course, chocolate, to tackle iron deficiency, is being tested on the Swedish market (English).

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

Martin