Swedish Tech Weekly #352: Saga Diagnostics, Breakit, Tab Technology, Sportway, Leonh, Stegra, BioLamina, Carla, SovlaPay, Alva Labs, SalesKong, Refurbly, AlixLabs, Arkyv, Elyra, WiB Capital, EndoHealth, Andon Café, W Social, Raven Tech, Zinova, and more

Welcome to 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 3246 subscribers.

Join 1000+ B2B SaaS leaders at SaaSiest 2026

How-to sessions from real operators, serious networking, and the most fun you'll have at a SaaS event. Malmö, May 5-6.

Grab your ticket!

• Saga Diagnostics (Lund, developing diagnostic tests to identify minimal residual disease and thereby support treatment decisions in oncology) is being acquired by a subsidiary of global pharmaceuticals and diagnostics giant Roche for up to $595M (English). ➡️ Added to the Exits Database for PRO subscribers.

• In an anticipated deal, Swedish media group Bonnier has acquired the remaining 70% of Swedish tech news site Breakit, following an initial 30% acquisition in 2023. Breakit now plans for an international expansion (Swedish, machine translation).

• Tab Technology (Stockholm, infrastructure for digital receipts) is being acquired by Kivra, Sweden's leading digital mailbox service (Swedish, machine translation). ➡️ Added to the Exits Database for PRO subscribers.

• Sportway (Stockholm, AI-automated sports video and data production) acquires Netherlands-based industry peer Studio Automated, together with a German company (English).

• Leonh (Stockholm; software for private equity research, M&A, company valuation, and portfolio overview) is acquiring the older and larger corporate finance advisory firm Erneholm Haskel (Swedish / Di paywall).

Last week, PRO subscribers learned more details about each of those deals.

Send press releases about funding rounds, and other potentially relevant news, to news@swedishtechnews.com.

• Stegra (Stockholm, developer of a fossil-free steel plant being built in northern Sweden): €1.4B ($1.65B) from a combination of new and existing investors, led by Wallenberg Investments. This funding "provides a fully funded path to complete the construction and commissioning of its green steel plant" (funding details page).

• BioLamina (Stockholm; cell-specific culture matrices for improved cell functionality): €20M ($24M) venture debt funding from the European Investment Bank (EIB) (English).

• Carla (Stockholm, online store for used electric vehicles): SEK55M (€5M, $6M) led by existing investor Verdane (funding details page).

• SolvaPay (Stockholm, payment layer built for the agentic economy): €2.4M ($2.8M) in pre-seed funding led by Redstone and MS&AD Ventures (funding details page). ➡️ Fundraising for this round covered in PRO on January 6.

• Alva Labs (Stockholm, data-driven recruitment platform): SEK20M (€1.8M, $2.15M) led by existing investor VNV Global (Swedish / Di Digital paywall, funding details page).

• SalesKong (Stockholm, superintelligent revenue AI assistant): $1.8M seed round led by Starbright Invest, with participation from Novax, Måttex, and angel investors (funding details page). ➡️ Funding first covered in PRO on March 3.

• Refurbly (Örebro, marketplace for refurbished phones): SEK16M (€1.5M, $1.7M) led by Humbelin (Swedish / Impact Loop paywall, funding details page).

• AlixLabs (Lund, method for manufacturing nanostructures which enables the semiconductor industry to scale down in a cost effective manner): €900K from Stephen Industries, in an extension of the Series A round, bringing the total to €15M (funding details page).

• Arkyv (Uppsala, AI workspace for architects): €700K ($820K) in a pre-seed funding round from Antler, PSV Tech, Wave Ventures, Tiny VC, and Karaoke Club (funding details page). ➡️ Startup first covered in PRO in April 2025.

• Elyra (Stockholm; AI-powered restaurant platform that handles calls, messages, and bookings): $500K from Y Combinator, as the startup was selected for the spring cohort (English). ➡️ Startup first covered in PRO in August 2025.

• WiB Capital (Stockholm, platform for entrepreneurial women): undisclosed seven-digit SEK amount from Dahlgren Capital (funding details page).

• [PRO last week] A startup building autonomous, local micro-factories powered by physical AI has closed a "friends & and builders" round, and gears up for a large pre-seed round to be closed before the summer.

• [PRO last week] A startup offering AI-powered automation for finance raised a yet-to-be-announced first funding round involving at least one Nordic VC firm.

• [PRO last week] An AI startup has raised a yet-to-be-announced first larger funding round, at a pre-money valuation of SEK80M.

I covered many more funding rounds, and more details for each, in Swedish Tech News PRO last week.

Startup founders only: Request free access to my funding and investor database. Useful during your fundraising process.

Building the teams behind Sweden's most ambitious tech companies

At Startup Recruitment, we offer headhunting and experienced recruitment consultants — with a focus on precision, discretion, and long-term impact.

We help founders and leadership teams secure the people they can’t afford to get wrong. Not just fast. But right.

Whether you need targeted executive search or hands-on recruitment consultants embedded in your organization, we support you in building business-critical teams without compromising on quality.

👉 startuprecruitment.se

• EndoHealth, a spin-off from digi-physical healthcare provider for women EndoGyn, will soon open Europe's first longevity clinic dedicated to women's health, in Stockholm.

• Andon Labs, the Swedish YC-backed startup formerly known as Vectorview, which iteratively launches and scales autonomous organizations, has tasked AI to establish and run a café in Stockholm. The result opened on Saturday in Vasastan: Andon Café.

• "Protecting democracy" is her main goal with the upcoming Stockholm-headquartered "trusted social media platform" W Social, says CEO Anna Zeiter in this interview. Users who wish to post on W Social will have to verify their real identity, and receive a “verified human” badge (Swedish / Impact Loop paywall).

• Raven Tech, Helsingborg-based developer of an autonomous counter-drone system, plans to sell 100 units in the next 12 months, priced at around SEK500K each including a two-year-license. (Swedish / Rapidus paywall). ➡️ Startup first covered in PRO on February 18.

• Tommy Jacobson and his Swedish VC firm Zenith have founded Zinova, a financing provider for SME (Swedish / Di Digital paywall).

• Suturion, Lund-based medtech that developed a sewing machine for standardized closure of the abdomen, is expanding into additional countries, and also explores a new application: military medicin (English).

• Kreditz, Stockholm-based provider of AI-driven, real-time credit and risk intelligence, has been granted a license to operate as a credit bureau (English).

• Lovable has hired Patrik "totte" Torstensson as Head of Engineering. The Swede worked 35 years in tech, leading engineering teams of all sizes at Spotify, Google, and Meta – and is moving back to Sweden for this role (English).

• Legora is putting its recently raised $550M Series D round to use and hired Hollywood actor Jude Law for its brand campaign (English).

• Kry, the Stockholm-based digital healthcare provider, ranks its doctors based on speed, and pays bonuses when they see more patients online per hour, according to an investigative review by Swedish public service radio news (English, Swedish).

• Matsmart, the Swedish online seller of surplus production and overstocks, is leaving the German market, to focus on the Nordics (Swedish, machine translation).

• Kinnevik and Creades, two publicly listed Swedish investment firms, wrote down the value of their unlisted portfolios, reflecting the sharp decline of SaaS valuations in the public markets.

• Sting, the pioneering Stockholm-based incubator & accelerator, is hiring an AI-native Growth Marketing Associate (English).

• Pale blue dot is hiring a Head of Legal & Compliance in Malmö (English).

• [PRO last week] A low-profile AI startup that's backed with pre-seed funding, has slightly changed focus, and is now offering a "platform for scalable, reliable, and efficient inference".

• [PRO last week] A former SaaS founder is building a new startup, focusing on public safety and combining AI + hardware.

• [PRO last week] Another repeat founder founded a startup in stealth mode which will enable automated water safety for commercial properties.

• [PRO last week] 28 new Swedish tech startups added to the Startup Database.

I covered many more news – many of which have not been reported elsewhere – and more details for each, in Swedish Tech News PRO last week.

• GAIA – April 20 – Gothenburg
• KI Innovations Investor Day – April 21 – Stockholm
• Women In Tech Sweden – April 22 – Stockholm
• Breakit AI Day – April 22 – Stockholm
• Nordic Growth Summit – April 23 – Stockholm
• Y Combinator | Stockholm – Apr 29 – Stockholm

For more major and flagship events, check the Swedish tech event calendar.

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

• Co-founder (TraceArc)
• Fullstack Engineer (Engineer number 2) (Float)
• CTO (Pubblo)
• DevOps Engineer (Cyberbuddy)
• Lead Developer (Leyr)
• Various incl AI Android Developer, AI-First Fullstack Engineer (Karma)
• Various incl Risk Specialist, Data Scientist (Anyfin)
• Technical Project Manager (Prime Penguin)
• Business Developer (Eneryield)
• Various inc Product Engineer, Legal Engineer, GTM Manager (Freda)
• Designer (Ingrid)

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.

• Fundraising by Finnish VC firms focusing on startups rose to an all-time high last year, with a total of €678M raised (English).

• Ville Vesterinen, co-founder of ArcticStartup and Slush, has launched The Flame, a Substack that covers Nordic and Baltic startup success stories (English).

• Most startups older than two years old have an obsolete business plan – and a technical stack and team that’s likely out of date (English).

• We may be at the beginning of a wave where the most authentic founders — the ones who have been quietly obsessed with a problem for years, who couldn’t not build this thing — finally have the tools to match their conviction (English).

• The US public market is effectively saying: we no longer believe software is a premium business (English).

• "The worst version of deep tech investing is doing it because software feels uncomfortable. The worst version of AI investing is doing it out of FOMO" (English)

• The beginning of scarcity in AI (English).

• What if a few AI companies end up with all the money and power? (English)

• Mistral's "European AI" playbook (English).

• For two studies, the Swedish army has successfully experimented with utilizing custom AI models for supporting tactical planning (Swedish, machine translation).

• The Swedish government said Russian government-linked hackers attempted to disrupt the operations at one of the country’s thermal power plants last year (English).

• Sweden is exporting "crime as a service" to its European neighbours (English).

• Sweden's government launched a national ten year strategy to tackle all forms of violence against women (English).

• Stockholm now has over 3,000 restaurants, cafés, and bars with outdoor seating, more than twice as many as 15 years ago (Swedish, machine translation).

+++

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

Martin