News December 2, 2024: SinCode AI, DP Patterning, Hälsa Hemma, endra, Digga, Mana, Northern CapSek Ventures, Billo, Elementric, and more

Here are today's news from Sweden's startup and tech sector, exclusively for you as subscriber of Swedish Tech News PRO.

Yesterday I published the Swedish Tech Startup Report for November 2024 and sent it to you as separate email. You can also find it online here (log in with your subscriber email).

Mergers & acquisitions

• SinCode AI, a Malmö-based startup that offered an all-in-one AI copilot for content creation and copywriting, has been acquired by Dharmesh Shah, co-founder of HubSpot, for an undisclosed amount (English). SinCode AI was founded in 2021 by Hugo Rosensköld Stengert and Jack Österberg, and did not raise any outside funding. In July I covered the company's 2023 numbers, which showed net revenue of SEK1M. Back then SinCode AI cited 600,000 users. The acquisition marks the end of the startup's product – the URL sincode.ai now sends users to Dharmesh Shah's agent.ai. ℹ️ SinCode AI added on February 13, 2023 to the new startups list.
• Vitec Software Group, Umeå-based publicly traded provider and acquirer of standardized software and SaaS solutions for various niches, is acquiring Netherlands-based finance software company Figlo, which was founded in 1996. The amount of the cash-only deal was not disclosed (English).

Funding news

⬜️ = publicly traded

• DP Patterning (Norrköping, technology for flexible printed circuit boards, founded 2013): SEK25M (€2.2M, $2.3M) from publicly traded investment company Byggmästaren. The deal includes an option for an additional SEK25M investment (Swedish, machine translation). As far as I can tell, this is the company's first larger outside funding. 📊 For 2023, DP Patterning reported net revenue of SEK6.8M, down 68% YoY, and a pre-tax loss of -SEK3M, vs a pre-tax profit of SEK2.2M in 2022.

Unannounced funding