News January 2, 2023: MoveByBike, Lysa, Teenage Engineering, Spotify, Norrsken Launcher & more

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

Mergers & acquisitions

• Swedish conglomerate Assa Abloy acquired the US-based scaleup Janam Technologies, a provider of handheld mobile computers and readers. Financial terms were not disclosed (English).

Funding news

• MoveByBike (publ) (Malmö, smart city logistics with distribution via e-cargo bikes): SEK5.2M (€470K, $500K) through an oversubscribed rights issue (Swedish, machine translation).

>> Daily updated, subscriber-exclusive Google sheet with all funding rounds raised by private Swedish startups and scaleups.

News from Swedish startups, the tech sector and VCs

• Lysa, Stockholm-based robo advisor, launched on the German market. The expansion is being managed from Stockholm, without a local office in Germany (Swedish / Di Digital paywall).
• In November, Teenage Engineering (TE), the iconic Swedish creator of electronic products for people who love sound and music, announced its first VC funding round, but shared few details. Now Di Digital dug out a bit more: The round added SEK113M (€10M, $10.8M) to TE's balance sheet and valued the company at SEK1.5B post-money (Swedish / Di Digital paywall).
• Stark Future, the Barcelona-based electric motocross bike startup founded and led by the Swede Anton Wass, received a €50M ($53M) strategic investment from Indian multinational automotive company Eicher Motors. The deal values the company at €483M (English, Swedish).
• Yahoo Finance depicts growing investor skepticism about whether Spotify ever can become sustainably profitable; and whether Daniel Ek is still the right person to lead the company (English).
• Norrsken Launcher is the name of the new project that the now former Norrsken-CEO Erik Engellau-Nilsson will work with. Details are sparse. According to the placeholder website and LinkedIn page, Launcher's goal is "advancing humanity through ground breaking solutions".

Other interesting things from the startup/VC world & beyond

• Fantastic piece on a key insight after 15 years of social media: Fragmentation on the internet is a feature, not a bug. "Throwing the whole world into a single room together doesn't work" (English).

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That's it for today.