News July 5, 2022: Northvolt, Freshsound, Foodora, Fast Track Malmö, Climentum Capital, Juni, Bryntum and more
Here is today's curation of news from Sweden's startup and tech sector.
Subscribe to Swedish Tech News to get access to a daily newsletter that brings you a brief overview of news from the Swedish startup & tech sector, curated by Martin Weigert.
Or, if you prefer a free weekly newsletter, subscribe to Swedish Tech Weekly!
Funding news
- Northvolt (Stockholm, battery developer and manufacturer): $1.1B convertible note from a large number of institutional investors (English, Swedish).
- FRESHSOUND (Stockholm, original music licensing platform for professional storytellers and agencies): €1.3M ($1.3M) in pre-seed funding from Aligned Ventures, Kristina Tunkrans, Shiv Prakash, Marcus Konstantino, Gustav Nordlindh, Kim Fai Kok and Dara Gill (English, Swedish).
- In a follow-on investment, VNV Global participated in a NOK200M (€19.5M, $20M) funding round raised by Norwegian second hand fashion marketplace app Tise (Norwegian, machine translation).
>> Daily updated, subscriber-exclusive Google sheet with all funding rounds raised by private Swedish startups and scaleups. Request access.
News from Swedish startups, the tech sector and VCs
- Delivery service Foodora and McDonald's are piloting drone deliveries from a restaurant in Gustavsberg near Stockholm, to a local beach (Swedish, machine translation).
- Startup accelerator Fast Track Malmo opened the applications for the 2023 batch. Startups that are being admitted receive €50K, among other support (English).
- Climentum Capital is a new pan-european VC fund with hubs in Stockholm, Copenhagen and Berlin, aiming to invest €150M ($154M) - of which half has already been raised - for startups that "accelerate Europe’s green transition". A Stockholm-based partner is to be announced soon (English).
Swedish tech earnings reports
- Juni (Gothenburg, banking platform for e-commerce): Swedish, machine translation.
Bootstrapped spotlight
In this occasional section, successfully self-funded Swedish tech startups/scaleups that generate meaningful revenue and are less often covered by the media, get the chance to briefly present themselves.
Company name, headquarter: Bryntum, Stockholm.
Founded: 2009 by Mats Bryntse.
Revenue: SEK18M in 2020, SEK20M in 2021, SEK30M projected for 2022.
Product: Bryntum helps the world stay on schedule with its UI component library for project planning and resource management. The JavaScript widgets can be easily integrated into any web app and are trusted by 5K+ customers (incl. Intel, Netflix & Apple) in 80 countries in all industries.
Number of employees: 20, among them many expert JS developers with 15+ years of experience. Everyone has been working remotely since day one and the team meets at a week-long hackathon every year.
Other interesting things from the startup/VC world
- New Germany-based €100M evergreen climate tech fund AENU launches (English).
- The biggest life-design mistake founders make: Living life on hold (English).
Other interesting things related to Sweden
- Scandinavian airline SAS files for US bankruptcy protection as strike grounds flights (English).
- EV maker Polestar built a treehouse named "KOJA" to show how sustainable travel could look like (English).
+++
That's it for today.
