News November 11, 2024: Troman, Magma, DREM, Celluminova, TeraSi, LignoFlow, 20NINE, Zivi, Velocity, STORViX, and more

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

Mergers & acquisitions

• Marathon Software, Stockholm-based investment firm specialized in niche software companies, acquires a majority of Troman, a Gothenburg-based supplier of a politician platform for managing trustees in Sweden's municipalities and regions. Financial details were not disclosed (English). Troman was founded in 2008 by Robert Spethz, and appears to be entirely bootstrapped. 📊 For 2023, Troman reported net revenue of SEK7.5M, up 26% YoY, and a pre-tax profit of SEK1.5M.

Funding news

⬜️ publicly traded

• Magma, formerly Matteappen (Stockholm, math learning app for schools, founded 2015): $20M in a Series A funding round led by the US growth equity firm Five Elms Capital, primarily for the continued US expansion. The investors also acquire existing Magma shares for an additional $20M. The post-money valuation was reportedly close to SEK1B (English, Swedish / Di Digital paywall). Magma raised its most recent previous funding round of SEK52M in July 2022. 📊 For 2023, Magma reported net revenue of SEK19.5M, up 55% YoY, and a loss of -SEK15.1M, vs -SEK10M in 2022.
• DREM (Stockholm; seamless solution for heat pump deployment in residential properties, founded 2022): €1M (€860K, $920K) from existing investors Peak, byFounders, Redstone, and Futurum Ventures, to fuel the company’s expansion into France. In the press release, DREM touts an annual revenue run rate of €10M. Given that reported net revenue for 2023 was "only" SEK12.8M (slightly over €1M), this implies rapid revenue growth (English). In summer 2023, DREM raised its most recent previous round of €2M from Peak.