News October 23, 2024: Mavatar, Cascade Drives, TRUE, Proptivity, Co. Society, Andsend, Reactional Music, Adsorbi, Symbiosis, Swiftly, Blackwing, and more

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

Funding news

⬜️ publicly traded

• Mavatar (Stockholm; AI-driven medical avatars for rapid, precise breakthroughs in healthcare and drug discovery, founded 2018): SEK40M (€3.5M, $3.8M) from undisclosed investors in a partial closing of an ongoing round. The company writes it is preparing for commercial launch by 2026 (English). Earlier this year, Mavatar raised SEK25M, and said it would "raise another SEK60M-SEK100M in fall".
• Cascade Drives (Stockholm, next generation of electro-mechanical linear drives for mobile and industrial applications, founded 2014): SEK40M (€3.5M, $3.8M) led by Almi Invest GreenTech and an unnamed US-based corporate VC belonging to a leading global manufacturer of construction machinery. Existing investors including Industrifonden and EIT InnoEnergy also participated (Swedish, machine translation). In May I covered an unannounced portion of this funding, raised at a pre-money valuation of SEK222M, up 4% from 2022.
• TRUE (Stockholm; platform for digital diplomas, certificates, awards and credentials, founded 2020): SEK4M (€350K, $380K) from a number of Swedish entrepreneurs, angel investors, and the startup's new CCO Martin Stenberg, former Head of Sales at Mentimeter and Bower. The pre-money valuation was around SEK37.5M, TRUE co-founder and CEO Patrik Slettman tells me. Based on data registered with Bolagsverket, this is up 30% from 2022, after TRUE raised its only previous funding of SEK2.9M. 📊 I covered TRUE's preliminary 2023 numbers in January. According to the since then published annual report, net revenue was SEK4.4M, up 76% YoY, and the result was break-even.

Unannounced funding