A ‘High Priestess of Satanic Art’? This Organist Can Only Laugh.

For more than a decade, Anna von Hausswolff has been bringing the sound of pipe organs to rock fans. But Roman Catholic extremists have tried to stop her playing shows in churches.

#belgium, #churches-buildings, #france, #music, #nantes-france, #netherlands, #organs-musical, #sweden, #von-hausswolff-anna

Erika Lust’s Alternative Porn Vision

The Swedish moviemaker thinks pornography can create a society that sees sexuality as myriad and joyful, and where women’s pleasure matters.

#content-type-personal-profile, #lust-erika, #pornography, #sex, #sweden, #women-and-girls

After Killing of Einar, Sweden Struggles With ‘Gangster Rap’

Hip-hop, the country’s most popular music, has quickly become a lightning rod for Sweden’s long-roiling problems with gun violence and gang warfare.

#einar-2002-21, #gangs, #murders-attempted-murders-and-homicides, #rap-and-hip-hop, #stockholm-sweden, #sweden

Sweden Elects Its First Female Leader — for Second Time in a Week

The Swedish Parliament elected Magdalena Andersson as prime minister by a narrow margin. She was first elected last week, but her government soon collapsed over a budget dispute.

#andersson-magdalena-1967, #legislatures-and-parliaments, #politics-and-government, #sweden

Sweden Chose Its First Female Prime Minister. She Lasted About 7 Hours.

Magdalena Andersson, the leader of the Social Democratic Party, quit after her new government’s budget was defeated on her first day in office and her coalition partners bolted.

#elections, #europe, #lofven-stefan-1957, #politics-and-government, #sweden, #sweden-democrats, #swedish-social-democratic-party

Jobs for All! But Is It Working for All?

Is work working for us?

#documentary-films-and-programs, #labor-and-jobs, #sweden, #workplace-environment

After 40 Years, Abba Takes a Chance With Its Legacy

How one of the biggest pop groups in the world secretly reunited to make a new album and a high-tech stage show featuring digital avatars of themselves — from 1979.

#abba-music-group, #andersson-benny, #content-type-personal-profile, #faltskog-agnetha, #lyngstad-anni-frid, #pop-and-rock-music, #stockholm-sweden, #sweden, #ulvaeus-bjorn, #virtual-reality-computers, #voyage-album

Lars Vilks, Known for Muhammad Caricature, Dies in Crash in Sweden

The artist, Lars Vilks, had been under police protection since 2010, after his sketch prompted widespread condemnation from Muslims. He was killed along with two bodyguards in a crash that the police said was an accident.

#art, #cartoons-and-cartoonists, #deaths-fatalities, #freedom-of-speech-and-expression, #muslims-and-islam, #sweden, #traffic-accidents-and-safety, #vilks-lars

Women Enslaved by ISIS Say They Did Not Consent to a Film About Them

The acclaimed documentary “Sabaya” portrays the rescue of Yazidi women sexually enslaved by the Islamic State terrorist group. But many of the traumatized women said they never agreed to be in the film.

#documentary-films-and-programs, #hirori-hogir, #iraq, #islamic-state-in-iraq-and-syria-isis, #privacy, #sabaya-movie, #sundance-film-festival-park-city-utah, #sweden, #swedish-film-institute, #syria, #war-crimes-genocide-and-crimes-against-humanity, #yazidi-religious-sect

What we can learn from edtech startups’ expansion efforts in Europe

It’s a story common to all sectors today: investors only want to see ‘uppy-righty’ charts in a pitch. However, edtech growth in the past 18 months has ramped up to such an extent that companies need to be presenting 3x+ growth in annual recurring revenue to even get noticed by their favored funds.

Some companies are able to blast this out of the park — like GoStudent, Ornikar and YouSchool — but others, arguably less suited to the conditions presented by the pandemic, have found it more difficult to present this kind of growth.

One of the most common themes Brighteye sees in young companies is an emphasis on international expansion for growth. To get some additional insight into this trend, we surveyed edtech firms on their expansion plans, priorities and pitfalls. We received 57 responses and supplemented it with interviews of leading companies and investors. Europe is home 49 of the surveyed companies, six are based in the U.S., and three in Asia.

Going international later in the journey or when more funding is available, possibly due to a VC round, seems to make facets of expansion more feasible. Higher budgets also enable entry to several markets nearly simultaneously.

The survey revealed a roughly even split of target customers across companies, institutions and consumers, as well as a good spread of home markets. The largest contingents were from the U.K. and France, with 13 and nine respondents respectively, followed by the U.S. with seven, Norway with five, and Spain, Finland, and Switzerland with four each. About 40% of these firms were yet to foray beyond their home country and the rest had gone international.

International expansion is an interesting and nuanced part of the growth path of an edtech firm. Unlike their neighbors in fintech, it’s assumed that edtech companies need to expand to a number of big markets in order to reach a scale that makes them attractive to VCs. This is less true than it was in early 2020, as digital education and work is now so commonplace that it’s possible to build a billion-dollar edtech in a single, larger European market.

But naturally, nearly every ambitious edtech founder realizes they need to expand overseas to grow at a pace that is attractive to investors. They have good reason to believe that, too: The complexities of selling to schools and universities, for example, are widely documented, so it might seem logical to take your chances and build market share internationally. It follows that some view expansion as a way of diversifying risk — e.g. we are growing nicely in market X, but what if the opportunity in Y is larger and our business begins to decline for some reason in market X?

International expansion sounds good, but what does it mean? We asked a number of organizations this question as part of the survey analysis. The responses were quite broad, and their breadth to an extent reflected their target customer groups and how those customers are reached. If the product is web-based and accessible anywhere, then it’s relatively easy for a company with a good product to reach customers in a large number of markets (50+). The firm can then build teams and wider infrastructure around that traction.

#column, #ec-column, #ec-edtech, #ec-how-to, #edtech, #education, #europe, #finland, #france, #norway, #owl-ventures, #spain, #startups, #sweden, #switzerland, #united-kingdom, #united-states, #venture-capital

Pandemic’s shift to remote wellness helps Numan raise $40M Series B led by White Star

Numan, the European subscription service covering erectile dysfunction (ED) and men’s wellness/health needs more generally, has raised $40 million in a Series B funding round led by White Star Capital, with participation from existing investors Novator, Vostok New Global, Anthemis Exponential, Colle Capital, and new investor Hanwha Group. The new round will be used to fuel expansion.

Numan’s current roster of services cover ED, premature ejaculation, hair loss, gut and lung health, and nutritional deficiencies. But they can also do blood tests for general health needs which don’t require in-person appointments.

Post-pandemic, the digitization of health and wellness continues apace. Had we not had a pandemic, vitamins, and the like, delivered through the letterbox, would almost certainly have continued to grow steadily as a business. But with the pandemic, businesses that can speak to our health needs remotely have exploded.

Who would have considered taking a blood test remotely a ‘normal thing’ two years ago? Now it’s practically required. Into this space, wellness companies have uncovered an extremely lucrative nexus of trends: an aging male population with a desire to remain sexually active, increasing awareness of their own health, the convenience of subscription, and the imperative of the pandemic to keep things remote has proven to be a powerful combination of forces.

Numan is not alone in this space. Roman and Hims, for example, are two big players in the US. The open door Numan is pushing against is more this wider movement around male health, which men themselves are becoming more open to. As well as growing organically, Numan has also made two strategic acquisitions of companies in the UK and Sweden to expand its footprint. It’s likely this new round will lead to similar strategic plays.

With sexual health a tricky subject for men, digital services are stepping in to mitigate any embarrassment around having to sit in front of the family GP. Numan is also regulated by the Care Quality Commission as a registered healthcare provider, giving it a further stamp of approval.

Numan claims men now prefer its model to in-person healthcare meetings. In its own survey of 800 subscribers, 88% said that using the service has improved their confidence, while 68% say that using Numan has also improved their relationships, and over half said the effects of the pandemic had given them a more positive impression of using digital healthcare.

In a statement Sokratis Papafloratos, CEO & founder, Numan said: “This funding is a significant milestone on our journey to help millions of men be healthier. White Star Capital is one of the best investors in our space, and I’m delighted to be working together along with a wider team of brilliant investors.”

Speaking to me over a call, Papafloratos added that despite there being a lot of competition in the space “this is not a winner-takes-all-market. We have 25 languages on the team so we understand the market, patients, regulation, we understand it more in-depth than many competitors.”

Eric Martineau-Fortin, Founder and Managing Partner, White Star Capital: “Men’s health has been under-served by traditional services and needs innovative businesses to break down barriers and ensure taboos don’t prevent men from being happy and healthy. Numan’s digital offering helps men take charge of their health discreetly and decisively. We’re incredibly excited by Sokratis and his team, and look forward to working with them as they grow.”

#ceo, #digital-health, #digital-healthcare, #erectile-dysfunction, #europe, #healthcare, #managing-partner, #musicians, #numan, #sokratis-papafloratos, #sweden, #tc, #united-kingdom, #united-states, #white-star-capital

Billogram, provider of a payments platform specifically for recurring billing, raises $45M

Payments made a huge shift to digital platforms during the Covid-19 pandemic — purchasing moved online for many consumers and businesses; and a large proportion of those continuing to buy and sell in-person went cash-free. Today a startup that has been focusing on one specific aspect of payments — recurring billing — is announcing a round of funding to capitalize on that growth with expansion of its own. Billogram, which has built a platform for third parties to build and handle any kind of recurring payments (not one-off purchases), has closed a round of $45 million.

The funding is coming from a single investor, Partech, and will be used to help the Stockholm-based startup expand from its current base in Sweden to six more markets, Jonas Suijkerbuijk, Billogram’s CEO and founder, said in an interview, to cover more of Germany (where it’s already active now), Norway, Finland, Ireland, France, Spain, and Italy.

The company got its start working with SMBs in 2011 but pivoted some years later to working with larger enterprises, which make up the majority of its business today. Suijkerbuijk said that in 2020, signed deals went up by 300%, and the first half of 2021 grew 50% more on top of that. Its users include utilities like Skanska Energi and broadband company Ownit, and others like remote healthcare company Kry, businesses that take invoice and take monthly payments from their customers.

While there has been a lot of attention around how companies like Apple and Google are handling subscriptions and payments in apps, what Billogram focuses on is a different beast, and much more complex: it’s more integrated into the business providing services, and it may involve different services, and the fees can vary over every billing period. It’s for this reason that, in fact, even big companies in the realm of digital payments, like Stripe, which might even already have products that can help manage subscriptions on their platforms, partner with companies like Billogram to build the experiences to manage their more involved kinds of payment services.

I should point out here that Suijkerbuijk told me that Stripe recently became a partner of Billograms, which is very interesting… but he also added that a number of the big payments companies have talked to Billogram. He also confirmed that currently Stripe is not an investor in the company. “We have a very good relationship,” he said.

It’s not surprising to see Stripe and others wanting to more in the area of more complex, recurring billing services. Researchers estimate that the market size (revenues and services) for subscription and recurring billing will be close to $6 billion this year, with that number ballooning to well over $10 billion by 2025. And indeed, the effort to make a payment or any kind of transaction will continue to be a point of friction in the world of commerce, so any kinds of systems that bring technology to bear to make that easier and something that consumers or businesses will do without thinking about it, will be valuable, and will likely grow in dominance. (It’s why the more basic subscription services, such as Prime membership or a Netflix subscription, or a cloud storage account, are such winners.)

Within that very big pie, Suijkerbuijk noted that rather than the Apples and Googles of the world, the kinds of businesses that Billogram currently competes against are those that are addressing the same thornier end of the payments spectrum that Billogram is. These include a wide swathe of incumbent companies that do a lot of their business in areas like debt collection, and other specialists like Scaleworks-backed Chargify — which itself got a big investment injection earlier this year from Battery Ventures, which put $150 million into both it and another billing provider, SaaSOptics, in April.

The former group of competitors are not currently a threat to Billogram, he added.

“Debt collecting agencies are big on invoicing, but no one — not their customers, nor their customers’ customers — loves them, so they are great competitors to have,” Suijkerbuijk joked.

This also means that Billogram is not likely to move into debt collection itself as it continues to expand. Instead, he said, the focus will be on building out more tools to make the invoicing and payments experience better and less painful to customers. That will likely include more moves into customer service and generally improving the overall billing experience — something we have seen become a bigger area also during the pandemic, as companies realized that they needed to address non-payments in a different way from how their used to, given world events and the impact they were having on individuals.

“We are excited to partner with Jonas and the team at Billogram.” says Omri Benayoun, General Partner at Partech, in a statement. “Having spotted a gap in the market, they have quietly built the most advanced platform for large B2C enterprises looking to integrate billing, payment, and collection in one single solution. In our discussion with leading utilities, telecom, e-health, and all other clients across Europe, we realized how valuable Billogram was for them in order to engage with their end-users through a top-notch billing and payment experience. The outstanding commercial traction demonstrated by Billogram has further cemented our conviction, and we can’t wait to support the team in bringing their solution to many more customers in Europe and beyond!”

#apple, #battery-ventures, #billing, #billogram, #broadband, #business-software, #ceo, #e-health, #economy, #europe, #finance, #financial-technology, #finland, #france, #funding, #general-partner, #germany, #google, #ireland, #italy, #kry, #merchant-services, #money, #netflix, #norway, #online-payments, #partner, #spain, #stockholm, #stripe, #sweden, #web-applications

Stockeld Dreamery loves cheese so much that it raised $20M to make it out of legumes

Cheese is one of those foods that when you like it, you actually love it. It’s also one of the most difficult foods to make from something other than milk. Stockeld Dreamery not only took that task on, it has a product to show for it.

The Stockholm-based company announced Thursday its Series A round of $20 million co-led by Astanor Ventures and Northzone. Joining them in the round — which founder Sorosh Tavakoli told TechCrunch he thought was “the largest-ever Series A round for a European plant-based alternatives startup,” was Gullspång Re:food, Eurazeo, Norrsken VC, Edastra, Trellis Road and angel investors David Frenkiel and Alexander Ljung.

Tavakoli previously founded video advertising startup Videoplaza, and sold it to Ooyala in 2014. Looking for his next project, he said he did some soul-searching and wanted the next company to do something with an environmental impact. He ended up in the world of food, plant-based food, in particular.

“Removing the animal has a huge impact on land, water, greenhouse gases, not to mention the factory farming,” he told TechCrunch. “I identified that cheese is the worst. However, though people are keen on shifting their diet, when they try alternative products, they don’t like it.”

Tavakoli then went in search of a co-founder with a science background and met Anja Leissner, whose background is in biotechnology and food science. Together they started Stockeld in 2019.

Pär-Jörgen Pärson, general partner at Northzone, was an investor in Videoplaza and said via email that Stockeld Dreamery was the result of “the best of technology paired with the best of science,” and that Tavakoli and Leissner were “using their scientific knowledge and vision of the future and proposing a commercial application, which is very rare in the foodtech space, if not unique.”

The company’s first product, Stockeld Chunk, launched in May, but not without some trials and tribulations. The team tested over 1,000 iterations of their “cheese” product before finding a combination that worked, Tavakoli said.

Advances in the plant-based milk category have been successful for the most part, not necessarily because of the plant-based origins, but because they are tasty, he explained. Innovation is also progressing in meat, but cheese still proved difficult.

“They are typically made from starch and coconut oil, so you can have a terrible experience from the smell and the mouth feel can be rubbery, plus there is no protein,” Tavakoli added.

Stockeld wanted protein as the core ingredient, so Chunk is made using fermented legumes — pea and fava in this case — which gives the cheese a feta-like look and feel and contains 30% protein.

Chunk was initially launched with restaurants and chefs in Sweden. Within the product pipeline are spreadable and melting cheese that Tavakoli expects to be on the market in the next 12 months. Melting cheese is one of the hardest to make, but would open up the company as a potential pizza ingredient if successful, he said.

Including the latest round, Stockeld has raised just over $24 million to date. The company started with four employees and has now grown to 23, and Tavakoli intends for that to be 50 by the end of next year.

The new funding will enable the company to focus on R&D, to build out a pilot plant and to move into a new headquarters building next year in Stockholm. The company also looks to expand out of Sweden and into the U.S.

“We have ambitious investors who understand what we are trying to do,” Tavakoli said. “We have an opportunity to think big and plan accordingly. We feel we are in a category of our own in a sense that we are using legumes for protein. We are almost like a third fermented legumes category, and it is exciting to see where we can take it.”

Eric Archambeau, co-founder and partner at Astanor Ventures, is one of those investors. He also met Tavakoli at his former company and said via email that when he was pitched on the idea of creating “the next generation of plant-based cheese,” he was interested.

“From the start, I have been continuously impressed by the Stockeld team’s diligence, determination and commitment to creating a truly revolutionary and delicious product,” Archambeau added. “They created a product that breaks the mold and paves the way towards a new future for the global cheese industry.”

#alexander-ljung, #anja-leissner, #astanor-ventures, #biotechnology, #cheese, #eric-archambeau, #europe, #food, #food-and-drink, #food-science, #funding, #northzone, #par-jorgen-parson, #plant-based-food, #recent-funding, #sorosh-tavakoli, #startups, #stockeld-dreamery, #stockholm, #sweden, #tc

Spotify expands its radio DJ-like format, Music + Talk, to global creators

Last fall, Spotify introduced a new format that combined spoken word commentary with music, allowing creators to reproduce the  radio-like experience of listening to a DJ or music journalist who shared their perspective on the tracks they would then play. Today, the company is making the format, which it calls “Music + Talk,” available to global creators through its podcasting software Anchor.

Creators who want to offer this sort of blended audio experience can now do so by using the new “Music” tool in Anchor, which provides access to Spotify’s full catalog of 70 million tracks that they can insert into their spoken-word audio programs. Spotify has said this new type of show will continue to compensate the artist when the track is streamed, the same as it would elsewhere on Spotify’s platform. In addition, users can also interact with the music content within the shows as they would otherwise — by liking the song, viewing more information about the track, saving the song, or sharing it, for example.

The shows themselves, meanwhile, will be available to both free and Premium Spotify listeners. Paying subscribers will hear the full tracks when listening to these shows, but free users will only hear a 30-second preview of the songs, due to licensing rights.

The format is somewhat reminiscent of Pandora’s Stories, which was also a combination of music and podcasting, introduced in 2019. However, in Pandora’s case, the focus had been on allowing artists to add their own commentary to music — like talking about the inspiration for a song — while Spotify is making it possible for anyone to annotate their favorite playlists with audio commentary.

Since launching last year, the product has been tweaked somewhat in response to user feedback, Spotify says. The shows now offer clearer visual distinction between the music and talk segments during an episode, and they include music previews on episode pages.

The ability to create Music + Talk shows was previously available in select markets ahead of this global rollout, including in the U.S., Canada, the U.K., Ireland, Australia, and New Zealand.

With the expansion, creators in a number of other major markets are now gaining access, including Japan, India, the Philippines, Indonesia, France, Germany, Spain, Italy, the Netherlands, Sweden, Mexico, Brazil, Chile, Argentina, and Colombia. Alongside the expansion, Spotify’s catalog of Music + Talk original programs will also grow today, as new shows from Argentina, Brazil, Colombia, Chile, India, Japan, and the Philippines will be added.

Spotify will also begin to more heavily market the feature with the launch of its own Spotify Original called “Music + Talk: Unlocked,” which will offer tips and ideas for creators interested in trying out the format.

#argentina, #artist, #australia, #brazil, #canada, #chile, #colombia, #france, #germany, #india, #indonesia, #ireland, #italy, #japan, #media, #mexico, #microsoft-windows, #netherlands, #new-zealand, #operating-systems, #pandora, #philippines, #podcast, #software, #spain, #spotify, #sweden, #united-kingdom, #united-states

Mondo Duplantis Gets More Swedish as He Goes

Mondo Duplantis has a world record and a good chance at Olympic gold. But he’s endeared himself to Sweden (his mother’s home country) by buying into its culture.

#content-type-personal-profile, #duplantis-mondo, #olympic-games-2020, #pole-vault, #sweden

Element Ventures pulls in $130M to double-down on the FinTech enterprise trend

With the rise of Open Banking, Psd2 Regulation, InsurTech, and the whole, general Fintech boom, tech investors have realized that there is an increasing place for dedicated funds which double down on this ongoing movement. When you look at the rise of banking-as-a-service offerings, payments platforms, insurtech, asset management, and infrastructure providers, you realize that there is a pretty huge revolution going on.

European fintech companies have raised $12.3bn in 2021 according to Dealroom, but the market is still wide-open for a great deal more funding for B2B fintech startups.

So it’s little surprise that B2B fintech-focused Element Ventures, has announced a $130 million fund to double-down on this new FinTech enterprise trend.

Founded by financial services veterans Steve Gibson and Michael McFadgen, and joined by Spencer Lake (HSBC’s former Vice Chairman of Global Banking and Markets) Element is backed by finance-oriented LPs and some 30 founders and executives from the sector.

Element says it will focus on what it calls a “high conviction investment strategy,” which will mean investing in only around 15 companies a year, but, it says, providing a “high level of support” to its portfolio.

So far it has backed B2B fintech firms across the UK and Europe including Hepster (total raised $10M), the embedded insurance platform out of Germany which I recently reported on; Billhop (total raised $6.7M), the B2B payment network out of Sweden; Coincover (total raised $11.6M), a cryptocurrency recovery service out of the UK; and Minna (total raised $25M), the subscription management platform out of Sweden.

Speaking to me over a call McFadgen, Partner at Element Ventures, said: “Steven and I have been investing in B2B FinTech together for quite a long time. In 2018 we had the opportunity to start element and Spencer came on boar in 2019. So Element as an independent venture firm is really a continuation of a strategy we’ve been involved in for a long time.”

Gibson added: “We are quite convinced by the European movement and the breakthrough these Fintech and insure tech firms in Europe are having. Insurance has been a desert for innovation and that is changing. And you can see that we’re sort of trying to build a network around companies that have those breakthrough moments and provide not just capital but all the other things we think are part of the story. Building the company from A to C and D is the area that we try and roll our sleeves up and help these firms.”

Element says it will also be investing in the US and Asia. 

#asia, #asset-management, #banking, #economy, #element-ventures, #europe, #finance, #financial-technology, #germany, #hsbc, #money, #partner, #payment-network, #sweden, #tc, #united-kingdom, #united-states, #vice-chairman

China Roundup: Kai-Fu Lee’s first Europe bet, WeRide buys a truck startup

Hello and welcome back to TechCrunch’s China Roundup, a digest of recent events shaping the Chinese tech landscape and what they mean to people in the rest of the world.

Despite the geopolitical headwinds for foreign tech firms to enter China, many companies, especially those that find a dependable partner, are still forging ahead. For this week’s roundup, I’m including a conversation I had with Prophesee, a French vision technology startup, which recently got funding from Kai-Fu Lee and Xiaomi, along with the usual news digest.

Spotting opportunities in China

Like many companies working on futuristic, cutting-edge tech in Europe, Prophesee was a spinout from university research labs. Previously, I covered two such companies from Sweden: Imint, which improves smartphone video production through deep learning, and Dirac, an expert in sound optimization.

The three companies have two things in common: They are all in niche fields, and they have all found eager customers in China.

For Prophesee, they are production lines, automakers and smartphone companies in China looking for breakthroughs in perception technology, which will in turn improve how their robots respond to the environment. So it’s unsurprising that Xiaomi and Chinese chip-focused investment firm Inno-Chip backed Prophesee in its latest funding round, which was led by Sinovation Venture.

The funding size was undisclosed but TechCrunch learned it was in the range of “tens of million USD.” It was also the first investment that Kai-Fu Lee has made through Sinovation in Europe. As Prophesee CEO Luca Verre recalled:

I met Dr. Kai-Fu Lee three years ago during the World Economic Forum … and when I pitched to him about Prophesee, he got very intrigued. And then over the past three years, actually, we kept in touch and last year, given the growing traction we were having in China, particularly in the mobile and IoT industry, he decided to jump in. He said okay, it is now the right timing Prophesee becomes big.

The Paris-based company wasn’t actively seeking funding, but it believed having Chinese strategic investors could help it gain greater access to the complex market.

Rather than sending information collected by sensors and cameras to computing platforms, Prophesee fits that process inside a chip (fabricated by Sony) that mimics the human eyes, a technology that is built upon neuromorphic engineering.

The old method snaps a collection of fixed images so when information grows in volume, a tremendous amount of computing power is needed. In contrast, Prophesee’s sensors, which it describes as “event-based,” only pick up changes in the environment just as the photoreceptors in our eyes and can process information continuously and quickly.

Europe has been pioneering neuromorphic computing, but in recent years, Verre saw a surge in research coming from Chinese universities and tech firms, which reaffirmed his confidence in the market’s appetite.

We see Chinese OEMs (original equipment manufacturers), particularly Xiaomi, Oppo and Vivo pushing the standard of quality of image quality to very, very high … They are very eager to adopt new technology to further differentiate in a way which is faster and more aggressive than Apple. Apple is a company with an attitude which to me looks more similar to Huawei. So maybe for some technology, it takes more time to see the technology mature and adopt, which is right very often but later. So I’m sure that Apple will come at certain point with some products integrating event-based technology. In fact, we see them moving. We see them filing patents in the space. I’m sure that will come, but maybe not the first.

Though China is striving for technological independence, Verre believed Prophesee’s addressable market is large enough — $20 billion by his estimate. Nonetheless, he admitted he’d be “naive to believe Prophesee will be the only one to capture” this opportunity.

WeRide bought a truck company

One of China’s most valuable robotaxi startups has just acquired an autonomous trucking company called MoonX. The size of the deal is undisclosed, but we know that MoonX raised “tens of millions RMB” 15 months ago in a Series A round.

While WeRide is focused on Level 4 self-driving technology, it is also finding new monetization avenues before its robotaxis can chauffeur people at scale. It’s done so by developing minibusses, and the MoonX acqui-hire, which brings the company’s founder and over 50 engineers to WeRide, will likely help diversify its revenue pool.

WeRide and MoonX have deep-rooted relationships. Their respective founders, Tony Han and Yang Qingxiong, worked side by side at Jingchi, which was later rebranded to WeRide. Han co-founded Jingchi and took the helm as CEO in March 2018 while Yang was assigned vice president of engineering. But Yang soon quit and started MoonX.

Han, a Baidu veteran, gave Yang a warm homecoming and put him in charge of the firm’s research institute and its new office in Shenzhen, home to MoonX. WeRide’s sprawling headquarters is just about an hour’s drive away in the adjacent city of Guangzhou.

AI surveillance giant Cloudwalk nears IPO

Cloudwalk belongs to a cohort of Chinese unicorns that flourished through the second half of the 2010s by selling computer vision technology to government agencies across China. Together, Cloudwalk and its rivals SenseTime, Megvii and Yitu were dubbed the “four AI dragons” for their fast ascending valuations and handsome funding rounds.

Of course, the term “AI dragon” is now a misnomer as AI application becomes so pervasive across industries. Investors soon realized these upstarts need to diversify revenue streams beyond smart city contracts, and they’ve been waiting anxiously for exits. Finally, here comes Cloudwalk, which will likely be the first in its cohort to go public.

Cloudwalk’s application to raise 3.75 billion yuan ($580 million) from an IPO on the Shanghai STAR board was approved this week, though it can still be months before it starts trading. The firm’s financials don’t look particularly rosy for investors, with net loss amounting to 720 million yuan in 2020.

Also in the news

  • Speaking of the torrent of news in autonomous driving, vehicle vision provider CalmCar said this week that it has raised $150 million in a Series C round. Founded by several overseas Chinese returnees in 2016, CalmCar uses deep learning to develop ADAS (Advanced Driver Assistance System) used in automotive, industrial and surveillance scenarios. German auto parts maker ZF led the round.
  • Baby clothes direct-to-consumer brand PatPat said it has raised $510 million from Series C and D rounds. The D2C ecosystem leveraging China’s robust supply chains is increasingly gaining interest from venture capitalists. Brands like Shein, PatPat, Cider and Outer have all secured fundings from established VCs. Founded by three Carnegie Mellon grads, PatPat counts IDG Capital, General Atlantic, DST Global, GGV Capital, SIG China and Sequoia China among its investors.

#apple-inc, #artificial-intelligence, #asia, #carnegie-mellon, #china, #dst-global, #europe, #funding, #fundings-exits, #general-atlantic, #ggv-capital, #idg-capital, #kai-fu-lee, #megvii, #paris, #perception, #self-driving-technology, #sensetime, #sequoia-china, #shein, #shenzhen, #sig-china, #smartphone, #smartphones, #sony, #sweden, #tc, #weride, #xiaomi

Anyone is building a marketplace for advice, one 5-minute call at a time

Anyone, an audio app that’s building a ‘marketplace for advice’ one five-minute phone call at a time, is launching new versions of its iOS and Android apps today* and beginning to large-scale onboarding after operating in a limited closed beta for the past six months.

The app — which was founded around 18 months ago (so pre-pandemic) — has a simple premise: Advice is best delivered verbally, concisely and one-to-one, in a time-limited format.

Video is distracting and a hassle to fit into busy people’s schedules. Text is time-consuming and prone to misunderstandings. But a simple phone call can — quickly and usefully — cut through, is the thinking here.

Hence the decision to hard-stop at a five-minute phone call. The app automatically terminates each call at the five minute mark — no ifs, no buts (and, well, hopefully fewer time-nibbling ‘ums’ and ‘ahs’ too).

To fund development of the marketplace, the team has raised around $4 million in total to date — mainly comprised of a $3.6M seed round led by Berlin-based Cavalry Ventures with participation from Supernode Global, Antler and a number of high-profile angel investors (contributing angels include Atomico’s Sarah Drinkwater and Sameer Singh; and ustwo’s Matt ‘Mills’ Miller, among others).

Broadly speaking, online audio has shown its staying power through a sustained podcast boom and, more recently, a buzzy moment for social audio, via developments like Clubhouse and Twitter Spaces — which speak to a general sense of pandemic-struck ‘Zoom fatigue’ as remote workers max out on video calls at work yet still crave meaningful connections with other people at a time when opportunities to mingle in person are still limited vs pre-COVID-19.

A lot of social audio can still be very noisy, though, and Anyone wants to be anything but. This is short-form, topic-specific audio.

Why five minutes? It’s short enough for a busy person to almost not have to think twice about taking a cold call from someone they’ve probably never spoken to before — while being just about long enough that some useful advice can be distilled and imparted across those 300 seconds of one-to-one connection.

Naturally the short format does not allow for group/conference calls. It’s one-to-one only.

Anyone’s CEO also reckons this “intimate”, short-form audio format could help drive diversity of advice by encouraging people whose voices may be underrepresented in traditional mentorship fora to feel more comfortable offering their time and knowledge to others. (He touts a current 50:50 user-split between men and women offering expertise through the app — and 25% people of color.)

“It’s not about taking long form meetings and compressing them — it’s about taking those conversations that would never have happened… and making them happen,” says CEO and co-founder David Orlic, pointing out that mainstream calendar apps have a default meeting slot that’s set to half an hour or an hour. So the wider thesis is that our current tools/infrastructure just aren’t set up to help people give and grab bitesized advice. (And, well, on the Internet anyone can claim to be an expert — but of course you can’t rely on the quality of the ‘advice’ you find freely floating around online.)

“Our belief is that there are a lot of five minute problems that we could be solving — whereas there are a lot of 30 or 60 minute problems that have solutions designed for them already. So we’re kind of building this for those conversations that aren’t happening,” he adds.

Orlic hints that the intention is also to leave Anyone’s callers a little hungry for more — to feed demand for more five-minute conversations and so fuel transactions across the marketplace.

“If you look at the demand side — the callers — there’s always multiple calls involved. So people will call a lot of people and ask them basically the same question or bounce ideas. And then they will aggregate those insights into something that’s much more valuable than one conversation,” he continues. “So it’s like building an advisory board for yourself.”

The idea for the platform came after Orlic and his co-founders realized they could trace key career decisions to a handful of short conversations — brief moments of advice that ended up profoundly influencing the trajectory of their working lives, to the point where they were still looking back on them years later.

“None of us in the founding team had any networks to speak of when we were growing up. And we had fairly little exposure to opportunity. Alfred is from a small village in the middle of nowhere in Sweden, I grew up in an immigrant family, and Sam is a working class bloke from Leeds. And looking back at our careers we could track them back to this handful of conversations — these haphazard moments when someone gave us a piece of critical advice,” he tells TechCrunch. “For them it was just another five minute chat but for us it turned out to be life-changing.”

“For Alfred it was some quick advice on how he could land a job at Google which he managed to do and spent almost a decade there working as a growth guy on Google Chrome and other stuff; for Sam it was how to start a company; for me it was the suggestion that I as a creative should pursue an MBA — which I ended up doing. So we started thinking long and hard about the concept of advice, and we became obsessed with opening up these closed networks.”

The aim for Anyone’s marketplace is to make similarly pivotal moments accessible to all sorts of people — by giving the app’s users the chance to call any expertise provider on the network (provided they can afford the fee) and ask their question.

A slogan on its website poses the question “imagine if you could call anyone in the world” — which is certainly a poetic-sounding moonshot to be shooting for, although the size of the user-base remains far off that global vision at this early stage.

“What we’re building is really the phone book of the future,” says Orlic, slotting his elevator pitch into our ~30-minute phone conversation. “We’re building a place for unique, one-to-one, five minute experiences — which is something really different from most social audio plays.”

He points to a trend of other apps intentionally applying limits to change/define the user experience in behavior-shaping ways (like Poparazzi, a self-styled ‘anti-Instagram’ photo sharing app that doesn’t let you take selfies to make you take more pics of your friends and vice versa; or the dating app Thursday which limits users to one active day of use per week to prevent endless swiping and nudge matches toward going on an actual in-person date).

The marketplace component of Anyone’s app is another intentional limit too, of course. Calls are not free by default.

Putting a price on Anyone’s one-to-one advice is one way to try to weed out unserious (or indeed abusive) users from those genuinely seeking others’ expertise on specific topics.

But primarily it’s there to provide an incentivize for people who have expertise worth sharing to make themselves available to take cold-calls (even very short ones) from strangers/those outside their existing contact networks.

Pricing for a five-minute call is set by Anyone users. So the call fee can vary from nothing at all (if the user distributes a free voucher code) to as little as $5 or all the way up to $500 (!) which does sound pretty crazy expensive. But Orlic notes users can choose to donate their fee to a charity if they do not wish to financially benefit from the advice they’re dishing out (so there may be instances where a high fee includes a philanthropic component).

With such highly variable fees, the app will need to have a good safety mechanism to re-confirm a user really does want to be charged the specific fee. (And, god forbid, to avoid the risk of butt-dialling… 😬)

“If you want to connect with someone I think it’s reasonable to put a cost on the scarcest resource on the planet which is someone’s undivided attention,” Orlic argues, suggesting that plenty of mainstream tech confuses transient ‘access’ with attention. “We can ‘access’ people everywhere — we can listen to them, read them, follow them. But that’s not the same as attention… Someone’s undivided attention is a remarkable, remarkable thing. And the five-minute cap forces you to be very clear and to the point about what you want to chat about.”

With its intentionally attention-slicing infrastructure — which manages ephemeral contacts into precisely measured and billed units — “all of a sudden you have all of these conversations that wouldn’t have happened happening thanks to this manageable way of connecting with people”, is the claim. 

Anyone users wanting to list themselves on the marketplace to sell one-to-one advice will need to create a profile that specifies their availability to take calls and some basic details (name, career details, location etc), as well as setting their five minute fee.

They also need to provide details of the “conversation topics” they’re comfortable giving advice on.

Co-founder Alfred Malmros’ profile includes examples such as: “Make the leap. Quitting a dream job to make it on your own”; “Rising quickly in a large organisation — politics vs. talent”; and “It takes a fool to remain sane. Thriving as an employee” — so topic steerage looks intended to be not only specific but maybe also give a flavor of the individual’s personality to further help advice-seekers decide if they want to shell out for five minutes of that particular person’s time.

The risk of imposters or low quality advice is being managed by “vetting and verification” processing all advisors have to go through prior to being able to sell, per Orlic. “Beyond verification, we put a lot of work into making sure that everyone on Anyone understands what constitutes good advice, how to avoid projection and biases in conversations, etc,” he adds.

The platform also incorporates a rating system — again, in an attempt to keep quality up across the marketplace.

Anyone’s early users are a blend of creators, founders and investors, per Orlic — including a lot of first and second time founders, as you might expect, with the pandemic having limited in-person startup networking opportunities.

He also says they’ve attracted a lot of people mid career, looking for advice on how to quit their jobs and pivot into something totally new — again, likely fuelled by the pandemic reconfiguring many things around how we work (and, more broadly, how we may be thinking about work-life balance).

“When you’re doing that kind of big life decision you really want to connect with a lot of people and ask around,” he suggests on the interest from established professionals looking for advice on a career switch. “Also there’s a high willingness to pay, I’d argue, when you’re in that position.”

“Business is a huge thing as a marketplace for advice,” Orlic adds, noting that a record number of businesses started in the last year too. “Investors — by the way — love this for deal flow because they can speed date a lot of founders and then pick who they continue with.”

Parents are another community of early users he highlights — saying they’ve been both offering and soliciting advice during the early test phase. He says one of the best pieces of advice he’s personally gained through the network was a conversation about parenting, adding: “I’ve had some really profound conversations with other dads. People that know a lot more about parenting than I do — where I’ve gotten really actionable advice and support. So that has been a big thing for me personally.”

Orlic also says he’s excited about potential in the area of mental health — suggesting the short-form format could be helpful to get people to have conversations about therapy which, since they’re so bitesized and bounded, may be a non-intimidating introduction toward taking up more sustained support.

He also mentions that he’s excited about the potential for civic society to make use of the platform as a tool for driving public engagement and awareness around issues and campaigns.

Appropriately enough, Anyone’s team has been dogfooding by using the app to get advice to help build the startup. (Orlic admits he asked someone on the network how to get TechCrunch’s attention and was advised, by the unnamed investor, to pitch this reporter — so it sounds like he got some solid advice there 😉

The app has had around 1,000 test users during the closed beta period — with some 12,000 on the wait-list that Orlic says they’ll be onboarding over the coming weeks.

Network building — so growing the size of the user-base on both the expertise and demand sides — is clearly going to be a key challenge here. (And notably Orlic emphases the network effects expertise of its angel backer, Singh.)

Anyone’s five-minute format may be bitesize enough to encourage users to spread the word of any good experiences they have on the platform to their (wider) social graphs on mainstream social networks. Although the calls themselves must surely remain private between the two interlocutors — so there are some hard limits on the app content being able to go viral.

(At the time of writing, a link to Anyone’s privacy policy wasn’t working so we asked for a confirm on the privacy of calls — and Orlic told us: “All calls on the new app are completely e2e encrypted, and there’s no way to listen in on an ongoing conversation. For user safety, calls are recorded, anonymised and stored in a secure environment for maximum 30 days. So in case a user reports a specific call in the app and wants a refund, or if an advisor flags up harassment or other serious issues, we can deal with that in a sustainable way.”)

At the same time it’s not hard to imagine a platform like Twitter (or, indeed, LinkedIn) seeing value in offering a similar one-to-one user call capability — and bolting it on as a feature on an established network where users have already built up extensive social graphs. So If Anyone’s idea really takes off the risk of cloning could get very real — which means it will have to balance network building/growth with attention to the quality of the community it’s building and innovating to keep its users happily stuck to its own (inevitably smaller) network.

Commenting on backing the app in a statement, Claude Ritter, managing partner at Cavalry Ventures, said: “What sets Anyone apart from other audio apps is the quality and connection of 1:1 advice. The team saw the potential of audio and the emergence of the creator economy long before the hype. We’re impressed by what they’ve accomplished to date and by their mission to build the phone book of the future.”

Around 9,000 five-minute calls have been made via Anyone’s platform so far, per Orlic — who says the goal they’re shooting for as they open up access now is to get to 100,000 calls within a year.

The business model for now is to take a straightforward 20% cut of the advice fee.

On the fee side there’s also potential for things to get bumpy if momentum builds around the concept — given that platform giants have been known to take a predatory approach to pricing when trying to close down creator-supporting upstart competition via their own fast-following clones. (See, for example, Facebook’s recent dive into offering a newsletter platform — for which it’s both paying writers upfront for contributions and, at least initially, not taking any cut of their subscriptions.)

It’s clear that Anyone will need to pay particular attention to the quality of the advice and community it’s building. It may even end up needing to hone in on serving particular niches and specialisms in order to leverage differentiation vs larger more generalist networks which have the advantage of larger user-bases should they decide to move in on the same ‘quick call’ turf.

At the same time, there are signs that some of the buzz around social audio may be fading away to more of a hmm as the hype dies down and app users tire of all the noise. But again, that’s why Anyone keeping the audio side intentionally short looks smart.

“We feel that we are part of a movement that is rebuilding the Internet as we know it and building something that is more sustainable and healthy — and really creating value,” says Orlic, discussing the changing landscape around social apps. “Closed social is a topic that I’m really excited by. We’ve seen this for years, with Slack channels and WhatsApp groups. We’ve seen social closing off because of a tonne of different reasons — and with Geneva and a lot of new really cool startups and platforms we’re seeing everything focus around communities. People building communities around specific verticals and then monetizing them in different ways. So we’re definitely a part of that wave.

“A lot of our most active users are people who have built audiences around specific topic and want more meaningful connections with those audiences — the Substack writers that use us as a way to both connect with their existing readers but also gaining new superfans, if you will, because when you’ve had a five minute chat with someone and then sign up to read their Substack, you will read everything they write after that kind of intro. So we’re definitely a part of that closed social. But as a business we are a marketplace — because again we’re obsessed with that idea of someone’s undivided attention being a very scarce resource and the fact that we’re seeing the ‘cameo-ification’ of everything and everyone. And that is also here to stay.”

“Monetization — in one way — sounds like a really crass and cynical concept but at the end of the day we want people to build income streams around things they’re passionate and know a lot about. At the end of the day that is a wonderful, wonderful thing,” he adds. “A creator middle class is a very exciting concept because looking at all the big platforms, old social media, we know where the money is going — it’s going to the top 0.1% of influencers and creators. Whereas small and mid tier creators are not making money to sustain themselves off their passion. For that you have all of these cohort-based courses through Maven. And platforms like us — that enable people to connect directly with each other in a one-to-one setting.

“We think it’s very cool that we’re doing an opinionated, one-to-one, five-minutes, audio-only platform because that gives us a unique positioning. And this is what excites the team. Seeing these stories come out of it — and those stories would not come out of it if it was just another broadcasting or Clubhouse thing.”

There is of course no small irony that it’s exactly because of the proliferation of mobile connectivity and apps — which have driven increased utility by providing people with on-demand access to so much data (and people) — that the traditional ‘quick call’ of old has been derailed, creating conditions where a startup feels there’s an opportunity to build a dedicated marketplace for scheduled quick phone calls. (Albeit, one that’s aiming to scale to a far wider network that the average person would have had in their phone book back in the 1980s, say.)

But as software and connectivity keeps eating the world, enforcing tech upgrades and reconfiguring learned behaviors, it’s clear that the resulting disruption can recreate the right conditions for new tools to come in and repackage some of the old convenience — which maybe got a bit lost in the noise.

*App Store review gods willing

 

#anyone, #apps, #berlin, #cavalry-ventures, #closed-social, #europe, #linkedin, #social, #social-audio, #social-media, #startups, #supernode-global, #sweden, #tc

Plane Crash in Sweden Kills 9, Including 8 Sky Divers

The incident was the second to affect a parachutists’ flight after a similar disaster in the country in 2019.

#aviation-accidents-safety-and-disasters, #parachutes-and-parachute-jumping, #sweden

How to identify unicorn founders when they’re still early-stage

As an early-stage VC, you spend time with hundreds of fantastic startups, trying to identify potential winners by thinking about market size, business model and competition. Nevertheless, deep down you know that in the long run, it all comes down to the team and the founder(s).

When we look at the most successful companies in our portfolio, their amazing performance is in large part thanks to the founders. However, even after 20 years in the industry, I have to admit that analyzing the team is still the most challenging part of the job. How do you evaluate a young first-time entrepreneur of an early-stage company with little traction?

The best founders are humble and well aware of their weaknesses and limitations as well as the potential challenges for their startup.

At Creandum, in the past 18 years, we have been fortunate to work with some of Europe’s most successful startup founders such as Daniel Ek from Spotify, Sebastian Siemiatkowski from Klarna, Johannes Schildt from Kry, Jacob de Geer and Magnus Nilsson from iZettle, Emil Eifrem from Neo4J, Christian Hecker from Trade Republic and many more.

After a while, we realized that these incredible entrepreneurs all share some fundamental characteristics. They all have lots of energy, work hard, show patience, perseverance and resilience. But on top of that, all these unicorn founders share five key traits that, as an investor, you should look for when you back them at an early stage.

They know what they don’t know

Many people expect a typical startup founder to be very confident and have a strong sales mentality. While they should definitely live up to those expectations, the best founders are also humble and well aware of their weaknesses and limitations as well as the potential challenges for their startup.

They keep wanting to learn, improve and grow the business beyond what average people have the energy and drive to manage.

#column, #daniel-ek, #ec-column, #ec-how-to, #entrepreneur, #europe, #funding, #johannes-schildt, #klarna, #paypal, #sebastian-siemiatkowski, #spotify, #startups, #sweden, #trade-republic, #venture-capital, #vivino

In Sweden’s Far North, a Space Complex Takes Shape

The government is turning an old research base above the Arctic Circle into a state-of-the-art satellite launching center. The reindeer will not be happy.

#indigenous-people, #reindeer, #satellites, #space-and-astronomy, #sweden

Oatly, a Maker of Oat Milk, Is About to Have Its IPO

Oatly, maker of dairy alternatives, could be worth $10 billion when it lists on the stock market this week. The share sale is a barometer of changing consumer preferences.

#blackstone-group-the, #china-resources-holdings, #dairy-products, #initial-public-offerings, #milk, #nestle-sa, #oatly-inc, #peas, #private-equity, #schwarzman-stephen-a, #sweden, #veganism

Exeger takes $38M to ramp up production of its flexible solar cells for self-powered gadgets

Sweden’s Exeger, which for over a decade has been developing flexible solar cell technology (called Powerfoyle) that it touts as efficient enough to power gadgets solely with light, has taken in another tranche of funding to expand its manufacturing capabilities by opening a second factory in the country.

The $38 million raise is comprised of $20M in debt financing from Swedbank and Swedish Export Credit Corporation (SEK), with a loan amounting to $12M from Swedbank (partly underwritten by the Swedish Export Credit Agency (EKN) under the guarantee of investment credits for companies with innovations) and SEK issuing a loan amounting to $8M (partly underwritten by the pan-EU European Investment Fund (EIF)); along with $18M through a directed share issue to Ilija Batljan Invest AB.

The share issue of 937,500 shares has a transaction share price of $19.2 — which corresponds to a pre-money valuation of $860M for the solar cell maker.

Back in 2019 SoftBank also put $20M into Exeger, in two investments of $10M — entering a strategic partnership to accelerate the global rollout of its tech and further extending its various investments in solar energy.

The Swedish company has also previously received a loan from the Swedish Energy Agency, in 2014, to develop its solar cell tech. But this latest debt financing round is its first on commercial terms (albeit partly underwritten by EKN and EIF).

Exeger says its solar cell tech is the only one that can be printed in free-form and different colors, meaning it can “seamlessly enhance any product with endless power”, as its PR puts it.

So far two devices have integrated the Powerfoyle tech: A bike helmet with an integrated safety taillight (by POC), and a pair of wireless headphones (by Urbanista). Although neither has yet been commercially launched — but both are slated to go on sale next month.

Exeger says its planned second factory in Stockholm will allow it to increase its manufacturing capacity tenfold by 2023, helping it target a broader array of markets sooner and accelerating its goal of mass adoption of its tech.

Its main target markets for the novel solar cell technology currently include consumer electronics, smart home, smart workplace, and IoT.

More device partnerships are slated as coming this year.

Exeger’s Powerfoyle solar cell tell integrated into a pair of Urbanista headphones (Image credits: Exeger/Urbanista)

“We don’t label our rounds but take a more pragmatic view on fundraising,” said Giovanni Fili, founder and CEO. “Developing a new technology, a new energy source, as well as laying the foundation for a new industry takes time. Thus, a company like ours requires long-term strategic investors that all buy into the vision as well as the overall strategy. We have spent a lot of time and energy on this, and it has paid off. It has given the company the resources required, both time and money, to bring an invention to a commercial launch, which is where we are today.”

Fili added that it’s chosen to raise debt financing now “because we can”.

“The same answer as when asked why we build a new factory in Stockholm, Sweden, rather than abroad. We have always said that once commercial, we will start leveraging the balance sheet when securing funds for the next factory. Thanks to our long-standing relationship with Swedbank and SEK, as well as the great support of the Swedish government through EKN underwriting part of the loans, we were able to move this forward,” he said.

Discussing the forthcoming two debut gizmos, the POC Omne Eternal helmet and the Urbanista Los Angeles headphones — which will both go sale in June — Fili says interest in the self-powered products has “surpassed all our expectations”.

“Any product which integrates Powerfoyle is able to charge under all forms of light, whether from indoor lamps or natural outdoor light. The stronger the light, the faster it charges. The POC helmet, for example, doesn’t have a USB port to power the safety light because the ambient light will keep it charging, cycling or not,” he tells TechCrunch.

“The Urbanista Los Angeles wireless headphones have already garnered tremendous interest online. Users can spend one hour outdoors with the headphones and gain three hours of battery time. This means most users will never need to worry about charging. As long as you have our product in light, any light, it will constantly charge. That’s one of the key aspects of our technology, we have designed and engineered the solar cell to work wherever people need it to work.”

“This is the year of our commercial breakthrough,” he added in a statement. “The phenomenal response from the product releases with POC and Urbanista are clear indicators this is the perfect time to introduce self-powered products to
the world. We need mass scale production to realize our vision which is to touch the lives of a billion people by 2030, and that’s why the factory is being built now.”

 

#consumer-electronics, #energy, #europe, #european-investment-fund, #european-union, #exeger, #fundings-exits, #gadgets, #greentech, #poc, #powerfoyle, #softbank, #solar-cell, #solar-energy, #stockholm, #sweden, #urbanista, #wireless-headphones

Autonomous trucking startup Einride raises $110M ahead of expansion into US

Einride, the Swedish startup known for its unusual-looking electric and autonomous pods that are designed to carry freight, has raised $110 million to help fund its expansion in Europe and into the United States.

The Series B round, which far exceeds its previous raises of $10 million in 2020 and $25 million in 2019, included new investors Temasek, Soros Fund Management LLC, Northzone and Maersk Growth. The company said Thursday that existing investors EQT Ventures, Plum Alley, Norrsken VC, Ericsson and NordicNinja VC also participated in the round.

Einride has raised a total of $150 million to date. The company didn’t share its post-money valuation.

The company, founded in 2016 by Robert Falck, Linnéa Kornehed, and Filip Lilja, has two kinds of vehicles: connected, electric heavy trucks driven by humans and its driverless Pods.

The electric trucks do much the freight-shuttling work today for customers like Swedish food producer Oatly, Coca-Cola, Lidl and Electrolux. The company’s pitch is that its electric trucks reduce emissions for its customers by 94% compared to driving with diesel. Einride has also developed a digital platform for carriers that handles planning, scheduling and routing as well as invoices and billing.

Einride electric truck

Image Credits: Screenshot/Einride

The company is perhaps best known for its Einride Pod — once called the T-Pod —  a self-driving truck that doesn’t have a cab and can be controlled remotely. The first-generation vehicle has been tested on public roads in Sweden and even carried freight in a pilot program for Oatly. In October, the unveiled a line of next-generation pod freight-carrying vehicles that depending on its level of autonomy will begin shipping to customers as early as this year.

Einride will be using this significant injection of capital to fulfill current customer contracts, double its 100-person workforce by the end of the year  and expand in Europe and into the United States, according to CEO Robert Falck.

Einride will have operations up and running in the U.S. before the end of the year and are looking to set up a headquarters in Austin, Texas, and additional offices in New York and Silicon Valley, Falck said in an email. Global agreements are in place with brands such as Oatly, which includes U.S. operations, with more to be announced soon, he added.

einride_next-gen pod

Image Credits: Einride

As Einride continues to scale its human-powered electric trucking operation, it is also working on the long-term goal of rolling out commercial driverless Pods. Einride has said its new Pods will be available with differing levels of autonomy and functionality based on its internal Autonomous Electric Transport (AET) classification system, which ranges from levels 1 to 5.

Its AET 1 Pod is for closed facilities with predetermined routes that are best suited for fully-autonomous operation. The constraints expand from there with Pods at AET 2 designed for closed facility operation with an added capability to traverse public roads over short distances between destinations. Einride has said that these first two level of Pods will begin shipping to customers starting in 2021.

Level 3 allows for operation on backroads and less busy main roads between facilities, at a maximum operating speed of 28 mph. At Level 4, under Einride’s system, the Pod will operate autonomously on freeways and other major roads at up to 52 mph. Einride has said that Levels 3 and 4 will ship to customers in 2022 and 2023.

#automotive, #autonomous-vehicles, #einride, #electric-vehicles, #sweden, #tc, #transportation

Solar roof-tile and energy startup SunRoof closes €4.5M led by Inovo Venture Partners

SunRoof is a European startup that has come up with a clever idea. It has its own roof-tile technology which generates solar power. It then links up those houses, creating a sort of virtual power plant, allowing homeowners to sell surplus energy back to the grid.

It’s now closed a €4.5 million round (Seed extension) led by Inovo Venture Partners, with participation from SMOK Ventures (€2m of which came in the form of convertible notes). Other investors include LT Capital, EIT InnoEnergy, FD Growth Capital and KnowledgeHub. 

Sweden-based SunRoof’s approach is reminiscent of Tesla Energy, with its solar roof tiles, but whereas Tesla runs a closed energy ecosystem, SunRoof plans to work with multiple energy partners.

To achieve this virtual power company, SunRoof CEO and serial entrepreneur Lech Kaniuk (formerly of Delivery Hero, PizzaPortal, and iTaxi), acquired the renewable energy system, Redlogger, in 2020.

SunRoof’s platform consists of 2-in-1 solar roofs and façades that generate electricity without needing traditional photovoltaic modules. Instead, they use monocrystalline solar cells sandwiched between two large sheets of glass which measure 1.7 sq meters. Because the surface area is large and the connections fewer, the roofs are cheaper and faster to build. 

SunRoof give homeowners an energy app to manage the solar, based on Redlogger’s infrastructure

Tesla’s Autobidder is a trading platform that manages the energy from roofs but is a closed ecosystem. SunRoof, by contrast, works with multiple partners.

Kaniuk said: “SunRoof was founded to make the move to renewable energy not only easy, but highly cost-effective without ever having to sacrifice on features or design. We’ve already grown more than 500% year-on-year and will use the latest funding to double down on growth.” 

Michal Rokosz, Partner at Inovo Venture Partners, commented: “The market of solar energy is booming, estimated to reach $334 billion by 2026. Technology of integrated solar roofs is past the inflection point. It is an economical no-brainer for consumers to build new homes using solar solutions. With a more elegant and efficient substitute to a traditional hybrid of rooftops and solar panels, SunRoof clearly stands out and has a chance to be the brand for solar roofs, making clean-tech more appealing to a wider customer-base.”

The team includes co-founder Marek Zmysłowski (ex-(Jumia Travel and HotelOnline.co), former Google executive, Rafal Plutecki, and former Tesla Channel Sales Manager, Robert Bruchner.

There are rollout plans for Sweden, Germany, Poland, Switzerland, Italy, Spain, and the US.

#automotive-industry, #co-founder, #delivery-hero, #electricity, #energy, #europe, #executive, #germany, #google, #italy, #partner, #poland, #renewable-energy, #smok-ventures, #solar-cell, #solar-energy, #spain, #sweden, #switzerland, #tc, #united-states

A Fresh Look at the ‘Organic Music’ of Moki and Don Cherry

Starting in the late 1960s, the textile artist and the trumpeter taught classes, held concerts and made work in a Swedish schoolhouse. This period is the focus of a new celebration by Blank Forms.

#art, #blank-forms-brooklyn-ny-gallery, #cherry-don-trumpeter, #cherry-moki, #content-type-personal-profile, #jazz, #sweden

Kry closes $312M Series D after use of its telehealth tools grows 100% yoy

Swedish digital health startup Kry, which offers a telehealth service (and software tools) to connect clinicians with patients for remote consultations, last raised just before the pandemic hit in Western Europe, netting a €140M Series C in January 2020.

Today it’s announcing an oversubscribed sequel: The Series D raise clocks in at $312M (€262M) and will be used to keep stepping on the growth gas in the region.

Investors in this latest round for the 2015-founded startup are a mix of old and new backers: The Series D is led by CPP Investments (aka, the Canadian Pension Plan Investment Board) and Fidelity Management & Research LLC, with participation from existing investors including The Ontario Teachers’ Pension Plan, as well as European-based VC firms Index Ventures, Accel, Creandum and Project A.

The need for people to socially distance during the coronavirus pandemic has given obvious uplift to the telehealth category, accelerating the rate of adoption of digital health tools that enable remote consultations by both patients and clinicians. Kry quickly stepped in to offer a free service for doctors to conduct web-based consultations last year, saying at the time that it felt a huge responsibility to help.

That agility in a time of public health crisis has clearly paid off. Kry’s year-over-year growth in 2020 was 100% — meaning that the ~1.6M digital doctors appointments it had served up a year ago now exceed 3M. Some 6,000 clinicians are also now using its telehealth platform and software tools. (It doesn’t break out registered patient numbers).

Yet co-founder and CEO, Johannes Schildt, says that, in some ways, it’s been a rather quiet 12 months for healthcare demand.

Sure the pandemic has driven specific demand, related to COVID-19 — including around testing for the disease (a service Kry offers in some of its markets) — but he says national lockdowns and coronavirus concerns have also dampened some of the usual demand for healthcare. So he’s confident that the 100% growth rate Kry has seen amid the COVID-19 public health crisis is just a taster of what’s to come — as healthcare provision shifts toward more digital delivery.

“Obviously we have been on the right side of a global pandemic. And if you look back the mega trend was obviously there long before the pandemic but the pandemic has accelerated the trend and it has served us and the industry well in terms of anchoring what we do. It’s now very well anchored across the globe — that telemedicine and digital healthcare is a crucial part of the healthcare systems moving forward,” Schildt tells TechCrunch.

“Demand has been increasing during the year, most obviously, but if you look at the broader picture of healthcare delivery — in most European markets — you actually have healthcare usage at an all time low. Because a lot of people are not as sick anymore given that you have tight restrictions. So it’s this rather strange dynamic. If you look at healthcare usage in general it’s actually at an all time low. But telemedicine is on an upward trend and we are operating on higher volumes… than we did before. And that is great, and we have been hiring a lot of great clinicians and been shipping a lot of great tools for clinicians to make the shift to digital.”

The free version of Kry’s tools for clinicians generated “big uplift” for the business, per Schildt, but he’s more excited about the wider service delivery shifts that are happening as the pandemic has accelerated uptake of digital health tools.

“For me the biggest thing has been that [telemedicine is] now very well established, it’s well anchored… There is still a different level of maturity between different European markets. Even [at the time of Kry’s Series C round last year] telemedicine was maybe not something that was a given — for us it’s always been of course; for me it’s always been crystal clear that this is the way of the future; it’s a necessity, you need to shift a lot of the healthcare delivery to digital. We just need to get there.”

The shift to digital is a necessary one, Schildt argues, in order to widen access to (inevitably) limited healthcare resources vs ever growing demand (current pandemic lockdown dampeners excepted). This is why Kry’s focus has always been on solving inefficiencies in healthcare delivery.

It seeks to do that in a variety of ways — including by offering support tools for clinicians working in public healthcare systems (for example, more than 60% of all the GPs in the UK market, where most healthcare is delivered via the taxpayer-funded NHS, is using Kry’s tools, per Schildt); as well as (in a few markets) running a full healthcare service itself where it combines telemedicine with a network of physical clinics where users can go when they need to be examined in person by a clinician. It also has partnerships with private healthcare providers in Europe.

In short, Kry is agnostic about how it helps deliver healthcare. That philosophy extends to the tech side — meaning video consultations are just one component of its telemedicine business which offers remote consultations for a range of medical issues, including infections, skin conditions, stomach problems and psychological disorders. (Obviously not every issue can be treated remotely but at the primary care level there are plenty of doctor-patient visits that don’t need to take place in person.)

Kry’s product roadmap — which is getting an investment boost with this new funding — involves expanding its patient-facing app to offer more digitally delivered treatments, such as Internet Cognitive Based Therapy (ICBT) and mental health self-assessment tools. It also plans to invest in digital healthcare tools to support chronic healthcare conditions — whether by developing more digital treatments itself (either by digitizing existing, proven treatments or coming up with novel approaches), and/or expanding its capabilities via acquisitions and strategic partnerships, according to Schildt.

Over the past five+ years, a growing number of startups have been digitizing proven treatment programs, such as for disorders like insomnia and anxiety, or musculoskeletal and chronic conditions that might otherwise require accessing a physiotherapist in person. Options for partners for Kry to work with on expanding its platform are certainly plentiful — although it’s developed the ICBT programs in house so isn’t afraid to tackle the digital treatment side itself.

“Given that we are in the fourth round of this massive change and transition in healthcare it makes a lot of sense for us to continue to invest in great tools for clinicians to deliver high quality care at great efficiency and deepening the experience from the patient side so we can continue to help even more people,” says Schildt.

“A lot of what we do we do is through video and text but that’s just one part of it. Now we’re investing a lot in our mental health plans and doing ICBT treatment plans. We’re going deeper into chronic treatments. We have great tools for clinicians to deliver high quality care at scale. Both digitally and physically because our platform supports both of it. And we have put a lot of effort during this year to link together our digital healthcare delivery with our physical healthcare delivery that we sometimes run ourselves and we sometimes do in partnerships. So the video itself is just one piece of the puzzle. And for us it’s always been about making sure we saw this from the end consumer’s perspective, from the patient’s perspective.”

“I’m a patient myself and still a lot of what we do is driven by my own frustration on how inefficient the system is structured in some areas,” he adds. “You do have a lot of great clinicians out there but there’s truly a lack of patient focus and in a lot of European markets there’s a clear access problem. And that has always been our starting point — how can we make sure that we solve this in a better way for the patients? And then obviously that involves us both building strong tools and front ends for patients so they can easily access care and manage their health, be pro-active about their health. It also involves us building great tools for clinicians that they can operate and work within — and there we’re putting way more effort as well.

“A lot of clinicians are using our tools to deliver digital care — not only clinicians that we run ourselves but ones we’re partnering with. So we do a lot of it in partnerships. And then also, given that we are a European provider, it involves us partnering with both public and private payers to make sure that the end consumer can actually access care.”

Another batch of startups in the digital healthcare delivery space talk a big game about ‘democratizing’ access to healthcare with the help of AI-fuelled triage or even diagnosis chatbots — with the idea that these tools can replace at least some of the work done by human doctors. The loudest on that front is probably Babylon Health.

Kry, by contrast, has avoided flashy AI hype, even though its tools do frequently incorporate machine learning technology, per Schildt. It also doesn’t offer a diagnosis chatbot. The reason for its different emphasis comes back to the choice of problem to focus on: Inefficiencies in healthcare delivery — with Schildt arguing that decision-making by doctors isn’t anywhere near the top of the list of service pain-points in the sector.

“We’re obviously using what would be considered AI or machine learning tools in all products that we’re building. I think sometimes personally I’m a bit annoyed at companies screaming and shouting about the technology itself and less about what problem you are solving with it,” he tells us. “On the decision-support [front], we don’t have the same sort of chatbot system that some other companies do, no. It’s obviously something that we could build really effortlessly. But I think — for me — it’s always about asking yourself what is the problem that you’re solving for? For the patient. And to be honest I don’t find it very useful.

“In many cases, especially in primary care, you have two categories. You have patients that already know why they need help, because you have a urinary tract infection; you had it before. You have an eye infection. You have a rash —  you know that it’s a rash, you need to see someone, you need to get help. Or you’re worried about your symptoms and you’re not really sure what it is — and you need comfort. And I think we’re not there yet where a chatbot would give you that sort of comfort, if this is something severe or not. You still want to talk to a human being. So I think it’s of limited use.

“Then on the decision side of it — sort of making sure that clinicians are making better decisions — we are obviously doing decision support for our clinicians. But if it’s one thing clinicians are really good at it’s actually making decisions. And if you look into the inefficiencies in healthcare the decision-making process is not the inefficiency. The matching side is an inefficiency side.”

He gives the example of how much the Swedish healthcare system spends on translators (circa €200M) as a “huge inefficiency” that could be reduced simply — by smarter matching of multilingual clinicians to patients.

“Most of our doctors are bilingual but they’re not there at the same time as the patient. So on the matching side you have a lot of inefficiency — and that’s where we have spent time on, for example. How can we sort that, how can we make sure that a patient that is seeking help with us ends up with the right level of care? If that is someone that speaks your native language so you can actually understand each other. Is this something that could be fully treated by a nurse? Or should it be directly to a psychologist?”

“With all technology it’s always about how do we use technology to solve a real problem, it’s less about the technology itself,” he adds.

Another ‘inefficiency’ that can affect healthcare provision in Europe relates to a problematic incentive to try to shrink costs (and, if it’s private healthcare, maximize an insurer’s profits) by making it harder for patients to access primary medical care — whether through complicated claims processes or by offering a bare minimum of information and support to access services (or indeed limiting appointment availability), making patients do the legwork of tracking down a relevant professional for their particular complaint and obtaining a coveted slot to see them.

It’s a maddening dynamic in a sector that should be focused on making as many people as healthy as they possibly can be in order that they avoid as much disease as possible — obviously as that outcome is better for the patients themselves. But also given the costs involved in treating really sick people (medical and societal). A wide range of chronic conditions, from type 2 diabetes to lower back pain, can be particularly costly to treat and yet may be entirely preventable with the right interventions.

Schildt sees a key role for digital healthcare tools to drive a much needed shift toward the kind of preventative healthcare that would be better all round, for both patients and for healthcare costs.

“That annoys me a lot,” he says. “That’s sometimes how healthcare systems are structured because it’s just costly for them to deliver healthcare so they try to make it as hard as possible for people to access healthcare — which is an absurdity and also one of the reasons why you now have increasing costs in healthcare systems in general, it’s exactly that. Because you have a lack of access in the first point of contact, with primary care. And what happens is you do have a spillover effect to secondary care.

“We see that in the data in all European markets. You have people ending up in emergency rooms that should have been treated in primary care but they can’t access primary care because there’s no access — you don’t know how to get in there, it’s long waiting times, it’s just triaged to different levels without getting any help and you have people with urinary tract infections ending up in emergency rooms. It’s super costly… when you have healthcare systems trying to fend people off. That’s not the right way doing it. You have to — and I think we will be able to play a crucial role in that in the coming ten years — push the whole system into being more preventative and proactive and access is a key part of that.

“We want to make it very, very simple for the patients — that they should be able to reach out to us and we will direct you to the right level of care.”

With so much still to do tackling the challenges of healthcare delivery in Europe, Kry isn’t in a hurry to expand its services geographically. Its main markets are Sweden, Norway, France, Germany and the UK, where it operates a healthcare service itself (not necessarily nationwide), though it notes that it offers a video consultation service to 30 regional markets.

“Right now we are very European focused,” says Schildt, when asked whether it has any plans for a U.S. launch. “I would never say that we would never go outside of Europe but for here and now we are extremely focused on Europe, we know those markets very, very well. We know how to manoeuvre in the European systems.

“It’s a very different payer infrastructure in Europe vs the US and then it’s also so that focus is always king and Europe is the mega market. Healthcare is 10% of the GDP in all European markets, we don’t have to go outside of Europe to build a very big business. But for the time being I think it makes a lot of sense for us to stay focused.”

 

#accel, #artificial-intelligence, #canadian-pension-plan-investment-board, #covid-19, #digital-health, #digital-healthcare, #europe, #fundings-exits, #germany, #health, #healthcare, #johannes-schildt, #kry, #machine-learning, #machine-learning-technology, #national-health-service, #nhs, #sweden, #tc, #telehealth, #telemedicine

Sweden, Dressed in Summer

We’ve shown you Sweden in snow. Now see it in bloom.

#forests-and-forestry, #photography, #sweden, #travel-and-vacations, #wilderness-areas

‘Snabba Cash’ Depicts a Sweden Flowing with Money and Blood

Netflix’s gender-flipped update of Jens Lapidus’s Stockholm Noir Trilogy probes the hustle for riches among drug dealers and tech billionaires alike.

#ahmad-evin, #espinosa-daniel, #kinnaman-joel, #lapidus-jens, #snabba-cash-tv-program, #soderlund-oskar, #sweden, #television

House Hunting in Sweden: A Sauna-Topped Water Tower Near Stockholm

After a slump in 2017 and 2018, Sweden’s housing prices are soaring again thanks to growing consumer confidence and evolving demand for larger homes.

#real-estate-and-housing-residential, #stockholm-sweden, #sweden

How China’s Outrage Machine Kicked Up a Storm Over H&M

The Communist Party’s youth wing and official news outlets used grabby memes and hashtags to start a tsunami of nationalist fury over Xinjiang cotton.

#beijing-china, #blogs-and-blogging-internet, #china, #communist-youth-league-china, #embargoes-and-sanctions, #hm-hennesmauritz-ab, #politics-and-government, #propaganda, #slavery-historical, #social-media, #sweden, #uniqlo, #xinjiang-china

A Swedish Design Duo’s Eclectic 18th-Century Apartment

In a country house on the Baltic coast, Nina Norgren and Bengt Thornefors, the founders of the textile and furniture brand Magniberg, have made a home entirely their own.

#content-type-personal-profile, #furniture, #interior-design-and-furnishings, #magniberg-textile-co, #norgren-nina, #sweden, #textiles, #thornefors-bengt

Swedish battery manufacturer Northvolt receives a $14 billion order from VW

Northvolt, the Swedish battery manufacturer which raised $1 billion in financing from investors led by Goldman Sachs and Volkswagen back in 2019, has signed a massive $14 billion battery order with VW for the next 10 years.

The big buy clears up some questions about where Volkswagen will be getting the batteries for its huge push into electric vehicles, which will see the automaker reach production capacity of 1.5 million electric vehicles by 2025.

The deal will not only see Northvolt become the strategic lead supplier for battery cells for Volkswagen Group in Europe, but will also involve the German automaker increasing its equity ownership of Northvolt.

As part of the partnership agreement, Northvolt’s gigafactory in Sweden will be expanded and Northvolt agreed to sell its joint venture share in Salzgitter, Germany to Volkswagen as the car maker looks to build up its battery manufacturing efforts across Europe, the companies said.

The agreement between Northvolt and VW brings the Swedish battery maker’s total contracts to $27 billion in the two years since it raised its big $1 billion cash haul.

“Volkswagen is a key investor, customer and partner on the journey ahead and we will continue to work hard with the goal of providing them with the greenest battery on the planet as they rapidly expand their fleet of electric vehicles,” said Peter Carlsson, the co-founder and chief executive of Northvolt, in a statement.

Northvolt’s other partners and customers include ABB, BMW Group, Scania, Siemens, Vattenfall, and Vestas. Together these firms comprise some of the largest manufacturers in Europe.

Back in 2019, the company said that its cell manufacturing capacity could hit 16 Gigawatt hours and that it had sold its capacity to the tune of $13 billion through 2030. That means that the Volkswagen deal will eat up a significant portion of expanded product lines.

Founded Carlsson, a former executive at Tesla, Northvolt’s battery business was intended to leapfrog the European Union into direct competition with Asia’s largest battery manufacturers — Samsung, LG Chem, and CATL.

Back when the company first announced its $1 billion investment round, Carlsson had said that Northvolt would need to build up to150 gigawatt hours of capacity to hit targets for. 2030 electric vehicle sales.

The plant in Sweden is expected to hit at least 32 gigawatt hours of production thanks, in part to backing by the Swedish pension fund firms AMF and Folksam and IKEA-linked IMAS Foundation, in addition to the big financial partners Volkswagen and Goldman Sachs.

Northvolt has had a busy few months. Earlier in March the company announced the acquisition of the Silicon Valley-based startup company Cuberg.

That acquisition gave Northvolt a foothold in the U.S. and established the company’s advanced technology center.

The acquisition also gives Northvolt a window into the newest battery chemistry that’s being touted as a savior for the industry — lithium metal batteries.

Cuberg spun out of Stanford University back in 2015 to commercialize what the company called its next-generation battery combining a liquid electrolyte with a lithium metal anode. The company’s customers include Boeing, BETA Technologies, Ampaire, and VoltAero and it was backed by Boeing HorizonX Ventures, Activate.org, the California Energy Commission, the Department of Energy and the TomKat Center at Stanford.

Cuberg’s cells deliver 70 percent increased range and capacity versus comparable lithium ion cells designed for electric aviation applications. The two companies hope that they can apply the technology to Northvolt’s automotive and industrial product portfolio with the ambition to industrialize cells in 2025 that exceed 1,000 Wh/L, while meeting the full spectrum of automotive customer requirements, according to a statement.

“The Cuberg team has shown exceptional ability to develop world-class technology, proven results and an outstanding customer base in a lean and efficient organization,” said Peter Carlsson, CEO and Co-Founder, Northvolt in a statement. “Combining these strengths with the capabilities and technology of Northvolt allows us to make significant improvements in both performance and safety while driving down cost even further for next-generation battery cells. This is critical for accelerating the shift to fully electric vehicles and responding to the needs of the leading automotive companies within a relevant time frame.”

 

#abb, #asia, #bmw-group, #boeing-horizonx-ventures, #catl, #department-of-energy, #electric-vehicle, #europe, #european-union, #germany, #goldman-sachs, #ikea, #lg-chem, #lithium-ion-battery, #samsung, #siemens, #silicon-valley, #stanford-university, #sweden, #tc, #tesla, #united-states, #vestas, #volkswagen, #volkswagen-group, #vw

8 investors discuss Stockholm’s maturing startup ecosystem

In the realm of European startup ecosystems, Sweden — largely Stockholm — ranks very close to the behemoths of London, Paris and Berlin. And with 10 million people, the nation certainly punches above its weight, having produced unicorns such as Spotify and Klarna, to name only two.

As a result, the eight investors we surveyed are characteristically bullish about the future, despite a pandemic strategy that became more restrictive in the second half of last year.

Sweden’s initially laissez-faire approach to controlling COVID-19 might have helped its tech ecosystem ride out the uncertainty. “Sweden is more open and is ahead of the pandemic curve, so more people are coming here than the other way around,” said Jacob Key, founding partner with Luminar Ventures.

Several people we spoke to said they saw green shoots regarding revenue growth and retention in their portfolio companies as founders adapted to the pandemic. Areas that are benefitting include digital health and remote work for obvious reasons, but given Sweden’s strength in fintech and gaming, those sectors are both well positioned to thrive.

As consumers become more desirous of sustainability, responsible shopping, green travel and plant-based food alternatives “will likely contribute to a surge in companies in this space,” said Sofia Dolfe of Index Ventures.

Oversaturated areas are media/adtech and wellness/fitness apps.

Some of the trends these investors are excited about include deep tech, AI, machine learning, healthcare/medtech, industrial IoT, energy storage and energy-efficient power generation, robotics, intelligent production and additive manufacturing.

“I think there is a lot of interesting stuff coming out of Stockholm and accelerating with all recent success stories,” said VNV Global’s Bjorn von Sivers.

Here’s who we spoke to:


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Jacob Key, founding partner, Luminar Ventures

What trends are you most excited about investing in, generally?
AI automation, democratization, SMB SaaS.

What’s your latest, most exciting investment?
Hiberworld.

Are there startups that you wish you would see in the industry but don’t? What are some overlooked opportunities right now?
Real-time sustainability health trackers for both consumers and businesses.

What are you looking for in your next investment, in general?
Super dedicated and talented team going after major problems.

Which areas are either oversaturated or would be too hard to compete in at this point for a new startup? What other types of products/services are you wary or concerned about?
Adtech companies, consumer lending companies, e-commerce retail, niche problems.

How much are you focused on investing in your local ecosystem versus other startup hubs (or everywhere) in general? More than 50%? Less?
100% in the broader Swedish ecosystem.

Which industries in your city and region seem well positioned to thrive, or not, long term? What are companies you are excited about (your portfolio or not), which founders?
Gaming, fintech, applied AI, security, e-health. Mindler, Insurello, Hiberworld, Greenely, Normative, Marcus Janback, Tanmoy Bari.

How should investors in other cities think about the overall investment climate and opportunities in your city?
Strong momentum, more and more serial founders and experienced founders, strong broader ecosystem, product and tech-led founders with a global view.

Do you expect to see a surge in more founders coming from geographies outside major cities in the years to come, with startup hubs losing people due to the pandemic and lingering concerns, plus the attraction of remote work?
Sweden is more open and is ahead of the pandemic curve so more people coming here than the other way around.

Which industry segments that you invest in look weaker or more exposed to potential shifts in consumer and business behavior because of COVID-19? What are the opportunities startups may be able to tap into during these unprecedented times?
Travel, mobility, nice-to-have SaaS, recruiting. They should focus on work, event, travel 2.0 security, sustainability, e-health and entertainment.

How has COVID-19 impacted your investment strategy? What are the biggest worries of the founders in your portfolio? What is your advice to startups in your portfolio right now?
Not really. Focus on resourceful execution, digital-first sales, extend runway. Biggest worry is a much cooler investment climate.

Are you seeing “green shoots” regarding revenue growth, retention or other momentum in your portfolio as they adapt to the pandemic?
E-health, gaming, remote work, fintech.

What is a moment that has given you hope in the last month or so? This can be professional, personal or a mix of the two.
Founders seem even more dedicated, digital transformation happens much faster.

Bjorn von Sivers, partner, VNV Global

What trends are you most excited about investing in, generally?
Business models with strong network effects. Mobility and micromobility services, Digital health, online marketplaces.

What’s your latest, most exciting investment?
SWVL, Babylon Health, Voi Technology.

Are there startups that you wish you would see in the industry but don’t? What are some overlooked opportunities right now?
Startups addressing climate change, either indirect or direct. I think it will grow immensely over the coming years.

What are you looking for in your next investment, in general?
Business models with strong network effects.

How much are you focused on investing in your local ecosystem versus other startup hubs (or everywhere) in general? More than 50%? Less?
VNV Global has a global mandate. Approximately 10% of the portfolio is Sweden/Stockholm based.

Which industries in your city and region seem well positioned to thrive, or not, long term? What are companies you are excited about (your portfolio or not), which founders?
Any consumer service coming out of Stockholm eco system. In the portfolio I would highlight Voi Technology and Fredrik Hjelm (micromobility) and Grace Health founded by Estelle Westling and Thérèse Mannheimer that is building a digital health clinic for women in emerging markets.

How should investors in other cities think about the overall investment climate and opportunities in your city?
I think there is a lot of interesting stuff coming out of Stockholm and accelerating with all recent success stories. Spotify, iZettle, etc.

Do you expect to see a surge in more founders coming from geographies outside major cities in the years to come, with startup hubs losing people due to the pandemic and lingering concerns, plus the attraction of remote work?
It will probably increase a bit, but not significantly.

Which industry segments that you invest in look weaker or more exposed to potential shifts in consumer and business behavior because of COVID-19? What are the opportunities startups may be able to tap into during these unprecedented times?
International travel still has a lot of uncertainty and low visibility. Digital health and micromobility is defiantly seeing unprecedented demand.

How has COVID-19 impacted your investment strategy? What are the biggest worries of the founders in your portfolio? What is your advice to startups in your portfolio right now?
Not really impacted our strategy. I would say founders think a lot about the funding climate and how to best plan in this lower visibility environment.

Are you seeing “green shoots” regarding revenue growth, retention or other momentum in your portfolio as they adapt to the pandemic?
Yes, all across the portfolio.

What is a moment that has given you hope in the last month or so? This can be professional, personal or a mix of the two.
The fast recovery in our mobility businesses, which essentially saw activity drop significantly in late March/early April and has rebounded strongly since May

Ashley Lundström, partner, EQT Ventures

What trends are you most excited about investing in, generally?
I’m personally excited about investing in teams solving important problems — the ones that affect disadvantaged populations, society at large, the environment, etc. And the exciting part is that we’re seeing more and more of this — especially from serial entrepreneurs who have built companies, maybe even had good exits and now want to dedicate their skills to meaningful journeys.

What’s your latest, most exciting investment?
It actually hasn’t been announced yet as we literally closed a few days ago and it’s one that our AI platform Motherbrain pointed us to. It’s one of those companies that when you hear about what they’re building you just say, “Oh of course, that’s a no-brainer.” It’s a great example of a product-led company seeing strong organic growth from a global user base and we’re chomping at the bit to start working together. Prior to this, my latest most exciting investment is Anyfin. Anyfin is a prime example of the potential of Stockholm’s second generation teams, coming out of the Swedish unicorns iZettle, Klarna and Spotify. They’re a fintech building financial wellness products for users who need it the most. They’ve started with targeting interest rates head-on via a refinancing product and are launching more products and markets with the Series B funding raising they secured this spring.

Are there startups that you wish you would see in the industry but don’t? What are some overlooked opportunities right now? What are you looking for in your next investment, in general?
I’m keen to see teams who combine market experience with startup experience. All too often teams are either one or the other and I’d love to see a team come together where one co-founder says, “I know this problem inside-out because I’ve lived it” and another co-founder who says, “I know how to build and bring ideas to life.” This combo would be really powerful. Over and above that, I’m generally focused on investing in teams solving problems that are shared by huge bases — either consumers or the long tail of B2B. One must in my book is that the product has to be consumer grade. This is obvious for consumer (although not always a given), but it’s something that we’ve become religious about in B2B too.

Which areas are either oversaturated or would be too hard to compete in at this point for a new startup? What other types of products/services are you wary or concerned about?
We’re in the business of exceptions so I find it hard to rule out a category altogether due to competition. That being said, there are always sectors where it’s tricky to envision a winner-takes-all or winner-takes-most, for structural reasons, such as some types of recruiting or staffing, D2Cs or digital health services.

How much are you focused on investing in your local ecosystem versus other startup hubs (or everywhere) in general? More than 50%? Less?
Our strategy is to be local with locals and we invest broadly across Europe and, in specific cases, in the U.S. So, while personally my time’s spent somewhat weighted toward the Nordics, more than 50% of the companies I work with are outside the Nordic countries. Motherbrain has helped us flatten geographies further, discovering great startups regardless of where they’re located, and we regularly invest in great teams outside our local ecosystems.

Which industries in your city and region seem well positioned to thrive, or not, long term? What are companies you are excited about (your portfolio or not), which founders?
There’s a lot of talent for consumer products coming out of the Nordics — particularly fintech in Stockholm (Tink, Anyfin, Brite), gaming in Finland (Small Giant Games, Reworks, Traplight), and a range of products out of Copenhagen including edtech and health tech (Eduflow, Corti). The great engineering talent we have in this region is also producing incredibly strong tech teams — particularly in Finland, such as Varjo, Speechly and Robocorp. We’re even starting to see some interesting activity in quantum computing (e.g., IQM) in the region. There are also some moonshot companies coming out of the Nordics that we’re excited about long term, such as Solein, Einride, Heart Aerospace and Northvolt.

How should investors in other cities think about the overall investment climate and opportunities in your city?
The Nordic countries continue to punch above their weight and I am confident that this trend will continue — meaning the investment opportunities will be many. As the ecosystems mature, the quality will continue to improve, which also speaks to this trend over time. Historically, downturns have produced strong tech companies, so I wouldn’t be surprised if investors are keeping a close eye on the region to make sure they get the chance to back some of the most seasoned entrepreneurs who will most certainly be looking for ways to make the most of the current climate.

Do you expect to see a surge in more founders coming from geographies outside major cities in the years to come, with startup hubs losing people due to the pandemic and lingering concerns, plus the attraction of remote work?
I believe we’ll see more remote teams, absolutely. However, I still think the hubs will be strong and important pieces of the ecosystem and I don’t think we’ll see these cities shrinking by material numbers. Though if people leave the most expensive cities, who could blame them? I do, however, think we’ll see a more sharp trend of teams that were fairly local in the past, expanding to new geographies. And what may happen is that in itself will reveal new talent pools, which over the long term could create more hubs.

Which industry segments that you invest in look weaker or more exposed to potential shifts in consumer and business behavior because of COVID-19? What are the opportunities startups may be able to tap into during these unprecedented times?
Tech is in a great position overall because businesses are generally either working on digitization, which is seeing acceleration out of COVID-19 … so tech falls clearly on the right side of that line, or green field modern or even futuristic ideas. Of the latter, of course, some of these ideas are nice-to-haves, which struggle when consumers are facing tough financial situations, but plenty are services that we believe we’ll see working out long term. Of course anything physical, where the team isn’t able to adapt the product quickly, like events or exercise services, will face temporary dips, but if these companies were originally betting on long-term trends, we believe that they’ll still be in good positions going forward.

How has COVID-19 impacted your investment strategy? What are the biggest worries of the founders in your portfolio? What is your advice to startups in your portfolio right now?
COVID-19 hasn’t affected our strategy, but it has helped us keep our eye on the ball in terms of making sure we stick to our strategy and stay mindful of our own runway — funds have that too! The advice to our founders has been the following: (1) Extend the runway so you keep your options open, and then (2) be as aggressive as you possibly can. We’re encouraging teams to act quickly — both in terms of making internal decisions and in getting products to market to test them out. Our founders’ biggest worries are uncertainties around how long “this” will all last — and our advice here is that they should operate as they always do and not wait for things to change, rather be ultrarelevant in the market you’re in.

Are you seeing “green shoots” regarding revenue growth, retention or other momentum in your portfolio as they adapt to the pandemic?
Yes! We’ve got a couple companies who are really well positioned — particularly Wolt (food delivery) and the mobile games companies we’ve backed (Popcore, Reworks, Traplight, etc.). The current climate is especially favorable for these types of companies, and we’ve got great founders at the wheels who have been able to take advantage of the opportunities presented and who have seen tremendous growth as a result.

What is a moment that has given you hope in the last month or so? This can be professional, personal or a mix of the two.
The efforts by the public sector, including healthcare providers, to accelerate digitization has been refreshing. Sectors who have all too often had plenty of excuses for being slow and conservative have suddenly made big leaps — and they’re proud of themselves for having done so! This gives me hope that there will be new or renewed appetites even as things go back to normal.

Any other thoughts you want to share with TechCrunch readers?
The Nordic countries have many great examples of digital tools used by the general public to conduct their everyday lives digitally. I would encourage founders and business leaders to look to these examples and see if there are opportunities to build for other geographies. Scandinavian trendsetting isn’t just for fashion and interior design!

Ted Persson, partner, EQT Ventures

What trends are you most excited about investing in, generally?
My main passion lies in backing ambitious teams solving real problems with real technology. So, pretty deep tech sometimes — the anti-thesis of “yet another B2B SaaS company solving almost the same problem in almost the same way.” I’m also interested in product and design-centric teams using superior UX to democratize something that previously was limited to a privileged few. Currently, I’ve been spending a lot of time thinking about and doing research into the future of the creative industries, marketing, product design, etc.

What’s your latest, most exciting investment?
This spring, I’ve led or been involved in four investments across quantum computing, group collaboration and two in the design and development tooling space. None of these have been announced yet though. The last announced investments were Sonantic and Frontify — both very cool companies.

Are there startups that you wish you would see in the industry but don’t? What are some overlooked opportunities right now?
Edtech is certainly one.

What are you looking for in your next investment, in general?
As we’re looking for outliers, it’s hard to generalize. But I get more excited about companies tying to solve hard problems rather than just piecing together a few APIs (which anyone can do).

How much are you focused on investing in your local ecosystem versus other startup hubs (or everywhere) in general? More than 50%? Less?
I personally don’t have a geographical focus and enjoy working with our teams across Europe and the world, but since I live in Sweden, my network is slightly stronger here. Our proprietary AI platform Motherbrain also ensures we find rapidly growing or under-the-radar startups outside of our local ecosystems and networks.

Which industries in your city and region seem well positioned to thrive, or not, long term? What are companies you are excited about (your portfolio or not), which founders?
We’re pretty good at gaming, entertainment, music and fintech in the Nordics. It’s also easier to find really great designers here than in other parts of Europe.

Do you expect to see a surge in more founders coming from geographies outside major cities in the years to come, with startup hubs losing people due to the pandemic and lingering concerns, plus the attraction of remote work?
Yes, for sure. It’s too early to tell, but a couple of portfolio companies have given up on their physical offices and a lot of startup people I know are working from across the country. I for sure think this will lead to a more international climate.

Which industry segments that you invest in look weaker or more exposed to potential shifts in consumer and business behavior because of COVID-19? What are the opportunities startups may be able to tap into during these unprecedented times?
A lot has been written about this already and, just like every other investor, we’ve spent a fair share of the spring mapping this out. All in all, tech is in a good position.

How has COVID-19 impacted your investment strategy? What are the biggest worries of the founders in your portfolio? What is your advice to startups in your portfolio right now?
There’s been no change in our strategy. There was some initial confusion for obvious reasons and we took a short break to make sure our portfolio was in a good position to endure. Now, we’re back to normal and have made our first investments where we haven’t met the teams physically.

Are you seeing “green shoots” regarding revenue growth, retention or other momentum in your portfolio as they adapt to the pandemic?
Yes, certainly in a couple of areas, such as food delivery, gaming, remote working and collaboration.

What is a moment that has given you hope in the last month or so? This can be professional, personal or a mix of the two.
When people around myself, parents, older relatives, all of a sudden embrace digital tools and ways of working fully.

Sofia Dolfe, principal, Index Ventures

What trends are you most excited about investing in, generally?
I love products that give people a strong feeling of community, of belonging to a group of like-minded people, and a sense of being invested in its success. Users are so passionate about the product that they can’t stop themselves from recommending it to their friends, and their affinity with the brand grows over time. Search for these types of businesses often leads me to consumer businesses and marketplaces that are customer-centric and bring communities together.

Are there startups that you wish you would see in the industry but don’t? What are some overlooked opportunities right now?
I am interested to hear about new takes on education in a post-COVID world in which people may be more open to challenge the traditional ways of learning.

What are you looking for in your next investment, in general?
I am looking for founders who are inspiring storytellers. So much of building a business is about getting everyone to come along for the ride, from the senior execs joining you, to the customers taking a chance on a young yet unproven business, to investors taking a leap of faith and sharing in your ambition. Founders who are great storytellers, are hungry and dream big from the get-go, and have the humility to know what they don’t know, will be in my view those who have the best chance at making it big.

Which industries in your city and region seem well positioned to thrive, or not, long term? What are companies you are excited about (your portfolio or not), which founders?
Stockholm has historically been at the forefront of both fintech and gaming, and I do think these sectors are well positioned to thrive. Financial services will continue to be transformed, and the modern banking infrastructure in the Nordics makes this an attractive place to start a fintech business. As for gaming, the region has a strong track record and a high concentration of both studios and developer talent, making it a particularly fertile ground for breakout successes. A newer, fast-growing theme in the region is conscious consumption. Stockholm has a long history of eco-friendliness, and the maturity of CSR, responsible shopping, green travel and plant-based food alternatives will likely contribute to a surge in companies in this space. I’m excited to meet with founders who care deeply about this endeavor.

How should investors in other cities think about the overall investment climate and opportunities in your city?
Stockholm has proven itself to be a strong tech hub, and it has many of the necessary ingredients for continued successes. For one, founders think big and global from the start. Sweden has a population of 10 million, and founders creating category-defining companies know that they must enter other markets to dominate. The scale of companies such as King, Spotify and iZettle has also shown that success is within reach and cultivated a sense of courage among aspiring entrepreneurs. Sometimes the world risks underestimating the Swedes because they tend to be understated but as the track record of Sweden shows, they overdeliver.

What is a moment that has given you hope in the last month or so? This can be professional, personal or a mix of the two.
A few weeks ago I saw a handwritten note in the entrance of an apartment building in Stockholm. One of the residents was offering to purchase groceries, medication and other essential items to those unwell or at risk in the building. I’m hopeful that in times of difficulty, we are reminded of the importance of our local communities, of taking responsibility for others, and of how valuable a simple act of kindness can be to building relationships.

Staffan Helgesson, partner, Creandum

What trends are you most excited about investing in, generally?
Transformation of old and large industries such as transportation, construction, real estate, etc. Digital health — we will need to transform current health industry.

What’s your latest, most exciting investment?
Mavenoid. Automating tech support globally. Ex-Palantir founders.

Are there startups that you wish you would see in the industry but don’t? What are some overlooked opportunities right now?
Insurance markets have not yet seen the wave of startups that the general fintech industry has seen.

What are you looking for in your next investment, in general?
Crazy ambitious entrepreneurs with their eyes set on disrupting a global market.

Which areas are either oversaturated or would be too hard to compete in at this point for a new startup? What other types of products/services are you wary or concerned about?
Many consumer verticals are tough to penetrate given big tech and related oligopoly. But every time I say that new phenomenal companies emerge. Such as Creandum’s portfolio company Kahoot that just listed in Oslo for $1.5 billion.

How much are you focused on investing in your local ecosystem versus other startup hubs (or everywhere) in general? More than 50%? Less?
Creandum invests all across EU. No set targets — we just want to find the best entrepreneurs.

Which industries in your city and region seem well positioned to thrive, or not, long term? What are companies you are excited about (your portfolio or not), which founders?
If picking one industry we’re very excited about digital health with Stockholm-based Firstvet and Kry/Livi. (telemedicine for humans and pet owners).

How should investors in other cities think about the overall investment climate and opportunities in your city?
Stockholm/Nordics is a very sophisticated ecosystem that consistently keep producing global winners on a regular basis.

Do you expect to see a surge in more founders coming from geographies outside major cities in the years to come, with startup hubs losing people due to the pandemic and lingering concerns, plus the attraction of remote work?
Great companies will increasingly be built anywhere and we as an industry need to adapt. Those venture firms adapting best and fastest will be the winners going forward. I foresee a second green wave, like in the 70s, where people will move out from cities and/or have a dual-home setup.

Which industry segments that you invest in look weaker or more exposed to potential shifts in consumer and business behavior because of COVID-19? What are the opportunities startups may be able to tap into during these unprecedented times?
Travel and entertainment obviously. But even in these industries there will be winners going forward if they can ride the wave of digitizing (for example, tickets and events).

How has COVID-19 impacted your investment strategy? What are the biggest worries of the founders in your portfolio? What is your advice to startups in your portfolio right now?
It’s all about access to long-term capital and track record. Creandum’s strategy has not changed at all.

Are you seeing “green shoots” regarding revenue growth, retention or other momentum in your portfolio as they adapt to the pandemic?
Yes, especially in digital health.

What is a moment that has given you hope in the last month or so? This can be professional, personal or a mix of the two.
Closing a fully remote investment. Company called Meditopia — in Turkey of all places :-).

Tanya Horowitz, partner, Butterfly Ventures

What trends are you most excited about investing in, generally?
Deep tech, AI, machine learning, healthcare/medtech, industrial IoT and related cloud services and communication solutions, Energy storage and energy-efficient power generation, robotics, intelligent production, and additive manufacturing.

What’s your latest, most exciting investment?
Uute Scientific has created a natural product containing a specific mixture of microbes, which can be applied to various consumer products. These products decrease the probability of getting immune-mediated diseases, like asthma or Type 1 diabetes and consequently improve quality of life.

Are there startups that you wish you would see in the industry but don’t? What are some overlooked opportunities right now?
In the region (Nordics), would like to see more in energy storage, power generation and energy/carbon reduction technologies. Food tech and agtech are an area to look toward given the world’s increasing population. Edtech due to the COVID crisis.

What are you looking for in your next investment, in general?
We are looking for a strong team with unique tech aimed toward a global market.

Which areas are either oversaturated or would be too hard to compete in at this point for a new startup? What other types of products/services are you wary or concerned about?
Media/adtech unless truly unique seem to be oversaturated; also wellness/fitness apps, etc.

How much are you focused on investing in your local ecosystem versus other startup hubs (or everywhere) in general? More than 50%? Less?
Finland 40%-50%, Sweden 30%+, Norway, Denmark, Iceland and Baltics remaining 20%.

Which industries in your city and region seem well positioned to thrive, or not, long term? What are companies you are excited about (your portfolio or not), which founders?
Industries: Health/medical.

How should investors in other cities think about the overall investment climate and opportunities in your city?
I think in Finland and the entire Nordics there is ample opportunities to invest in stellar teams and technologies that have a global market. The talent pool and support of the startup ecosystems are top notch.

Do you expect to see a surge in more founders coming from geographies outside major cities in the years to come, with startup hubs losing people due to the pandemic and lingering concerns, plus the attraction of remote work?
I do not see startup hubs losing people in the Nordics. I do however see founders coming from geographies outside major cities.

Which industry segments that you invest in look weaker or more exposed to potential shifts in consumer and business behavior because of COVID-19? What are the opportunities startups may be able to tap into during these unprecedented times?
Obvious is retail, restaurants, service industry. Also education (edtech) should be an area to really look into. Online entertainment (OTT), logistics (food, goods delivery), etc.

How has COVID-19 impacted your investment strategy? What are the biggest worries of the founders in your portfolio? What is your advice to startups in your portfolio right now?
It has only affected it slightly, we were lucky that we were almost at the end of our investment period and our portfolio of companies are set for this current fund vintage. We are the leading seed-stage deep tech investor in the Nordics and therefore most of our companies have fared OK.

Are you seeing “green shoots” regarding revenue growth, retention or other momentum in your portfolio as they adapt to the pandemic?
Yes, some of our portfolio has benefited from the pandemic, while others suffered with customers initially but seem to be recovered now.

What is a moment that has given you hope in the last month or so? This can be professional, personal or a mix of the two.
We are raising Butterfly Ventures Fund IV and started before the pandemic hit. While this has slowed us down slightly, our anchor and other LPs are rock solid and we as a team are committed to getting the first close done ASAP to capitalize with that dry powder in early 2021. While my heart goes out to those who have not been so lucky, personally we have been blessed to not have had direct tragedies related to the pandemic … and my son is happy and healthy and that alone gives me hope everyday.

Any other thoughts you want to share with TechCrunch readers?
Global LPs should really explore Europe more, especially the Nordics!

Sanna Westman, principal, Creandum

What trends are you most excited about investing in, generally?
Well, we typically say that if you invest in trends you’re late to the party … but of course there are some macro movements that are exciting and we monitor closely. For me personally digital health is one of those areas, it’s not new but constantly developing and has of course been further accelerated the past year. Another area that is really interesting are products that help you be a better leader/manager/company. I’m not sure how to productize this but there’s a huge opportunity in amplifying leadership. We’ve seen success with companies giving the individual user superpowers (no-code tools, productivity tools, etc.) but how about helping people scaling themselves and their teams? Remote work has a lot of benefits, but puts new challenges on managers. I also believe we’ll see more quality companies battling climate change in different ways.

What’s your latest, most exciting investment?
SafetyWing — on the intersection of social security and remote work.

Are there startups that you wish you would see in the industry but don’t? What are some overlooked opportunities right now?
There’s plenty more to do within B2B commerce: marketplaces, e-commerce enablers, new ways of financing, etc. Sure there are companies, but no way near as many (good) ones as it should be.

What are you looking for in your next investment, in general?
A short time to “Wow.” Solutions that can give the user an instant value and then continue to add to that value they more they use the product

Which areas are either oversaturated or would be too hard to compete in at this point for a new startup? What other types of products/services are you wary or concerned about?
Mobility and delivery in general is quite crowded. Also open-banking payment solutions has seen a huge surge.

How much are you focused on investing in your local ecosystem versus other startup hubs (or everywhere) in general? More than 50%? Less?
The Nordics is along with DACH one of the key focus markets for Creandum, though there’s no set allocation for any certain geography. We strive to back the best companies regardless of where they’re located.

Which industries in your city and region seem well positioned to thrive, or not, long term? What are companies you are excited about (your portfolio or not), which founders?
Compared to other hubs there is a very high product focus in general, and given that Sweden is a small market the mindset is also international from day one. I think that makes more of a difference than a certain vertical. In terms of exciting companies Kive and Depict are worth keeping eyes on for the very early stages. For the more mature startups Kry and Firstvet are doing great as early enablers of digital health.

How should investors in other cities think about the overall investment climate and opportunities in your city?
Increasingly competitive but also a lot of strong talent.

Do you expect to see a surge in more founders coming from geographies outside major cities in the years to come, with startup hubs losing people due to the pandemic and lingering concerns, plus the attraction of remote work?
Even before the pandemic very few startups in Stockholm had 100% of their workforce in one location anyway, a hybrid setup was and continue to be very common.

Which industry segments that you invest in look weaker or more exposed to potential shifts in consumer and business behavior because of COVID-19? What are the opportunities startups may be able to tap into during these unprecedented times?
As the fund invests with a very long time horizon, +10 years, the short-term impact is not a key concern but of course we think about the long-term effects on e.g., business travel. We tend to look for the opportunities more than the drawbacks though, and there will be opportunities for new companies in industries that have been heavily impacted. It might actually prove to be good timing to disrupt.

How has COVID-19 impacted your investment strategy? What are the biggest worries of the founders in your portfolio? What is your advice to startups in your portfolio right now?
Initially we were cautious around runway and worked closely with the portfolio to make sure they could survive for a longer time should revenues decline and funding not be available. Summing up 2020 though, we were fortunate to look back on a year where many companies had overperformed and were able to raise significant up rounds. Great companies are created in all times and were committed to find the best seed and Series A companies.

Are you seeing “green shoots” regarding revenue growth, retention or other momentum in your portfolio as they adapt to the pandemic?
Definitely. We’ve seen several examples of V-shaped recovery, with revenues bumping back above pre-COVID levels and continuing on that trajectory.

What is a moment that has given you hope in the last month or so? This can be professional, personal or a mix of the two.
The hustle and optimism among entrepreneurs we meet. The “impossible is nothing” attitude is really inspiring.

Who are key startup people you see creating success locally?
I’d say some of the active “stay in the background” angels/mentors that are supporting a new generation such as Joachim Hedenius (Kry, CTO) or Johan Crona. And Susanna Campbell/Cristina Stenbeck who have been very active in their joint investments, often finding opportunities the VCs miss.

#covid-19, #creandum, #ec-europe, #ec-investor-surveys, #eqt-ventures, #europe, #index-ventures, #sweden, #tc

Sweden’s data watchdog slaps police for unlawful use of Clearview AI

Sweden’s data protection authority, the IMY, has fined the local police authority €250,000 ($300k+) for unlawful use of the controversial facial recognition software, Clearview AI, in breach of the country’s Criminal Data Act.

As part of the enforcement the police must conduct further training and education of staff in order to avoid any future processing of personal data in breach of data protection rules and regulations.

The authority has also been ordered to inform people whose personal data was sent to Clearview — when confidentiality rules allow it to do so, per the IMY.

Its investigation found that the police had used the facial recognition tool on a number of occasions and that several employees had used it without prior authorization.

Earlier this month Canadian privacy authorities found Clearview had breached local laws when it collected photos of people to plug into its facial recognition database without their knowledge or permission.

“IMY concludes that the Police has not fulfilled its obligations as a data controller on a number of accounts with regards to the use of Clearview AI. The Police has failed to implement sufficient organisational measures to ensure and be able to demonstrate that the processing of personal data in this case has been carried out in compliance with the Criminal Data Act. When using Clearview AI the Police has unlawfully processed biometric data for facial recognition as well as having failed to conduct a data protection impact assessment which this case of processing would require,” the Swedish data protection authority writes in a press release.

The IMY’s full decision can be found here (in Swedish).

“There are clearly defined rules and regulations on how the Police Authority may process personal data, especially for law enforcement purposes. It is the responsibility of the Police to ensure that employees are aware of those rules,” added Elena Mazzotti Pallard, legal advisor at IMY, in a statement.

The fine (SEK2.5M in local currency) was decided on the basis of an overall assessment, per the IMY, though it falls quite a way short of the maximum possible under Swedish law for the violations in question — which the watchdog notes would be SEK10M. (The authority’s decision notes that not knowing the rules or having inadequate procedures in place are not a reason to reduce a penalty fee so it’s not entirely clear why the police avoided a bigger fine.)

The data authority said it was not possible to determine what had happened to the data of the people whose photos the police authority had sent to Clearview — such as whether the company still stored the information. So it has also ordered the police to take steps to ensure Clearview deletes the data.

The IMY said it investigated the police’s use of the controversial technology following reports in local media.

Just over a year ago, US-based Clearview AI was revealed by the New York Times to have amassed a database