Despite challenging investment times: Propel Capital VI succeeds to raise capital as planned
35 experienced business angels contribute SEK 15.5 million, matched by SEK 14.5 million from the anchor investor Saminvest, in Propel Capital’s latest addition Propel VI.
Propel Capital, Sweden’s most active private investor in tech companies, in collaboration with accelerator Sting, has since its start in 2014 invested in over 175 companies. Despite tough times on the stock exchange, interest was high, and Propel Capital VI was able to close as planned. Propel Capital invests in early-stage startups addressing important challenges especially within Sustaintech, Healthtech, Deeptech, and Digital innovation sectors.
One of Propel Capital’s success factors is the carefully selected composition of business angels. Out of the 35 investors in Propel VI, 24 have been in previous rounds of Propel, and 11 new angels have joined Propel VI
The venture capital company Saminvest is once again the anchor investor, which enables continuity and further strengthening of the ecosystem and business life in this region.
Another factor is the great follow-up investment activity from the angels and so far, over 50% of all Propel’s companies have attracted a follow-up investment from the business angels.
Alexandra Tsampikakis, the co-founder of Edtech company Ugglo, is one of the new investors.
“For me, as an entrepreneur myself and a Sting Alumni, it feels amazing to be able to support the next generation of growth companies through Propel. I am looking forward to being a part of the strong investor network that Propel offers”, said Alexandra Tsampikakis.
Another investor, Ludvig Linge, is also a board member of Propel Capital.
“Propel Capital is an incredible opportunity to gain exposure to a large number of exciting early-stage companies while also expanding my own network with other like-minded business angels. Furthermore, Propel Capital has proven that it is possible to generate returns for investors on the invested capital,” said Ludvig Linge.
Pär Hedberg CEO at Sting:
“It was incredibly important to close Propel VI, in a season where the rest of the world is on shaky ground. With such uncertain economic times, it feels good to be able to offer the companies in our programs an advanced investment as well as access to very interesting follow-up investors. It’s also very exciting that so many of our old propel angels together with anchor investor Saminvest, choose to join again. That, in combination with so many new exciting investors, is incredibly valuable to us. It’s a strong network, which is meaningful to our entrepreneurs to connect with.” More about Propel Capital: https://sting.co/investors/propel-capital/
Saminvest is a venture capital company that invests indirectly and together with private capital. By investing in new funds managed by teams with sufficient qualities and a long-term perspective, Saminvest contributes to developing the Swedish venture capital market. In this way, Saminvest contributes to giving innovative and fast-growing companies access to both capital and ownership expertise. The efforts should lead to the development and renewal of Swedish business life.
More about Propel Capital: https://sting.co/investors/propel-capital/