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A letter from the CEO
Taking on the role of CEO has felt like coming full circle.
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Sting
I am incredibly honored to take on the role of CEO at Sting, a role I stepped into last year following the inspirational leadership of Pär Hedberg. Pär has been a guiding light for our community, and it’s a privilege to build on the foundation he established over two decades ago.
At Sting, we’re more than just an incubator or accelerator—we’re a community. Over the years, we’ve supported over 400 startups, helping them raise capital, create jobs, and make a real impact.
My adventure with Sting started in 2004 when my first startup, Nanologica, was funded by Sting. Taking on the role of CEO has felt like coming full circle.
Looking back at 2023, it will be remembered as a challenging year for the international economy. Political instability and the war in Ukraine, combined with increasing interest rates, put tremendous pressure on the markets all over the world. Capital markets dried up, and investment activities came to a standstill, which put many startups in a precarious situation.
Thus, despite the shaky economy and the unknown of the world markets, in 2023, we witnessed a surge in technology and development, with Impact and Deeptech companies in the climate space, maintaining momentum and AI technologies achieving a commercial breakthrough. This acted as the first light of a coming sunrise for the next generation of tech startups.
Our portfolio companies saw a remarkable increase in revenue, reaching 582 M €. With a slight increase in employees from 2022, totalling 3.431, our companies raised 943 M € in private capital, contributing to a cumulative total of 1156 million € raised to date. As of December 2023, our market capitalization stood at an impressive 3.16 billion €.
At Sting, we believe in the power of entrepreneurs as the agents of change in the transformation towards a more sustainable world. We are looking for the most impactful companies within our three thematic areas: Climate, Health and Society. In order to address humanity's most pressing issues, we have deepened our strategic focus on Deeptech and our commitment to promoting solutions that promise to revolutionize the industries of tomorrow. Together with the strongest entrepreneurial teams, we are looking to improve the world one profitable company at the time.
We improve the world,
one profitable company at the time.
Our Story.
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2002: Sting is founded with a focus on DeepTech. Only a year later, Sting Business Angels is launched.
2005: A partnership with KTH (Royal Institution of Technology) is signed. The same year VC fundSting Capital is launched.
2008: Sting Search for Talent is launched, offeringrecruitment support to Sting companies.
2015: The coworking space THINGS is initiated and open forDeepTech startups.
2016: First ever Ignite Sweden event takes place, matching startups with corporates.
2016 coworking space H2 Healthhub opens för HealthTech startups.
2018: Incubator Sting Bioeconomy opens in Karlstad. Additionally, seed fund Luminar Ventures is launched.
2009: First ever Sting Day event takes place, matching startups with international investors.
2013: Coworking space SUP46 is initiated and StingAccelerate program is launched, with a new focus on digital startups.
2019: Sting Incubator DeepTech program is launched.
2022: A new digital startup school is launched in a partnership with Laernster, called Sting Startup Academy.
2014: Angel-backed investment company Propel Capital islaunched.
2023: Sting launched Climat Action, with the mission to accelerate 100 new ClimateTech startups within 4 years.
Sting statistics.
In 2023, Sting experienced significant growth, welcoming 45 startups to our core programs, a notable increase from previous years. Our acceptance rate rose, indicating Sting's growing reputation as a top destination for startups. Among these, 12 joined Incubate DeepTech, 12 joined Incubate, and 21 joined Accelerate.
The diversity in sectors is noteworthy, with 14 focused on ClimateTech, 10 on HealthTech, and 21 in various other fields. As we continue to promote innovation, we're excited to see the impact these startups will make in their respective industries and beyond.
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Number of Sting companies
Sting statistics.
Valuation of Sting companies (bn EUR)
Sting companies have demonstrated remarkable valuation growth, serving as a testament to their innovation, potential, and market impact.
The success stories of Sting companies reflect the effectiveness of the program's support, resources, and mentorship, which have played a pivotal role in their valuation growth.
By nurturing and empowering these companies, Sting has created a fertile ground for entrepreneurial success and positioned Stockholm as a hub for high-value ventures.
Accumulated public & private financing(m EUR)
The upward trend in private investments reflects investor confidence in supporting Sting startups, offering flexibility, agility, and potential partnerships.
Beyond financial resources, private investors bring industry expertise, mentorship, and valuable networks, showcasing their confidence and enthusiasm for business success, job creation, and market prosperity.
Sting statistics.
Combined Revenue (m EUR)
International revenue development is a critical driver of business growth and sustainability.
By expanding into global markets, companies can tap into new customer bases, diversify income streams, and unlock untapped opportunities.
Employees in Sting companies
In today’s rapidly evolving world, the significance of creating new jobs and opportunities cannot be overstated.
As economies strive to grow and societies aspire to prosper, the creation of meaningful employment becomes a crucial driver of progress and a catalyst for positive change.
Men > Women
We're stepping up our efforts and allocating more resources to achieving gender equality, a core belief in our organization. We are committed to accelerating progress and ensuring equal representation across all sectors within the tech industry.
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Female Founders.
At Sting, we are dedicated to continuously enhancing gender balance within our companies, recognizing the critical importance of ensuring proportional representation of female founders. We believe that diversity is a cornerstone of innovation and success in the startup ecosystem.
This year, we're thrilled to introduce Female Fridays, an initiative designed to create a safe, confident, and supportive environment for women in entrepreneurship. By championing gender balance and creating opportunities for female founders, we're not just leveling the playing field—we're inspiring the next generation of women leaders and entrepreneurs. As we continue to drive innovation, we’re excited to see the groundbreaking contributions these women will bring to the startup community and beyond.
We are committed to empowering women in entrepreneurship by providing tailored mentorship, resources, and networking opportunities. Our strategies address the unique barriers women face, fostering a supportive ecosystem that levels the playing field and enhances their chances for success.
We need women at all levels, including the top, to change the dynamic, reshape the conversation, to make sure women's voices are heard and heeded, not overlooked and ignored.
Sting statistics.
Net Promoter Score
Twice a year we measure customer satisfaction through the Net Promoter Score model (How likely are you to recommend Sting to another entrepreneur?). The latest NPS was 100.
By tracking our NPS and focusing on enhancing customer satisfaction, we aim to continuously improve our products/services and deliver exceptional experiences that drive loyalty and positive word-of-mouth recommendations.
The coaches guide and help you find the way forward, and they don’t tell you what to do. In the end, I’m the one who makes the decisions.
Joining Sting is more than just a career move; it's a commitment to driving positive change in the startup landscape.
Sting proudly introduces two remarkable women and our latest additions: Charlotte Ekelund and Ebba Burman.
Charlotte, our whirlwind of energy and enthusiasm, has her finger firmly on the pulse of the startup world; Charlotte is ready to inject some serious mojo into our investment strategies. With a background in economics and a track record of success in recruitment and startup ventures, including co-founding the thriving tech company Teemyco, Charlotte steps into the role of Head of Investor Relations at Sting.
"Joining Sting is more than just a career move; it's a commitment to driving positive change in the startup landscape. I'm thrilled to leverage my expertise to empower entrepreneurs and promote a culture of inclusivity and opportunity at Sting." - Charlotte Ekelund, Head of Investor Relations
Ebba is set to revolutionize our marketing efforts, infusing them with vibrancy and purpose. Ebba is leading the charge to ensure that Sting's voice resonates loud and clear in the echelons of tech, research, and entrepreneurship. With a wealth of experience in communication and brand management across the US and UK, including notable roles with the Swedish-American Chamber of Commerce and MOO, Ebba joins Sting as Head of Marketing.
"By infusing our marketing efforts with personality and purpose, we're not just making waves; we're charting new territories in both branding and communication." - Ebba Burman, Head of Marketing.
Integrating Burman and Ekelund into our team has broadened our leadership diversity and enriched our strategic capabilities. Their efforts have been crucial in elevating our brand and enhancing investor relations, reflecting our ethos of supporting a dynamic and diverse startup landscape. Sting is primed for a journey of transformative growth.
Activities of Sting.
Startup Academy
A free, online course, designed to help you explore an idea within a real-world startup context.
Open Coaching
Every year we offer 300+ idea owners, free online coaching sessions for 30 minutes.
Test Drive
Four evening workshops run by Sting’s coaches
combined with individual coaching and peer support.
Sting Accelerate
Take your startup from
MVP to pre-seed
readiness in just four
months.
Sting Accelerate
Climatetech
Take your startup from
MVP to pre-seed
readiness in just four
months.
Sting Incubate
Get from prototype to
launch and prepare for
the next steps on your
startup journey.
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Sting Deeptech
Transform your
innovation and start
making impact
Our committment.
Sting Stockholm Growth and Innovation
Sting sets itself apart as a distinguished incubator and accelerator, offering a distinctive blend of resources and support to early-stage startups. With a rigorous selection process, Sting ensures that only the most promising and innovative ventures are accepted into its program.
What truly distinguishes Sting is its comprehensive and tailored approach, providing startups with a diverse range of expertise from intensive coaching, industry connections, and mentorship from domain experts.
By fostering a collaborative and dynamic environment, Sting empowers startups to overcome challenges, refine their business strategies, and access the necessary funding to scale. With a proven track record of success stories, Sting stands as a reliable and reputable partner for ambitious startups seeking to thrive in a competitive market landscape.
Non-Profit
Sting is a non-profit organization owned by the Electrum Foundation and KTH Holding. The foundation is backed by the City of Stockholm, the Stockholm Regional Council, Ericsson, ABB, Stockholm University, the Royal Institute of Technology (KTH) as well as research institutes. Sting is both publicly and privately funded.
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business
development
Access to a dedicated and experienced Sting coach working closely with the teams, several hours per week, and both challenges and supports them on all critical business activities.
financing +
investments
All Accelerate, and selected Incubate companies, are offered an investment of 500 000 SEK from Propel Capital, the largest pre seed investment company in the Nordics.
recruitment + team development
After working with more than 400 startups, we have learned how to develop a strong and successful team. Sting companies get access to a dedicated team coach to help them succeed in this area.
industry mentors +external experts
In addition to the weekly coaching by Sting coaches, our startups get access to highly relevant external mentors and expert coaches, hired by Sting.
globalnetwork
Access to the most developed investor network in Europe as well as a large network of business contacts, both Swedish and international, and a range of Perks worth over SEK 1 million.
the Sting
community
Access to all the Sting peers, who have valuable insights and contacts.
marketing, PR +commincation
Support to attract media attention and effectively communicate to tar - geted groups – at the right time – to generate demand and leads.
coworking space
Free office space at Sting’s office in A-house for up to 6 months during the program. After this period, we offer reduced fees at our location partners in Stockholm.
Our bets.
ClimateTech
Sting brings together Sweden’s most experienced coaches, successful entrepreneurs and dedicated investors within the climate and energy sectors.
HealthTech
Sting brings together Sweden’s most experienced healthtech coaches, entrepreneurs and investors, so the world can benefit from your solution faster.
Society
By providing access to expert guidance within the societal technologies (fin tech ed tech cyber etc) we help startups committed to improving our communities and creating a lasting impact.
DeepTech
Our DeepTech team helps startups develop new disruptive technologies and bring these game changing solutions to the market.
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Sting: it's not magic - it's science
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Our team.
Partners.
Our partners unwavering support, collaboration, and shared vision have been instrumental in driving innovation and fostering growth in our vibrant ecosystem.
Their commitment to nurturing and empowering startups, your invaluable expertise, and your dedication to creating an environment conducive to entrepreneurial success are truly commendable. Together, we have embarked on a transformative journey, propelling groundbreaking ideas and shaping the future of technology and business.
As partners, not only have they provided us with invaluable resources, but you have also been instrumental in building a strong network of mentors, investors, and industry leaders. Your belief in our collective mission has enabled us to overcome challenges, seize opportunities, and achieve remarkable milestones.
Main Partners.
Service Partners.
Entrepreneurial Partners.
Final words.
Stakeholders and Supporters,
It is with great enthusiasm that we present Sting’s Annual Report, a testament to our collective resilience, unwavering commitment, and remarkable achievements during these challenging times. As we reflect on the past year, it is evident that our dedication and strategic efforts have not only withstood the trials we faced but also propelled us to new heights.
In the face of unprecedented adversity, Sting’s team has risen above and beyond expectations, navigating through the storm with remarkable tenacity. Our ability to adapt swiftly to a rapidly changing environment has been a key factor in our success. We embraced innovation, reimagined business models, and forged new partnerships, all in pursuit of our shared vision and goals. Despite the constraints posed by global uncertainties, Sting’s annual report showcases a series of monumental achievements across various fronts. Let us take a moment to highlight some of our most notable accomplishments:
Highlights of our Annual Report:
Economic Resilience: Sting has maintained a stable financial position, defying the economic downturn throughmeticulous planning and strategic decision-making.
Creative Adaptability: Embracing innovation, we reimagined business models and engaged audiences through virtual platforms and immersive experiences.
Social Impact: Our dedication to making a positive impact intensified, with charitable initiatives and partnerships supporting communities in need.
Sustainable Practices: Sting prioritizes environmental stewardship, implementing eco-friendly operations to reduce our carbon footprint and promote sustainability.
Unwavering Support: We extend heartfelt gratitude to our stakeholders, partners, and passionate fans for their unwavering support and belief in our mission. Let us celebrate our collective triumphs, honor our shared journey, and look ahead with optimism for a brighter future. Thank you for your support.
