STINGs investment company Propel Capital, Propel Capital II, will in the next stage increase the investment sum from 250 000 SEK to 300 000 SEK. The company invests in every company that is incorporated into STINGs accelerator program STING Accelerate (previously FastForward). Propel II includes several respected and knowledgeable business angels and will invest in in a total of 16 startups in the autumn of 2015 and spring 2016.
STING established the investment company Propel Capital in the autumn of 2014 to make it easier for entrepreneurs in STINGs accelerator program to raise capital and instead focus on developing their companies at a faster rate. Propel Capital II will invest 300 000 SEK in each company that is incorporated into STING Accelerate in the autumn of 2015 and spring 2016. The investment in the companies is made through convertible notes.
A few of the new business angels that have invested in Propel Capital are:
- Ola Lauritzson, Entrepreneur and Author
- Marcus Wallén, KING
- Simon Josefsson, Data- and Network Security Consultant
They are joining a group of notable investors that were also part of Propel Capital I. Among these are Magnus Bergman, investor in Prezi and Truecaller; Erik Byrenius, founder of OnlinePizza and Carl Palmstierna, one of Sweden’s most active business angels.
An investment in Propel is an opportunity for the investors to gain access to 16 of Sweden’s most promising startups in the fields of internet/media, gaming and mobile.
– The first round of Propel Capital offered me the opportunity to meet and invest in a professional selection of interesting entrepreneurs, something I never would have been able to do as a sole business angel. Propel Capital II is a natural step to meet more entrepreneurs and network with other qualified business angels, says Jan-Eric Ramberg, serial entrepreneur and investor in both Propel Capital I and II.
In recent years, STING has increasingly invested in building an accelerator with an attractive offer for startups within internet/media. The vision is that STING Accelerate, with the help of Propel Capital, will contribute to Stockholm expanding even further as the hub for startups in Europe.
– It is very pleasing that an additional number of qualified business angels choose to invest in Propel Capital II. It will give the companies in our accelerator program access to more competence and a slightly higher amount than previously, says Pär Hedberg, founder and CEO of STING.
In addition to the 300 000 SEK, the companies in STING Accelerate will gain access to 16 very qualified Propel investors. The business angels are also entrepreneurs with competencies within internet/media. They can make direct investments and further engage in the companies where they can make an impact, both through their own competencies and via their networks.