Sting admits 11 new companies to its startup programs Sting Accelerate and Sting Incubate. Among the business ideas are the world’s first international price comparison site, intelligent radar sensors for autonomous systems, an Airbnb for booking pop-up stores, and an index for cryptocurrencies.
– In this fall batch there are several companies with new solutions for the sharing economy, in e-commerce and fintech. It is a strong group of founders consisting of several serial entrepreneurs and many with deep industry knowledge from roles such as founding team member of Kivra, investment banker at Nordea, CEO of Ratos and Byggmax and marketer from ARKET and Spotify, says Fredrik Rosengren, program manager for Sting Accelerate.
The companies that are accepted to Sting have the opportunity to receive an investment of SEK 300,000 from Propel Capital, Sting’s investment company and Sweden’s most active private seed investors. In addition to the investment itself, the companies also gain direct access to the 40 business angels behind Propel Capital, and their networks.
Vinter Capital, one of the companies that now joins Sting, is modernizing the traditional financial market with cryptocurrency indices, which at the same time helps to make the market for cryptocurrencies mature.
– The goal is to become the S&P 500 for cryptocurrencies, which requires strong allies with experience, networks and valuable insights. That’s exactly what Sting is, says Sid John Leopold, co-founder and CEO of Vinter Capital.
Another company, Panprices, has created the world’s first international price comparison engine that enables consumers to find the lowest price of products across Europe.
– We are a team with experience in running companies and are very much looking forward to being part of the most optimal environment in Sweden for innovation companies. Sting’s experience of challenging and sharpening founders in their implementation, we believe will dramatically accelerate Panprices to reach the next level, says Magnus Agervald, co-founder of Panprices.
A third new company, It’s Re:Leased, allows you to rent the garments in your wardrobe that are otherwise only used a few times and thus make your wardrobe more sustainable.
– Sting gives us the right conditions and resources to accelerate our company in just the right phase of our journey. There is a strong demand for our subscription service, which we now hope to launch sooner than planned,” says Johanna Norrman, co-founder and CEO of It’s Re:Leased.
In addition to the investment opportunity provided by Propel Capital, Sting’s support includes individual coaching in business development, finance and recruitment, and access to a broad international network of industrial contacts and investors. The companies also get free office space for five months at A house, which provides a strong community with each other and the Sting team.
Since 2002 Sting has coached over 270 startups, including Yubico, Barnebys, Bioservo, Karma, Sellpy, Midsummer and Volumental. In 2018, Sting’s alumni had a turnover of SEK 2.6 billion and created over 800 new jobs. Together, the Sting companies have over 2,600 employees.
Here are the seven new companies joining Sting Accelerate:
Agilon develops a solution for companies to automatically visualize business processes, identify bottlenecks and deviations, and get quantified improvement suggestions. Customers complete process improvement initiatives up to ten times faster and stay on top of operations with continuous process monitoring, alerting them of any new problems. We call it Process Intelligence. www.agilon.io
Ebbel is a service that makes finding the perfect credit card effortless. We do this by analyzing how our users spend their money. Our users save on average 2150 Swedish crowns per year through credit card benefits such as bonus points, cashback and insurances. We believe that everyone, regardless of their level of financial knowledge, deserves a great credit card. www.ebbel.se
It’s Re:Leased provides more value and variation to your wardrobe without exhausting neither your or the planets resources. By renting the parts of your wardrobe you’d otherwise only wear a few times, we increase the number of usages per garment and can challenge the mass production industry currently responsible for higher CO2 emissions than the airline industry. www.itsreleased.com
Panprices enables cross-border eCommerce by eliminating the friction consumers face when shopping online from international retailers. By aggregating local price comparison sites and collecting additional data on retailers, Panprices empowers consumers to find offers on products they are looking to buy up to 50 percent cheaper than the cheapest price available in their country of residence. www.panprices.com
Ridesum is a digital training arena and collaboration platform connecting horseback riders, trainers and experts. In the mobile app you can search for trainers and experts, book a training session or get feedback on a video, train live via video streaming and save feedback about your training. Riders progress faster, trainers scale their businesses and we save the environment by reducing travelling. www.ridesum.se
Vinter Capital is a Swedish index provider and data analysis firm. We believe that blockchain technology has the potential to transform our world. The application of this technology can result in a more decentralised and transparent economy with far-reaching positive effects such as financial inclusion for everyone. Our objective is to make the cryptocurrency market more mature. We do so by providing transparent and regulated indices used in financial products. Vinter Capital’s indices bridge the cryptocurrency community and the professional investment industry. www.vinter.capital
xNomad is the Nordics’ leading marketplace platform for short-term retail space. We make browsing and booking commercial pop-up space as easy as booking an AirBnB. We connect brands and entrepreneurs with their ideal retail space so that they can create a pop-up store experience and measure their success through our advanced data analytics. www.xnomad.co
Here are the four new companies joining Sting Incubate:
Klimato is the application for restaurants looking to offer a climate-friendly concept. Through the Klimato-app, users can plan climate friendly meals, label dishes with their carbon footprint, retrieve progression reports, including areas of improvement, and become climate neutral by investing in climate-positive projects. The food industry accounts for 25 percent of global CO2-emissions, we aim to reduce this amount, one meal at the time. www.klimato.se
Health Integrator offers “digital vaccines”, creating a defence system to the healthcare system. The end users are empowered to live healthy by creating an ecosystem of services around them, by matching their health profiles with the marketplace of offerings in a tailored basket of services and products. This is consumerization of health. www.healthintegrator.eu
Nordic Forest Games creates mobile games that motivate the user to move. With the latest technology, physical movement is used as input into the games and the body is trained while the game removes focus from the effort. Inactivity is a major and growing problem in many communities, and the goal is to have a billion daily users in ten years. www.nordicforestgames.com
Sencept develops intelligent radar sensors for autonomous systems. The radar design is based on novel hardware and AI based software architecture that enables high resolution radar imaging in dense environments. Sencept’s goal is to enable autonomous systems perceive the environment in three dimensions and in harsh lighting and weather conditions. www.sencept.se