Record results from Stockholm’s most promising Internet startups at STING Demo Day
Close to 10 MSEK in funding and 55 new jobs – these some of the results of the 8 accelerator companies that presented at the STING Demo Day ceremony on Wednesday.
After 20 intense weeks in the fourth round of the STING’s accelerator program STING Accelerate (previsously FastForward), it was time for the eight startups to showcase their products and results. The young companies have brought in close to 10 MSEK in funding, currently employ 55 people, and half of them already generate revenue – in total 900 000 SEK in the month of May.
The companies pitched their tech innovations in digital marketing, CRM and fintech to an audience of 80 exclusively invited investors, industry profiles, entrepreneurs and journalists.
Since the program’s start in January, the startups have had their sights set on testing the products and services, speaking to customers and sharpening business models and processes to expand faster. The entrepreneurs have made great progress both team and product wise; international launches, fundraising and important partnerships being established.
At the start of the program, each admitted startup received an investment of 250 000 SEK from STING’s investment platform Propel Capital – an investment that has helped the teams to focus on their businesses instead of chasing funding.
– It has been an intense period for the companies this spring – and that is exactly how the program is designed. The investment helps the companies to focus 100 percent on developing their products and teams, across all areas. And we saw great results and proof of that today at STING Demo Day, says Peo Nilsson, business coach and program manager of STING Accelerate.
One of the startups, Salesbox CRM, has developed a mobile CRM system that helps both sales people and enterprises to maximize sales. During the fall, Salesbox reached 10,000 users, a number that is increasing each week by a thousand.
– If we look back at where Salesbox CRM was before STING, compared to where we are today, there is a very big difference considering both the product and the company. Being part of the program has opened a lot of doors for us, and then it is of course up to you what the end result will be. Through STING, we have come in contact with the investors we have on board today, as well as those we currently have a dialogue with. STING has, in other words, been very valuable to Salesbox, says Andreas Lalangas, CEO and co-founder, Salesbox CRM.
During the afternoon, the audience voted for the “Best pitch at STING Demo Day”, and Happy Tail was named the winner.