Sting Status Report 2020 – Strong results despite a tough year
While 2020 was a tough year in many ways and the pandemic affected some of our alumni companies heavily, we’re happy to say that fewer than expected faced severe problems and are proud to share their great results.
Spring has sprung and with it comes new results from the Sting companies that we’d like to share with you. Some highlights include:
- Revenue: Up more than 20% to a combined revenue of 344 MEUR
- Employees: Up more than 20% to a total of 3327
- Financing: All-time high – 155 MEUR in 2020 adding to a total accumulated value of 759 MEUR
- Gender balance: 18 of the 33 accepted companies had at least one female co-founder, which exceeds our 50 percent target.
- Deep Tech: Together with KTH, we strengthened our offer to deep tech startups and accepted three new companies with complex technologies addressing critical challenges.
- Climate Action: The Spring 2020 campaign to find startups addressing climate change resulted in seven promising climate action startups joining our Climate Accelerator program in 2021.
- Friends of Sting: We launched a Venture Philanthropy platform called Friends of Sting through which we hope to attract more resources from private actors to Sting. The goal is to enable us to increase our support of companies in the areas of climate and health.
- Propel Capital: Propel Capital I made its final exit and has now closed with a stable return to its investors.
For more results and other exciting content, download our latest annual report in full.