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NEWS August 23, 2018

Sting Bioeconomy to accelerate future growth companies within renewable product and services

Today, Sting Bioeconomy, a new cutting-edge incubator, is being launched to help develop innovations in forest-based bioeconomy and increase the number of fast growing companies in this area. Victor Isaksen, experienced entrepreneur and forest owner, becomes president of the newly-started Karlstad-based incubator.

The venture is a collaboration between the world-leading cluster of forest-based bioeconomic companies, Paper Province, Region Värmland, Karlstad Municipality and Sting, the Nordic region’s leading incubator for startups with high growth potential.

The new incubator will be based in Karlstad, with the aim of leveraging Värmland’s strong position within forest-based bioeconomics. Värmland is home to world-leading industry within this area with large companies like Rottneros and Nordic Paper, as well as the strong bioeconomic cluster Paper Province. Stockholm-based incubator Sting will also participate as a partner in the project, contributing its experience in developing high tech startups and its international network of investors and business contacts.

Victor Isaksen will take on the challenge to build Sting Bioeconomy. Victor has a background as an entrepreneur and as a forest owner, providing knowledge and experience that will be useful in his work. “I look forward to building Sting Bioeconomy into a world-leading ecosystem for young promising companies focusing on sustainable services and products based on renewable resources,” says Victor. “I also look forward to the cooperation with Sting, that is internationally recognized as one of the world’s best incubators with its proven working methods,” he continues.

Sting Bioeconomy welcomes startups from all over the country to its program and, with its base in Karlstad, will provide part of its offer virtually and with close connections to Stockholm. Promising startups with business ideas in areas such as bioenergy, new packaging solutions and optimization of forest and paper industry processes are expected to join the incubator. Business develop support, financing and internationalization will be important part of the new incubator’s offer to accepted startups.

Since the start of 2002, Sting has supported over 240 companies. The companies currently have aggregated revenues of over SEK 2.1 billion. Pär Hedberg, CEO and founder of Sting, commented on the collaboration:
“For us at Sting, this is the first time we put our name on a venture outside of Stockholm, and we are look forward to contributing our experience and our networks to Sting Bioeconomy with the aim of building an edge incubator that truly delivers value for promising startups within this important area. We are also very excited to cooperate with world-leading large companies and regional players in Värmland to make this initiative a success,” says Pär Hedberg.

Victor Isaksen, CEO Sting Bioeconomy, 070-636 93 25
Pär Hedberg, CEO Sting, 070-855 03 18

NEWS March 26, 2018

Kinexit–the IT platform that takes training to a new level–raises millions in new funding

Kinexit is a digital platform that detects body movement restrictions, and automatically selects personalized and animated training solutions based on the chosen sport and the individual’s goals. The company has raised over two million SEK from private investors, including former NHL pro Mattias Weinhandl, to continue their expansion in the United States.

The team behind Kinexit has many years of experience in training, physiology and business development, and the company has contributed to thousands of users improvin their physique and health, since launching in since 2016. Kinexit offers personalized training for nine different sports.

“The range of intelligent and digital personalized solutions has not been keeping pace with the development in sports and training towards ever more personalized training. Many of us have consulted with a trainer or physical therapist and received a piece of pape with exercises drawn as stick figures” says Michael Dahl, former Nordic head of the golf giant Titleist and currently co-owner and COO of Kinexit.

Kinexit measures and detects body movement limitations, and based on the measurement data personalized and animated training films are automatically selected for the user and made available in their phone as a playlist for workouts.

“Our sights are initially set on the golf and rehabilitation markets. These areas have strong connections with each other, particularly in the US, and now we have the muscle to continue our expansion in this gigantic market” says Chris Månsson, CEO and co-founder.

Kinexit was one of the eight companies in the Sting Accelerate Program during the fall of 2017. Four of the six new investors are also part of Sting’s investor network Propel Capital, notably former NHL and KHL pro hockey player Mattias Weinhandl who immediately saw the potential in Kinexit’s platform.

“To me as an athlete, the need for personally designed and cost-effective training is  obvious and I can see that this is the perfect time for Kinexit’s solution, where the user gets all the training information easily and directly to their smartphone” says Mattias emphatically

For more information contact Kinexit CEO and co-founder Chris Mansson: 0709-901 699 or

NEWS February 28, 2018

KTH Holding AB invests in the foodtech company Nutrient

Nutrient develops climate-smart food. Since its inception in 2016, Nutrient has developed a vegan product with low climate impact based on Swedish peas, Tempeh, while conducting research on using insects as raw material. Now KTH Holding AB  invests in the company and becomes a partner to support Nutrient’s continued work going forward.

Consumers are increasingly aware of the food’s climate impact and the demand for climate smart alternatives is growing rapidly. 25 percent of the Swedes are eating vegetarian one time or more per week, and half of these are choosing vego for environmental and climate reasons. *

The Foodtech company Nutrient was created with the ambition of developing and producing climate smart and nutritious foods with high protein content. Today, the company has two different focus areas; The first is the development of a unique system for  growing insects on a large scale to be used as a food ingredient.The other focus area is the development of the protein-rich herbal product line Tempeh, launched on the market in October 2017. Tempeh is based on Swedish peas and is sold, for example, at Urban Deli in Stockholm.

“Our goal is to make a real difference to the environment by creating sustainable food that tastes really good. Having KTH Holding as an investor, will open up new opportunities for us and we look forward to taking the company to the next level”, says Adam Engström, Founder of Nutrient.

Nutrient entered the KTH Innovation pre-incubator in November 2017, but has developed rapidly and is already moving on.

“KTH Holding invests in approximately 5 companies out of the the around 300 business ideas supported each year by KTH Innovation. We strongly believe in Nutrient’s business concept and team”, says Lisa Ericsson, CEO of KTH Holding AB.

In addition to being backed by KTH Holding, Nutrient also was selected as one of the  5 companies that were admitted to the Sting Incubate program in February. Sting is one of the leading incubators in the Nordics and supports startups with for example business development, financing and recruitment.

* Https: //

For more information or pictures, please contact:
Adam Engström, Nutrient
Mobile: +46 73 073 22 14

NEWS January 9, 2018

Sting co-founds the new venture fund Luminar Ventures together with successful business angels

Jacob Key, Founding Partner of Luminar Ventures together with Pär Hedberg, CEO of Sting.

Luminar Ventures today announces a 500 MSEK fund focusing on seed stage technology companies in Sweden. Luminar Ventures has been initiated and co-founded by Sting and and the successful angel investors Magnus Bergman and Jacob Key, who will be the fund’s General Partners.

Luminars’s core investment focus is on scalable digital seed stage companies from Sweden, founded by highly motivated and talented entrepreneurs with a vision to disrupt or transform major industries. The fund is looking to lead larger seed rounds through an average investment of around 10 MSEK, but will also do pre-seed and series A investments.

Founding partners, Magnus Bergman and Jacob Key are both former serial entrepreneurs and active angel investors. Over the last 10 years, Magnus Bergman made over 30 seed investments with a handful of great exits, making Magnus one of the most experienced and successful tech angel investors in Sweden. “With a long background in working with startups we understand the challenges of building global companies. We founded Luminar to share our experience and bridge the gap between the angel and A-round with both financing and active professional support”, said Magnus Bergman, Founding Partner of Luminar Ventures, in a comment to the launch of the fund.

Before founding Luminar Ventures, Jacob Key made close to 20 early stage investments, with 3 successful exits to date. “We are delighted to get started with Luminar Ventures and are already in closed dialogue with a number of promising startups across Sweden. As former entrepreneurs and angel investors, our aim is to be more hands-on in the early growth stage than the general VC and to work closely with the founders of our portfolio companies”, comments Jacob Key, Founding Partner of Luminar Ventures.

Joining the team are also Linda Höglund and Daniel Karsberg. Linda has a background as global CFO at fast scaling unicorns, including Klarna in Europe and Grab in South East Asia. Daniel joins Luminar from his most recent role as Investment Manager at Creathor Venture, where he led Creathor’s Nordic operations.

Sting, the leading startup ecosystem builder in Sweden and operator of one of the most established accelerator programs in the Nordics, is one of the co-founders of Luminar Ventures.

“The initiative to start Luminar Ventures is part of our mission to contribute to a world class eco system for technology startups in Stockholm and Sweden”, comments Pär Hedberg, CEO of Sting. “Luminar is a potential investor in the Sting companies, as well as a potential follow-on investor to the portfolio companies in our Propel Capital. It is however important to note that Sting does not have any exclusivity with the fund and we will of course, as always, encourage the Sting companies to evaluate all relevant financing options, Pär Hedberg continues.

The fund also has a strategic partnership with KTH Holding, which is the holding company of the KTH Royal Institute of Technology – one of the leading technical and engineering universities in Europe. Sting and KTH Holding are both minority owners of the holding company of the fund. They support the fund with a strong deal flow and access to their respective innovation systems and networks. Luminar Ventures has also built an active network of partners throughout Sweden and within several industry verticals to ensure a high and qualitative flow of investment opportunities.

Major investors in Luminar Ventures are the European Investment Fund, through the Strategic Venture Initiative, Saminvest and a number of professional private investors and institutions.

About Sting
Since 2002, Sting has supported entrepreneurs to develop their business ideas into successful growth companies. Sting offers selected tech startups financing (via Propel Capital and the Sting Business Angels network), business development support, recruitment support and provides access to world-class networks as well as office space at co-working spaces like SUP46 and THINGS. Sting has supported over 200 startups since the start, of which 68 percent continue to grow today.

About Luminar
Luminar is a Swedish based venture capital fund focused on early stage startups with global scale and ambitions. Founded by experienced entrepreneurs and angel investors Magnus Bergman and Jacob Key, Luminar provides early stage capital, network and hands-on company-building support to leading startup teams throughout Sweden helping them build the next global success stories.

About The Swedish Venture Initiative
The Swedish Venture Initiative is an initiative created by cooperation between Sweden and the European Investment Fund and financed under European Structural and Investment Funds.

About Saminvest AB

Saminvest AB is a Swedish government owned company that invests in privately operated venture capital funds, with a focus on Swedish based investments.

NEWS August 28, 2017

Game veteran invests in new game studio Hatrabbit

Hatrabbi’s founder Andreas Chrysovitsanos and Joakim Svärling with the new partner Karl Magnus Troedsson in the middle. Photo: Jesper Frisk

Hatrabbi’s founder Andreas Chrysovitsanos and Joakim Svärling with the new partner Karl Magnus Troedsson in the middle. Photo: Jesper Frisk

One of Sweden’s most established gaming profiles on the global stage, Karl Magnus Troedsson, invests in the newly launched game studio Hatrabbit. Troedsson has previously been General Manager and CEO of DICE, VP of Group Strategy for EA, and is now also co-owner of the game publisher Raw Fury. Together they will now focus on strengthening the team and building the entertainment of the future.

Hatrabbit Entertainment was founded in 2016 by two game veterans, Joakim Svärling and Andreas Chryssovitsanos. Both have 17 years of experience from DICE, EA and Rovio. They have been part of creating some of the world’s largest PC and mobile franchise games like Battlefield and Angry Birds. Hatrabbit builds game experiences that utilize the latest virtual and augmented reality technology. There are already technically advanced games, but the studio’s strength lies in delivering world-class quality and adding feelings and magical mood to the games.

– I have worked closely with these guys for many years, says Karl Magnus Troedsson. I know their capacity and what their capable of doing and in the same way they know me. When they described their vision and the question was raised about making the journey together, I did not need much consideration time.

Now the focus is on building next-generation games.
– During the spring, we have focused on building a strong foundation for the studio, said Andreas Chryssovitsanos. Building a strong team and at the same time securing this investment has been our top priority. Therefore, it is extremely valuable to now have Karl Magnus on board. We have also strengthened the development team with Urban Nilsson, who is a partner in the Hatrabbit team.

– Our goal in the coming year is to broaden the game portfolio, find interesting partners and learn as much as possible about the market, says Joakim Svärling.

Hatrabbit Entertainment was the first company to be accepted to Sting’s gaming incubator in at Medborgarplatsen in Stockholm.

Contact: Andreas Chryssovitsanos,, +46702461456

NEWS August 28, 2017

Here are the new Sting Accelerate companies

The eight startups that have been selected for the fall batch of Sting’s Accelerator program offer solutions ranging from car wash to Facebook for riders. All companies receive SEK 300,000 from Sweden’s most active private seed investor, Propel Capital, to accelerate growth.

The selected group of Sweden’s most promising startups will receive intensive coaching during 20 weeks by Sting’s coaches to increase the pace of development, rapidly enter the market, and increase the chance of success.

– The new Accelerate companies want to strengthen their sales efforts and represent services ranging from car wash to Facebook for riders and SaaS services for training companies. The group is made up of strong entrepreneurs who will be able to lift and inspire each other. They will certainly impress the startup world, says Ivar Strömberg, coach at Sting.

New this year is that, in addition to support from Sting’s experienced coaches, the companies also have access to 30 hours that can be used for buying coaching offered by external experts in areas such as SEO / SEM, UX and Conversion Optimization .

One of the new companies is Woshapp, which simplifies car wash by going to the customer and washing the car on site, utilising an environmentally friendly washing method.

– We have exciting contracts with some big companies that have many cars, and we already have over 20 percent recurring customers. We applied to Sting because they have extensive knowledge and have helped a large number of companies during many years. We are very excited to have been selected to the program. We are now looking forward to tough and sincere coaching that can seed up our growth rate, says Jens Karlsson, co-founder of Woshapp.

Another company has developed Ztable, an app for riders, offering a training calendar, inspirational riding exercises and a social network.

– We had a very successful launch in early summer and now have 17,000 downloads. We are looking forward to being challenged by Sting so that we can increase the pace and get even better. Getting access to Sting’s network, know-how and coaching will be a great opportunity for us, says Ingrid Sundqvist, founder and CEO of Ztabler.

In addition to coaching in business development and financing, the eight Sting Accelerate companies, also receive support in recruitment and communication, and get access to Sting’s network of business contacts and investors. During the program, Sting companies are offered free office space at the internet hub SUP46 in central Stockholm. Since the start of 2002, Sting has coached over 200 startups. Among the Accelerate companies are Sellpy, Dreams, Karma, Mondido and Sudio.

The following eight startup companies are included in the fall of Sting Accelerate:

Gigital is the first completely digital solution for booking live performers for professional and private events. As a customer you can search, filter, sort and compare the wide range of performers. Completely without middle men. All the communication and payment is done fast and easy directly over the platform.

GoFrendly We love friendship stories! GoFrendy offers women of all ages and regardless of their life situation an opportunity to create new friendships in a safe environment and through a smart and easy matching process. GoFrendly is available for download on the App Store and released for Android in September 2017.

Kinexit is an online subscription service bringing individualized movement to those serious about health, fitness, and sports. Active people, athletes and those who coach, train and treat them. Activity participation and sports performance is fully individualized and optimized to drive fast results. Movement restrictions are found and fixed to unlock greater possibilities for anyone. All this in an affordable subscription on your mobile device.

Learnster is a learning ecosystem and the first cloudbased end-to-end service for learning providers and consultants. Learnster cut time spent on managing courses by 50 percent, saving money on every level, modernizing and distributing course content and making it available in all devices, and most importantly – increases the learning experience and outcome. With Learnster our clients can futureproof their learning offer and business.

Pushappy is a clever tool that make selling both more effective and fun.
With our app system your sales will increase fast, using our gamification concept.
All sales within the goals you set will be followed up in real-time, helping you to act proactive upon results and get your sales force more motivated than ever.

Wopify wants to create the world’s smartest job matching engine and offer people who already have an employment the opportunity to discover new exciting job challenges worldwide, while remaining 100% anonymous.

Woshapp is the car wash that comes to you. For every car we wash with our proven formula, we save around 200 liters of water. Our formula is also gentle on the paint and reduces the risk of scratches and swirl marks. With Woshapp you just press a button while we take care of the rest. Easy, convenient and safe.

Ztable is an app designed especially for riders. It contains a training calendar, inspirational videos and a social network. We give equestrians on all levels the opportunity to share their passion, develop their riding and achieve their goals. Free on AppStore and Google play.


NEWS May 19, 2016

Propel Capital III launches, will finance 25-30 startups in Stockholm

Par_Hedberg_Niclas_Lilja_Ludvig_Linge-1024x479Propel Capital I and II has since 2014 funded 33 startups linked to STING and is thereby Sweden’s largest private seed investor. In August, Propel Capital III is launched that will invest in 25-30 new STING companies until 2017. This concept is extended to include startups in the program STING Accelerate (Internet/media companies) and STING Incubate (startups with technological innovations).

Propel Capital connects private investors and entrepreneurs. With their own limited inputs some 20 investors can take part of Stockholm’s startup scene and fund carefully evaluated startup companies. Financing is made through a convertible note of 300 000 SEK that can be exchanged for shares. The companies also get business development support by STING to get a good start on their growth journey.

– The journey to attract investors to Propel Capital III has been fast, and we are almost fully invested already. Half of the investors come from Propel I and II, and half are new business angels, says Pär Hedberg, founder and CEO of STING (Stockholm Innovation & Growth).

Ludvig Linge, co-founder of TAT (The Astonishing Tribe), which in 2011 was sold to Blackberry, is one of the investors in Propel Capital I, II and III and sees major benefits with the arrangement.

– Propel Capital is a very simple way to broaden my investor network while I’m exposed to many really good entrepreneurs and companies in a fun and effective way. The positive experience of Propel Capital I and II means that I have chosen to invest also in Propel Capital III, says Ludvig Linge.

Niclas Lilja, founder of Forest Avenue, which invests in technology companies, has also been involved in all rounds.

– Propel is a verb that means to drive something forward. It captures the idea of ​​Propel Capital, namely to help young companies take off early. At the same time, it has given investors a good opportunity to get to know many companies and entrepreneurs in Stockholm’s tech scene, says Niclas Lilja.

Propel Capital, with its 33 investments, the largest seed investors within Internet and media. The portfolio has performed well, and of the 17 companies that were adopted the first year, 14 attracted a total of over 40 million from other investors. One example is Sellpy that makes it easy and painless to get rid of gadgets and clothes that are no longer used. Sellpy was founded in 2014 and today already has over 50 employees and a growing turnover.

– The investment from Propel was a welcomed financial contribution that helped take Sellpy from concept to product. But even more important was the availability of people with extensive experience in both industry and in building companies. Propel Capital is a large network with many talented individuals and the availability of this experience has been very valuable to us, says Michael Arnör, co-founder and CEO of Sellpy.

> Read more about Propel Capital here

NEWS April 18, 2016

Join STING Accelerate!


The application period for the next STING Accelerate program is now open. The program round starts in August 2016, and finishes up in January 2017. Do you have what it takes to be a STING Accelerate company? 


STING Accelerate is the accelerator program that gathers Stockholm’s most promising internet startups. The program provides 7-8 handpicked startups with an exclusive package of funding (300 000 SEK), tailored business development coaching, access to STING’s network of investors and partners as well as free office space at SUP46 in the centre of Stockholm.

> More about the program and the investment 

NEWS April 7, 2016

Worldfavor raises 5 MSEK to revolutionize the management of corporate sustainability data


Having a strong sustainability profile could mean great value for a company, but no player has taken on the task to digitize and centralize all the world’s comapny sustainability data – until now. The STING company Worldfavor has raised funding to expand and secure this position: 4 MSEK from AXSU Ventures combined with VINNOVA and EU funding of about 1.3 MSEK.

Worldfavor’s cloud-based SaaS solution offers companies worldwide a radical streamlining of its management of information relating to economic, environmental and social sustainability – from collection to compilation and communication. The service can be applied both within the company and in the supply chain, and even visualized toward more and more sustainability-conscious consumers.

– The potential of Worldfavor is fantastic. Digitalizing sustainability reports is both commercially good for businesses and a way to make the world more sustainable. It will be very exciting to join the journey together with the talented Worldfavor team, says Axel Sundstrom at AXSU Ventures.

Worldfavor also releases the possibility for anyone to ask companies for their sustainability data. The vision is that all information should be digital in one place – easy to access, share, compare and analyze.

– The timing is very interesting right now. For example, there is a new EU legislation on sustainability reporting, and we want to ride that wave as much as we can. We expect to increase our user base in the category large companies to about 17,000 within three years on a global scale, says Frida Emilsson, co-founder of Worldfavor.

The product is based on international sustainability standards and already has more than 2000 member companies, including Folksam, HSB and Länsförsäkringar. The investment will mainly be used for expansion with a focus on marketing and sales. The company will also prepare for expansion into the international market.

– We are very happy to have an investor who, in addition to significant expansion capital, will contribute with experience from breaking new ground in the digitalization of a new area, and sales to large corporations. They also have a technical expertise that we value, said Frida Emilsson.

> Read more about Worldfavor


NEWS January 21, 2016

Up to 250 kSEK in verification support for your life science idea


Do you have an early life science company with high growth potential and a high knowledge level? Then you can apply for up to 250 000 SEK in verification support through STING.

STING has been granted 500 000 SEK from the VINNOVA-funded innovation program SWElife, giving STING the possibility to during 2016 provide verification funds to promising young life science companies.

You don’t have to be a STING company – all startups that meet the criteria can apply for verification support through STING. In addition to being an early life science company with high growth potential and a high knowledge level, your company be rooted in business, i.e. not have an academic connection.

The financing may not exceed SEK 250 000 and can be used for verification activities such as market research or investigations of regulatory and technological opportunities and challenges.

The goal is to reduce the risks at an early stage to encourage more viable companies to develop, and that the commercial potential can strengthen small life science companies’ applications to the major programs by SWElife, VINNOVA and the EU.

The strategic innovation program SWElife is a national initiative to coordinate and develop stable research and innovation processes for Swedish life science.

How do I apply?
Please contact Gisela Sitbon, business coach in Health at STING, and tell her which type of verification activities you require.
Tel: 070-282 55 58

About authentication support

Six Swedish established life science incubators have been supported by SWElife and VINNOVA for the incubators in turn to be able to support new life science companies. Some innovation offices already collaborate with incubators for early commercial verification of academic achievement. With this call, SWElife also wants to provide small life science companies, with no academic connection, with access to support of early commercial verification. One requirement is that the incubator should be prepared to provide support to companies with potential, regardless of where in Sweden they come from. I.e. the startups don’t have be or become affiliated with the incubator.