With life-altering inventions like the GPS (Global Positioning System), the pacemaker, the thermometer, and the birth of Skype, Sweden has every reason to be the glimmer of our eye. Owing to its innovation and appeal, the country has secured second place in the Global Innovation Index, 2019.
Other huge successes like iZettle and Spotify have only kept the trail going. Business Sweden and Invest Stockholm have been the backbone in terms of investment to keep the innovation spreading out of this beautiful place.
After topping several charts over the past years, the country continues to propagate infrastructural, retail, scientific, and ICT goodness and innovation. According to this kopa aktier guide from one of the leading Swedish finance experts, innovation is the driving force behind the country’s growth and Stockholm has further emerged with a great workforce that is an envious figure for other cities of Europe.
With all this unravelling, Sweden’s start-up ecosystem is certainly promising and awaits some keen dissection. Here are 7 huge Swedish start-ups that could steal the limelight shortly.
1) Noquo Foods.
Nutritional concerns are ever-growing in the evolving world. At a time as strategic at this, Noquo has come up with the perfect ideas. The start-up wishes to create plant-based food alternatives that check all the necessary boxes of taste, nutrition, and sustainability. Under the guidance of Anja Leissner (food scientist) and Sorosh Tavakoli (adtech entrepreneur), they attempt to combine plant-based proteins with cheese, making way for realistic texture and taste. Having gathered an investment of ?3.25 million at the very beginning of 2020, Noquo seems strong and prepared for the battle they have planned.
2) NorthVolt.
Started in the year 2016, NorthVolt is being run by two former executives from Tesla, trying to envision the greatest lithium-ion battery plant that Europe has seen. Going by the cleantech idea, the plant currently operates at 16 GWh of manufacturing capacity. However, once it is completely up and running, its powers will be unmatched. This will turn it into one of the largest battery cell factories with the statistics going up to 32 GWh annually.
The company has received a grand investment from Volkswagen last year of about ?886 million, leading to the possibility of a joint venture on the cards in the future.
3) Mavenoid
To deal with reiterating customer support needs and troubleshooting, Mavenoid is trying to create the perfect solution through AI. The company was launched in 2017, and it acts as a structured primary system helping with the effective narrowing down of customer concerns for best results. This is managed through a series of relevant multiple-choice questions. Companies like Telia and HP have already made it to the client list.
Here is how the start-up could help according to the data so far. It is currently claiming to offer 20% higher customer satisfaction, 44% lower cost for every customer contact made, 73% lower meantime for reaching the right solution.
4) Formulate.
This Stockholm-based SaaS start-up wishes to offer artificial intelligence solutions designed to analyse and detect promotion campaigns in retail. The attached ‘Retail DecisionCloud’ is a simple analytical platform that helps create the best retail strategies and promotions.
With the beginning of 2020, the start-up has raised ?3.7 million to implement their ideas.
5) Volta Trucks.
Much like the name, this one-year-old start-up wishes to electrify truck deliveries across cities. Their trucks are designed with drastically reduced noise and tailpipe emissions. Apart from this, the custom-made goodness they are willing to offer is only the cherry on top.
Volta Trucks has successfully raised ?2 million in funding while agreeing to start trials Paris and London soon.
6) Rocker
This fintech start-up backed by Stockholm offers mobile banking services. It can investigate loans, merging, instalment plans, and pretty much everything needed through a mobile app. The decided loan amount is ?28,000 currently.
Having gathered ?48 million in equity funding a year and a half after its humble beginning, it seems all set on its track.
7) Stravito
With its Saas solution taking global consumer goods companies under its target, this Stockholm based start-up is working towards developing a search engine catering to market intelligence. This will help bring about the much-needed transition as insights from the market could result in effective implementations. There are so many advantages scattered ahead.
