Stockholm's hottest startups

Stockholm’s hottest startups

Johan Pihl and Mathias Wikstöm, co-founders of climate fintech Doconomy.Photography: Christopher Hunt


The climate fintech Doconomy calculates the environmental cost of each purchase made with its DO credit card. Powered by its API, each transaction is presented in both crowns and carbon footprint depending on the category of the business or merchant. But the technology aims to do more than raise awareness: its application also empowers customers to take action, providing carbon offsetting options and donations for global sustainability projects.

Doconomy’s technology has been integrated across Mastercard’s global network; its Impact API has now processed data from over 2 billion transactions, reaching over 750 million users. Founded by Mathias Wikström and Johan Pihl in 2018, it has totaled £15.5 million (about $17.4 million) in funding. “Ultimately it’s about revealing the blind spots of impact,” says Wikström. “We are working to facilitate reduction in line with net zero goals, for both individuals and businesses.”

Hanging systems

William Bergh came up with the idea of ​​developing a trading platform for used EV batteries while completing his master’s thesis, which involved research at Stockholm-based sustainable battery manufacturer Northvolt. “I saw a gap in the market: there was no clarity on where the batteries actually went with the existing systems,” says Bergh. Cling Systems, founded in 2020, connects the ecosystem to ensure batteries are upcycled, repurposed and recycled. In a pre-seed funding round in January, it raised £1.7m (about $1.9m) to help build a real-time map of used batteries to ensure a maximum commercial and environmental benefits. Its current supply includes 2,500 batteries from more than 50 vendors in the Nordics and the Netherlands.


This digital therapy service connects patients to mental health professionals with just a few taps on the screen. Since launching in 2018, Mindler has hosted over 375,000 visits from digital psychologists; video call sessions are combined with in-app treatment plans. Its popularity has surged during the Covid lockdowns, with monthly active users more than quadrupling to 13,000 since the pandemic. Co-founded by physician Rickard Lagerqvist and psychologists Rickard Färdig and Johannes Hatem, it has since expanded to four other markets, including the UK, and has raised almost £34 million (about $38 million) from funding.


From Malmö to Dundee, from Cincinnati to Nottingham, ClimateView is helping cities around the world achieve net zero through its ClimateOS platform. Local authorities manage, track, and then execute data-driven climate action plans as part of the transition to zero-carbon economies. “Cities need better intelligence to make collaborative climate decisions,” says Tomer Shalit, co-founder of ClimateView. A former IT consultant, he previously provided agile solutions to banks and insurance companies. “If they use these methods to effectively solve complex problems, why not apply them to the most important problem of all?” Founded alongside Jeff Goens and Einar Bodstrom, it recently raised a Series A round of £8.6m ($9.7m).


Former mergers and acquisitions lawyer Kira Unger and ex-McKinsey consultant Olga Beck-Friis launched legal tech startup PocketLaw in 2018 to cut through the red tape that often traps small and medium-sized businesses. Its contract creation and management platform is now used by over 6,000 businesses, easing the burden of day-to-day legal needs by digitizing everyday paperwork. Since launching in 2020, PocketLaw has quadrupled in size year after year. It has also opened an office in London, with a team of lawyers adapting the technology to the nuances of UK company law. In May, he raised £8.5m ($9.6m) in Series A funding.

Selah Rui Li and Marc van Almkerk, co-founders of Ellure.Photography: Christopher Hunt


Ellure’s IoT-enabled cosmetic 3D printers are capable of designing, formulating and manufacturing lipstick on demand in minutes. Not only does this mean 10,000 shades to choose from, but the waste and overproduction typically found in the beauty industry is drastically reduced – applicator tops, for example, are 3D printed from corn-based materials. “Our research shows that 7% of cosmetics and 14% of lipsticks go unsold at retail because customer demand cannot be accurately estimated,” says co-founder Selah Rui Li, who launched the startup in 2019 alongside by Marc van Almkerk. After a small-scale pilot project in the United States and funding from the European Institute of Innovation and Technology, Ellure is heading for its first product launch this year.


Dework has been billed as the LinkedIn for Web3: a decentralized job market for crypto and blockchain workers. Founded by Lonis Hamili and David Fant, the collaboration tool enables decentralized autonomous organizations to recruit, organize teams, manage projects and pay contributors with native tokens. Conversely, contributors can connect their personal Discord account to the platform, create a profile and sign smart contracts corresponding to their skills. Fresh from a £4m ($4.5m) pre-seed funding round led by Paradigm and Pace Capital and joined by former Coinbase CTO Balaji Srinivasan, the platform already has 11,000 users after its launch in December 2021.


Data engineering is usually a complex activity. Validio helps eliminate this. Its platform allows even one-man teams to have capabilities closer to a Silicon Valley giant: using machine learning technology, unknown data failures can be easily detected and the quality data can be automatically validated. Founded by Patrik Tran, Urban Eriksson and Oliver Molander in 2019, it is now a Google Cloud Build Partner. Validio’s clients include Stockholm-based scooter startup Voi and digital electricity provider Tibber. In June, it raised £12.2m (about $13.8m) in seed funding led by Lakestar, an early backer like Spotify and Revolut. Among angel investors? Swedish football legend Zlatan Ibrahimović.


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