In this edition, we have listed the ‘Soonicorn Club of Sweden’ – an exclusive list of the most promising Swedish startups that have also reached significant valuation milestones over the previous few years.
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We, at Tracxn, closely monitor the latest activities in startups across the world and also other associated ecosystem entities such as the venture capital funds, private equity funds and investment banks amongst others. There are currently over 3.5K+ tech startups in Sweden, of which 450+ companies have already been acquired or gone public. The reforms undertaken by the government after 1990s - Deregulation of key industries, a new competition Act to prevent monopolization coupled with broad product market reforms have immensely benefited the growth of startup culture in Sweden. Sweden also leads in the ease of doing business (Source: World Bank EDBI) with and its capital, Stockholm, produces the second-highest number of billion-dollar tech companies per capita, after Silicon Valley. With one of the highest GDP per capita in the EU, it ranks among the world's top ten most competitive countries (Source: WEF). Migration Latest news, analysis and comment on migration in Europe and beyond.ĭefense Latest news, analysis and comment on defense in Europe and beyond.Ĭontinent Latest news, analysis and comment from POLITICO’s editors and guest writers on the continent.With a population of just over 10 million, Sweden is home to a very high number of startups, including the hugely popular ones - Klarna, Spotify, Truecaller and Skype. Germany Latest news, analysis and comment on German politics and beyond.įrench election 2022 Latest news, analysis and comment on the French election in 2022 and beyond.Įlections in Europe Latest news, analysis and comment on elections in Europe and beyond.Ĭoronavirus in Europe The latest news, data and analysis on the world’s pandemic response. Siemiatkowski and Adalberth left school and trekked across Europe and America for 143 days.īrussels Latest news, analysis and comment from POLITICO’s editors and guest writers in Europe. There, they met their third co-founder, Victor Jacobsson. Siemiatkowski was inspired by entrepreneurship at a young age, consuming biographies of entrepreneurs like Richard Branson of Virgin and Ingvar Kamprad of Ikea. He left Uppsala to attend the Stockholm School of Economics and a year later was joined by Adalberth. I’ve been kind of the doer, getting things done, and he’s been the more visionary.” "I was the more rational person and he was the more emotional kind of person,” he said. “And it’s always been like that. Flipping burgers launched a friendship that lasts to this day.Īdalberth recalls he and Siemiatkowski had very different personalities. For a young boy, the lesson was: money "solves all problems in life."Īt the fast-food chain, the 15-year-old Siemiatkowski worked the broiler alongside Niklas Adalberth, his future co-founder. Klarna’s story started at a Burger King in Uppsala, the Swedish town where Siemiatkowski's parents moved from Poland in 1980, the year before he was born. They divorced when he was 8, caving under financial stress. However for the right price, he would do "what is best for the shareholders," despite the emotional attachment. With A-list backers, going public is less appealing, Siemiatkowski said. They include Sequoia Capital, Wellcome Trust, Wellington Management, DST, General Atlantic and Skype founder Niklas Zennström's venture capital company Atomico.
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Klarna now has "hundreds" of shareholders, including employees, up from about 20 about five years ago. About 20 percent of its orders per month are now processed through Klarna. After going live with Klarna in September, Overstock saw a 2 percent increase in online customers who decided to buy. Klarna's first major partnership in the U.S. Its algorithm, what Siemiatkowski calls its "special sauce," predicts possible fraud and credit loss using only a name and email address, basing its decision not only on a basic background search, but also on "behavioral studies," including the type of item and time of purchase. Klarna doesn't use passwords or credit cards. What are the chances someone repays a debt? And that there will be companies that are more niche than us that try to attack us," Siemiatkowski said. "Because I believe so much in increased specialization within the digital market, I’m always worried that we take on too wide an area of functionality and features, that we try to take on too many things.