Swedish Startup Space

#SthlmTech event – March Edition with Accel Partners & Bonnier

Written by and on March 5

Hilton Slussen was the setting for the tradition that we’ve all come to love, the monthly #sthlmtech meetup with Tyler Crowley and friends. The guests for the night were Accel Partners, Bonnier and Stockholm’s Vice Mayor Ulla Hamilton.

Accel Partners

With 4 IPOs in 2013 Accel Partners is one of the top global venture capital firms in technology, so it’s no surprise they back some of the world’s top tech companies like Facebook, Dropbox, Spotify, Angry Birds, and many more. The firm made their first investment in Sweden 2004, so they have been here for 10 years now. For a team of 12, the Accel team has a pretty impressive presence here in Europe. The Accel guy’s made sure to note that the myth that Accel are only a late-stage fund isn’t true, pointing out that they actually invested in Supercell pre-product.

I’m jealous. 700 people gathering for an event in a foreign language on a Tuesday night, that’s impressive!

Bonnier Growth Media

Bonnier Growth Media announced their most recent investment, in the cashback platform Refunder. They were looking to partner with Bonnier, but ended up with an investment. From soft launching, it was only 5 months to acquisition. It’s a pretty impressive result for the Refunder founders – and definitely is a clear example of a company building a product to “fit in” with the existing ecosystem that Bonnier provides. 

Bonnier Growth Media keep separate groups for startups. When a startup grows and gets bigger, they get moved up in the organization. Currently in this group are Mag+, Scanidivanian Studios, Tailsweep, FLX Prod, United Screens and Refunder.

Ulla Hamilton

Stockholm’s Vice Mayor Ulla Hamilton was on stage to talk about the growing startup community in Stockholm.During her talk, she explained a few key factors that have seriously changed the game for tech companies: iPhone and smart phones happened, the internet boomed and Stockholm was early on adopting great infrastructure. Tyler on the other hand, believes that the reason we are ahead of for example London is because everyone in Sweden are using iPhone instead of Blackberrys!

Ulla says that Sweden has a tradition of setting up companies, which is important from a city’s point of view and they are contionusly working on how to support this in different ways. For example, they just launched Open Stockholm Award 2014 with prize of 100 000 SEK for the winner.

Every Tuesday, Ulla visits companies because she belives that it is such an important part of today’s society, so why don’t you go ahead and invite her?

Every Tuesday, Ulla visits companies, so why don’t you go ahead and invite her?

 

Pitching session

During the pitching session, companies present their ideas and then Tyler & co interrupts once in a while to see what the investors are thinking so far.

Waitress

Waitress  is an end-to-end restaurant solution that are solving problems like waiting in line, seeking waiter/waitress attention, pay and splitting the bill. Early on, the investors and Bonnier are curious about revenues.

Waitress claims that mobile payments can increase order size by 30%, annual restaurant revenue by 10% and increase recurring guests. Interestingly, Waitress seem to be providing restaurants with the tools that most online businesses have today – allowing them to work on churn, retention and power users.

Waitress is a pretty solid idea. It’s really expensive for small restaurants to build their own apps, so by offering the platform – Waitress could be onto a winner.

Tinitell

Tinitell had no slides, which was interesting. The presentation could’ve been better but the finale on this one was just incredible. It is a wearable phone for kids and you should definitely check out their video below!

Crowding

Crowding work with gamification and co-creation. Their platform helps large companies to enhance in-house innovation by running idea competitions. The winning proposal for the previous MTGx competition, handed out 10 000 SEK as a first prize.

Investors are worried that it only has a great marketing value, but not so useful. The fundamental thought is that if you have a co-creation of an idea, you get a really good idea!

Well, that was it for another #sthlmtech meetup. The next event will be held in April and you can find out more info at sthlmtech.com.

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