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Wednesday, March 22, 2023

Swedish VC firm invests in Sting’s venture arm to support early stage startups in sustaintech, healthtech, deeptech and social innovations

Stockholm-based venture capital firm Saminvest puts €1.37 million (MSEK 14.5) on the table for Propel Capital‘s operations. Alongside this, the VC firm will also be jumping into follow-on investments via an additional €1.89 million (MSEK 20). Sweden-based business angel company founded by Sting, Propel Capital VI is also backed by 35 business angels that join with €1.46 million (MSEK 15.5). With the help of all this support, Propel Capital VI will be able to invest in innovations in areas like sustaintech, healthtech, deeptech and the ones targetting societal challenges.

Saminvest invests SEK 14.5 million in Propel Capital VI

Propel Capital VI will invest in early stage startups in the areas of sustaintech, healthtech, deeptech and digital innovation to help solve societal challenges. Saminvest has also set aside up to SEK 20 million for follow-on investments together with selected business angels who have also invested in Propel Capital VI.

35 experienced business angels enter with SEK 15.5 million, which is matched with SEK 14.5 million by Saminvest, in the angel investment company Propel Capital VI. Of the 35 investors in Propel VI, eleven are new and 24 have been with previous generations of Propel Capital. More than half of Propel Capital’s companies have so far attracted a follow-on investment from one of the business angels in Propel Capital.

Propel Capital VI enables continuity and further strengthening of the ecosystem and business life in the region. Peder Hasslev, CEO of Saminvest comments: “For us, it is important to increase the availability of capital for startups in early phases. We would like to continue to invest and collaborate following the positive results we have seen in the previous generations of angel investment companies under STING’s auspices.”

Saminvest, Propel Capital, Sting, Pär Hedberg“It was incredibly important to close Propel VI, in a situation when the outside world is shaking. With an uncertain investment climate, it is strong to be able to offer the companies in our programs a first early investment and access to interesting follow-on investors. It is also great fun that so many of our former business angels from Propel Capital and the anchor investor Saminvest choose to join again. We have also connected many new, exciting investors to us,” says Pär Hedberg, CEO of STING.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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