Category: stockholm

Swedish caller-identification service Truecaller seeks to raise over $100 million in IPO



Truecaller, which operates an eponymous caller-identification service, said on Wednesday it is looking to raise $116 million in an initial public offering on Nasdaq Stockholm.

The 12-year-old Stockholm-headquartered firm, which counts India as its biggest market by users, is aiming for a valuation of about $3 billion in the IPO, according to earlier local media reports. The company said it plans to do its listing by fourth quarter of this year.

The firm, which has amassed 278 million monthly active users, has been working on its initial public offering for at least two years, according to TechCrunch’s past conversations with Truecaller co-founder and chief executive Alan Mamedi.

The firm counts Sequoia Capital and Atomica among its earlier investors. It has raised over $95 million over the years, according to Crunchbase. Six years ago, the firm engaged with some investors to raise an additional $100 million at a valuation of $1 billion, TechCrunch reported, but the deal never materialized.

“One of our objectives this year has been to prepare Truecaller for an IPO. Thanks to the strong feedback that we’ve received from potential investors, it feels very exciting to take the next step in this process. A listing of Truecaller is not only a milestone for Nami [the other co-founder], myself and all of our employees who have contributed to building Truecaller to the fantastic platform that it is today, but also to the growing Swedish tech ecosystem,” he said in a statement Wednesday.

“Even though we are twelve (Read more...)

Fintech giant Klarna raises $639M at a $45.6B valuation amid ‘massive momentum’ in the US



Just over three months after its last funding round, European fintech giant Klarna is announcing today that it has raised another $639 million at a staggering post-money valuation of $45.6 billion.

Rumors swirled in recent weeks that Klarna had raised more money at a valuation north of $40 billion. But the Swedish buy now, pay later behemoth and upstart bank declined to comment until now.

SoftBank’s Vision Fund 2 led the latest round, which also included participation from existing investors Adit Ventures, Honeycomb Asset Management and WestCap Group. The new valuation represents a 47.3% increase over Klarna’s post-money valuation of $31 billion in early March, when it raised $1 billion, and a 330% increase over its $10.6 billion valuation at the time of its $650 million raise last September. Previous backers include Sequoia Capital, SilverLake, Dragoneer and Ant Group, among others.

The latest financing cements 16-year-old Klarna’s position as the highest-valued private fintech in Europe.

In an exclusive interview with TechCrunch, Klarna CEO and founder Sebastian Siemiatkowski said the company has seen explosive growth in the U.S. and plans to use its new capital in part to continue to grow there and globally.

In particular, over the past year, the fintech has seen “massive momentum” in the country, with more than 18 million American consumers now using Klarna, he said. That’s up from 10 million at the end of last year’s third quarter, and up 118% year over year. Klarna is now live with 24 of the top (Read more...)

Exeger takes $38M to ramp up production of its flexible solar cells for self-powered gadgets



Sweden’s Exeger, which for over a decade has been developing flexible solar cell technology (called Powerfoyle) that it touts as efficient enough to power gadgets solely with light, has taken in another tranche of funding to expand its manufacturing capabilities by opening a second factory in the country.

The $38 million raise is comprised of $20M in debt financing from Swedbank and Swedish Export Credit Corporation (SEK), with a loan amounting to $12M from Swedbank (partly underwritten by the Swedish Export Credit Agency (EKN) under the guarantee of investment credits for companies with innovations) and SEK issuing a loan amounting to $8M (partly underwritten by the pan-EU European Investment Fund (EIF)); along with $18M through a directed share issue to Ilija Batljan Invest AB.

The share issue of 937,500 shares has a transaction share price of $19.2 — which corresponds to a pre-money valuation of $860M for the solar cell maker.

Back in 2019 SoftBank also put $20M into Exeger, in two investments of $10M — entering a strategic partnership to accelerate the global rollout of its tech and further extending its various investments in solar energy.

The Swedish company has also previously received a loan from the Swedish Energy Agency, in 2014, to develop its solar cell tech. But this latest debt financing round is its first on commercial terms (albeit partly underwritten by EKN and EIF).

Exeger says its solar cell tech is the only one that can be printed in free-form and different colors, meaning (Read more...)