Tinitell are participating in Amazon’s Alexa Accelerator and have raised 9MSEK more
Tinitell are a Swedish startup focused on the development of smart communication devices. They’ve already been around for four years and have raised a total of approximately $5 million in that time. The reason why we’ve highlighted their recent investment is because it tells of an interesting tale of patience and product/market fit.
As technologies evolve, opportunities do so too, and if you can keep your company alive long enough for these to see the day of light, then you have the chance to benefit from them. In Tinitells case, the developmental progress of voice technology has opened up a new opportunity for them to pair their devices with the Amazon Alexa Echo, allowing parents to simply ask Tinitell where their children are (the device tracks children’s whereabouts) providing what appears to be (on the surface) a perfect integration.
However, this does have a bit of a last-chance saloon feel about it, as simultaneous to this announcement the company revealed it has taken a 9MSEK bridge financing and flipped to a U.S. registered company in advance of participating in Amazon’s Alexa Accelerator. We salute the perseverance, this investment certainly will be vital to the future of one of Sweden’s best known startups.
Swedish FinTech company Bambora was acquired for $1.7 Billion
Bambora was formed in 2015 by Nordic Capital VIII after merging a multitude of companies including Samport, MPS, ePay, DK Online, Key Corp and Euroline into one company focusing on online payments. Therefore, although it is not strictly a startup in the truest sense of the world it still represents another $1 billion + exit for the Nordic technology scene. Although companies valued at $1 billion+ are so commonplace these days that the fact they are named after a non-existent animal is even more laughable than it was before, $1 billion+ exits in Europe are still a reasonable rarity.
However, the Nordic’s are becoming increasingly good at them, with Bambora joining the likes of King, Avito and Supercell in the last couple of years alone, allowing the region a strong shot at being considered the home of “unicorn exits” (oh yes we went there) in Europe.
Bambora also represents something else that’s so typical of the Nordic scene, a huge exit with barely anyone outside of the region even ever hearing of the company. Here’s to more of that, substance over hype.
Fredrika Gullfot is back as CEO of Simris Alg
After an announcement in April that Fredrika Gullfot the founder of Simris Alg was moving upstairs to be Chairman and being replaced as CEO, just a few months later, this decision has been reversed, with Fredrika returning as CEO.
Rather ironically, according to various reports, her replacement wasn’t cut out for leading a startup and the board have decided to reinstate Fredrika just months after having her move aside. This appears to be a strong use case for the argument that having a founder as CEO is the best way for a company to continue to grow, something that the board at Simris Alg now seem ready to (accept?) explore.
In fairness to all involved here, going back on decisions is not an easy thing to do, so full credit to the board for recognising what appeared to be a strategy mistake and for making amends quickly.