Participated · Equity · Sep 2025

Carla operates an e-commerce platform dedicated to purchasing and reselling pre-owned electric vehicles and plug-in hybrids entirely online. The company aims to simplify and speed up the transaction process for customers while ensuring vehicle quality. Having reported two consecutive EBITDA-positive months, Carla states that year-to-date business volume has climbed nearly 50 % and gross profit is up 89 % versus 2024. The firm is currently valued at SEK 552 million following its latest funding. Founders Patrik Illerstig and Niklas Jungegård remain the largest shareholders. Capital from the new round will be used primarily to expand vehicle inventory in order to meet rising demand. Existing backers include Verdane, Bonnier Capital, Luminar Ventures, Philian (Karl-Johan Persson), Inbox Capital and Sophie Stenbeck’s Max Ventures.

Participated · Series C · May 2024

Natural Cycles provides a direct-to-consumer contraceptive app (NC°) that uses an algorithm driven by body temperature to determine each user's daily fertility status. Users can enter thermometer readings manually or sync overnight temperature trends from an Oura Ring or Apple Watch. The app has been used by more than three million users and holds regulatory clearances in the United States (FDA), Europe (TÜV SÜD), Canada (Health Canada), Australia (TGA), Singapore (HSA), and South Korea (MFDS). Founded in 2013 and based in Stockholm, Sweden, Natural Cycles recently launched NC° Postpartum and offers multiple modes including NC° Birth Control, NC° Plan Pregnancy, and NC° Follow Pregnancy. The company plans to invest in commercial acceleration, new product development, and healthcare reimbursement automation. The business also secured a revolving debt facility as part of its recent financing. Natural Cycles develops a fertility‑tracking app and algorithm that uses body temperature and other fertility indicators to predict menstrual cycles and fertility windows. The company says its app has helped millions of women worldwide. Natural Cycles' algorithm will be integrated with Samsung’s Galaxy Watch5 infrared skin‑temperature sensor to enable overnight, temperature‑based cycle tracking. According to Samsung, the data are encrypted and stored on the device and used to power the Samsung Health Cycle Tracking feature. The skin temperature–based tracking capability is slated to roll out across 32 countries (including markets in North America, Europe and Asia) and arrive on the Galaxy Watch5 and Watch5 Pro within the second quarter. The article notes broader cautions — echoed by Apple — that temperature‑based tracking should not be used as birth control or to diagnose medical conditions and that overnight readings can be affected by factors like the sleep environment. Natural Cycles offers a subscription fertility-tracking app that uses user-input daily basal body temperature (measured to two decimals) and algorithms to predict fertile and non-fertile days, presenting results in a red/green calendar. The company includes a basal thermometer in its annual subscription and says its algorithm models individual uncertainty to adapt to irregular cycles and missing inputs. Natural Cycles reports 500,000+ users across roughly 160 countries, an average user age of 29, and a first-year renewal rate of about 60%. The team is roughly 40 people (including seven physicist PhDs) and plans to grow headcount to 100–120 within a year. The company has published studies claiming 93% typical-use efficacy and cites an oversight body–reviewed method-failure rate of 0.5% per year, but its efficacy claims have drawn criticism because it has not completed randomized controlled trials. Natural Cycles secured EU certification for use as a contraceptive in February 2017 and has applied to the FDA; planned product priorities include clinical research, product development and international expansion, with the US and UK cited as key markets. Natural Cycles offers a subscription app that asks users to input daily basal body temperature and uses algorithmic adjustments to identify fertile windows, presenting risk days with a red/green color code. The company requires manual temperature entry (a planned wireless thermometer was put on hold) and emphasizes clinical research to validate accuracy. It reports more than 100,000 active users across 161 countries and $2 million in revenue in 2015, its first full year of trading, and captured about 4% of the Swedish contraception market within 18 months. Founders Dr. Elina Berglund and Dr. Raoul Scherwitzl, a wife-and-husband physicist duo, launched the company in June 2013 and expanded from the Nordics into the U.K. in October 2014. Natural Cycles has run a 4,000‑woman study using Pearl Index metrics (typical‑use failure ~7 per 100 vs ~9 per 100 for the pill; perfect‑use 5 per 1,000 vs 3 per 1,000 for the pill) and plans more clinical work, including a randomized control study versus the contraceptive pill. The team plans to use new funding to deepen research, expand the team and push into the U.S. market while continuing to develop services around contraceptive choice and fertility.

Led · Series A · Oct 2022

Kyra is a London-based creator economy company that connects brands with TikTok creators. Its business comprises Originals — originally produced TikTok channels reaching more than 13M monthly viewers — a Gen Z creator incubator called Profile, Studios that produce social content for brands, and a proprietary Platform to enable TikTok partnerships at scale. The company works with creators including Abby Roberts, Iconicakes and Nintendo Grl and with global brands such as Nike, Converse, Levi’s and Calvin Klein. Led by CEO Devran Amaratunga Karaca, Kyra plans to use new funding to further build out its home for creators, beginning with the launch of Kyra Platform to streamline and optimize TikTok partnerships. Kyra raised $15M in a Series A to support these expansion and product plans.

Led · Series A · Jun 2022

Elypta develops metabolism-based liquid biopsy tests that profile glycosaminoglycans (the GAGome) as biomarkers of cancer metabolism. The platform measures a novel panel of GAGome biomarkers and uses algorithms trained to detect cancer-specific signatures, an approach pioneered from research at Chalmers University of Technology by founders Francesco Gatto and Jens Nielsen. The company will use the $21 million Series A to develop and validate blood and urine tests for Multi-Cancer Early Detection (MCED) in asymptomatic adults and for detection of recurrence in kidney cancer patients. Management says the Series A fully funds development of its two leading indications. Elypta is advancing a broad study program, including LEVANTIS-0087A (a planned retrospective validation study enrolling over 9,000 subjects for MCED) and AURORAX-0087A, an EU co-funded prospective study for kidney cancer recurrence (grant No 849251). The company positions its metabolism-based approach as potentially more effective at detecting stage I cancers and more cost-efficient than some cell-free DNA–based MCED tests. Elypta develops a metabolism-based liquid biopsy platform that measures a panel of metabolites to enable early detection and closer follow-up of cancer. Its core product set comprises laboratory kits and accompanying software for measurement and analysis of those metabolites identified by the co-founders. The company is developing the technology to be validated across multiple cancers, with an initial application as a urine test for early detection of recurring kidney cancer where no suitable tests currently exist. That application is being explored in the pivotal AURORAX-87A study (NCT04006405). Elypta was co-founded in 2017 by professor Jens Nielsen (Chalmers University of Technology) and Dr Francesco Gatto (CSO) and is led by CEO Karl Bergman. In 2019 the company secured a €2.35m EU Horizon 2020 grant to fund the kidney cancer study, and in January 2020 it completed a €6.1m late seed round to finish development of its kits and software.

Led · Equity · Feb 2022

FoodDocs offers an AI-driven food safety compliance platform designed to make getting and staying compliant faster and less bureaucratic. The company was founded by food safety experts Karin Repp and Katrin Liivat; Liivat serves as co-founder and CEO. FoodDocs says leveraging AI makes getting compliant 500x faster than traditional methods and can save businesses 20% of the time spent on compliance. Its solutions are used by over 15,000 customers, including Huboo, Smart Lunches, The Oxford Food Co., and Bolt Market. Bolt Market has used FoodDocs to expand to 40 new business locations across nine countries. The recently raised funds will be used to continue strategic growth and to further improve AI capabilities while driving expansion in the U.S. and the U.K.