Participated · Equity · Jun 2021

Doctrin offers a digital mechanism for healthcare professionals to enter medical histories and produce high-quality medical reports that speed clinical assessment. The company launched the Doctrin Network to enable collaboration between healthcare units and create a seamless patient journey. It reports being the leading supplier to major Swedish providers including Capio, Praktikertjänst, Achima Care, and Familjeläkarna, which together represent more than half of the private primary care market. Doctrin currently operates in Sweden, the Czech Republic, Norway, and the UK and is developing new medical specialty offerings. Management says the product addresses long-term healthcare resource shortages rather than only remote consultations. The firm was founded in 2016 and has raised funds to support continued expansion. Doctrin is a healthtech company with a platform that enables healthcare providers to intelligently digitalise the patient journey to create a more accessible, efficient, and integrated healthcare system. Its B2B e-health platform is implemented at nearly 200 healthcare units, provides access to 2.3 million people, has trained more than 6,000 healthcare staff, and handles about 1,000,000 patient cases annually. The company's largest Swedish customers include Capio and Praktikertjänst, which together represent roughly 20% of the Swedish primary care market, and the platform is also used in dental and specialist care. Founded in 2016, Doctrin has 52 employees based in Stockholm and Poland and already has customers in Norway and the Czech Republic; it plans further international expansion. Management reports proven quality improvements and a 30% increase in productivity for customers, and the company intends to invest in product development including AI-enabled decision support built on its patient data structure. Doctrin has raised SEK 237 million in total funding to date, with the latest capital earmarked for continued innovation and international growth. Doctrin provides a platform for healthcare providers to manage and follow up with patients by triaging symptoms and monitoring patients’ digital medical history. Patients enter symptoms via an app that advises on next steps or whether a face-to-face visit is needed. The company is working to develop AI systems to analyse medical images, text and data to generate recommendations on care, urgency, diagnosis and treatment. Doctrin will use the new funds to further develop its AI features and to expand internationally. Its technology is already deployed with Capio, which is using Doctrin with 750,000 patients across 83 primary care units in Sweden. The company is Stockholm-based and positions itself within the growing market of AI-enabled digital health triage tools.

Participated · Equity · May 2021

Doktor.se operates a digital healthcare platform that allows patients to receive medical advice and treatment online, complemented by physical care when needed. The company is focusing on international growth and has publicly stated a goal of becoming the largest player in the German market. Management is also preparing the business for an IPO, targeting a listing in 2026. To support these ambitions, Doktor.se recently raised new capital while simultaneously developing an additional growth vertical that will require some self-funding. The shareholder register includes high-profile backers such as Evolution Gaming founder Jens von Bahr (via Jovb Investments AB), Anicura founder Peter Dahlberg, and Chinese technology giant Tencent. The firm is currently contending with a dispute involving Region Stockholm, described by the CEO as “infected,” but maintains that the fresh capital will primarily be used for overseas expansion. No specific revenue or user metrics were disclosed in the article.

Participated · Series D · Apr 2018

iZettle is a Swedish fintech platform known for its mobile point-of-sale (mPOS) services for small businesses. It has launched iZettle E-commerce, an online marketplace priced at £29 per month that lets merchants set up customizable webshops and sell across multiple channels including social media, blogs, and existing sites. The platform processes all major credit cards, supports PayPal, and provides a unified view of in-store and online transactions with real-time inventory stocktaking and actionable sales data. According to CEO and co-founder Jacob de Geer, half of iZettle's users currently don’t have an online shop while the other half struggle with different complex online systems; the product is positioned to address those gaps. iZettle E-commerce is available in the UK and Sweden and is slated to launch in Denmark, Norway, Finland, Germany, France and the Netherlands later this spring. Last year the company secured a €60 million funding round comprising equity from existing investors in a Series D extension and debt financing from Victory Park Capital via its VPC Speciality Lending PLC credit fund. iZettle provides card-payment hardware and a commerce platform for SMBs, plus related services such as invoicing and cash advances. The company cross-sells payments with additional products and is investing in machine learning to power risk assessment and customer analytics. It operates in 12 markets across Europe and Latin America and sees strong growth in the UK. iZettle plans further expansion into Central and Eastern Europe and continued growth in Latin America. Financially, the company reported FY2016 revenues of SKr643 million ($76M), up from SKr402 million in 2015, and narrowed net losses to SKr228 million from SKr295 million. Management said revenues rose roughly 60% in the last fiscal year and expects to narrow its loss year-over-year. iZettle is a Sweden-based payments startup that offers card-transaction services via smartphones and tablets, competing with Square and PayPal. The company operates across ten European countries as well as Brazil and Mexico and is described as one of the largest providers in its footprint, though it does not disclose revenue or user numbers. It received €30 million ($36M) in funding from the European Investment Bank under the European Fund for Strategic Investments; the money is debt financing to be distributed over the next three years. The company said the valuation remains unchanged from its most recent equity round earlier this year, when it raised $63 million at a $500 million valuation. iZettle plans to use the EIB funding to develop next-generation payments infrastructure, apply machine learning and artificial intelligence for insights and actions, digitalize commerce processes, and scale legislative and compliance systems. Past statements from the CEO indicate the company may also use funding to expand beyond mobile payments and possibly make acquisitions to build those systems and hire talent. iZettle offers a card reader that works with smartphones and tablets plus a suite of financial services tailored to small businesses. The company has expanded beyond mobile payments, acquiring intelligentpos to add inventory, loyalty programs and customer flow analytics. iZettle is live across 10 countries in Europe as well as Brazil and Mexico and has been adding about 1,000 new businesses to its platform each day. It does not disclose current revenues publicly and is not yet profitable; in 2015 it reported revenues of 300 million kroner and losses of 295 million kroner. Management has signaled a focus on further expanding services and pursuing acquisitions to broaden its offering. The appointment of Maria Hedengren as CFO is a step toward scaling and preparing the company for its next phase of growth. iZettle provides mobile card readers and payment-processing services to small merchants and is expanding into small-business financing with a capital-advance product called iZettle Advance. Advance will be offered to select existing iZettle customers, with pre-assessment using transaction history plus additional credit checks, and repayments taken automatically as a fraction of card sales. The advances carry no interest; instead customers pay a fixed fee that varies by merchant, and the amount and repayment cadence depend on each business’s sales. The Advance rollout will begin in the Nordics and be rolled out across iZettle’s European markets; the company currently operates in nine European markets and cites the Nordics, the U.K. and Brazil as its fastest-growing markets, while it currently has no plans to offer Advance in Latin America. iZettle says it is funding the initial loans itself and may change funding arrangements if the product scales. The company is prioritizing product expansion and growth over immediate profitability and will use new funding to support the Advance launch and continued growth, while still evaluating potential U.S. expansion.

Participated · Equity · Apr 2018

Qapital is a mobile app that helps users save money through goal-based "rules" and behavioral-economics features. Since launching in the U.S. in 2015, it has amassed roughly 420,000 users who have saved nearly $500 million on the platform. The product suite includes Qapital Spending, a linked Visa debit card, and a budgeting tool called Qapital Weekly Spending Target. The company is expanding beyond savings into investment advisory with a planned product, Qapital Invest, expected to roll out before the end of the year. Dan Ariely serves as chief behavioral economist and helped shape Qapital’s rules-and-goals approach. Qapital positions itself alongside startups like Digit, Acorns and Betterment while aiming to build engaging personal banking products. Qapital is a personal-finance app that helps users set goals and save money by connecting their checking, savings and credit-card accounts. Over the last three years the app has been used to help users set and meet savings goals. The company emphasizes behavioral change and has hired Dan Ariely as its Chief Behavioral Economist to inform product design. With new funding Qapital plans to add traditional banking features including payments and branded debit cards to bring spending and savings together in one product. Adding debit functionality will create a new revenue model through interchange fees, similar to other fintechs such as Chime. The move reflects a broader fintech shift from point solutions toward more full-service banking offerings. Qapital offers a mobile banking app that combines social functions, behavioral‑economics driven automatic savings triggers and traditional products such as bank cards and savings accounts. Users set personal savings targets in the app and Qapital automatically transfers small amounts based on chosen triggers. The service is designed to give customers an overview of savings and direct feedback on financial behavior to encourage smarter spending. Qapital operates on the US market and plans to use new funding to further develop and expand its digital banking service. The company was founded in Stockholm (founders: George Friedman, Erik Akterin and Henrik Wrangel) and emphasizes simple, gamified savings for long‑term targets. The announcement notes Qapital’s mission of helping people “save small, live large.”

Participated · Series B · Sep 2017

Acast builds technology to help podcasters monetize, notably pioneering dynamic ad insertion so ads can be updated in older episodes. The company supports both advertising and paid subscription models and is experimenting with premium content via its Acast+ app. Ross Adams, who became CEO last fall, says the new funding will expand product offerings and geographic reach. Acast this year launched in Ireland, New Zealand and Denmark and plans further growth in the U.S., which already accounts for 25% of listeners on the platform. The company is also focusing on new hardware opportunities — smart speakers, cars and other voice-enabled devices — to broaden where podcasts are consumed and monetized. Acast is a free-to-use technology platform connecting listeners, podcast creators and advertisers for on-demand audio and podcasting. The platform hosts more than 2,000 shows and records over 56 million monthly listens across its network. It has built relationships with both media houses and independent creators, including Watch What Crappens, The Financial Times, The Football Ramble, Spar, Varvet, VICE and The Economist. The app is available from the Microsoft Store, iTunes and Google Play, and the company operates offices in London, New York City, Los Angeles and Sydney. Founded in 2014, Acast plans to use the $19.5m Series B to accelerate growth in the US and expand into new international markets. The round brings the company's total funding to over $32m to date. Acast is a platform that helps podcast creators monetize content by connecting listeners, creators and advertisers in an integrated marketplace. The company takes half of the advertising revenue generated by podcasts and has launched a paid ad‑free version for listeners. Acast reports well over 1,000 affiliated podcasts, including outlets such as the Financial Times, the Economist and the Guardian. It is active in Sweden, the UK and the USA and is launching in Australia, with plans to enter two more markets during the year. Founder Karl Rosander said the year went according to plan and that the company’s biggest challenge is accelerating growth at the desired pace. Breakit reported the company is now worth about €30 million. Acast provides a podcast platform and app that enables discovery and sharing of on-demand audio content augmented with videos, images and links to upgrade the listening experience. Launched in 2014 by CEO Måns Ulvestam and Head of Business Development Karl Rosander, the company operates out of Stockholm and London. The platform reports 1 million unique users and 12 million streams per month. Acast has received recognition including Start-up of the Year from IDG magazine Internetworld and 'Most Innovative Media Service' from Mobilgalan. The company intends to use the Series A funds to expand further in Europe and to enter the US market. The product combines app and web distribution to increase engagement through rich media enhancements.