Participated · Equity · Oct 2025

Oda operates a digital grocery marketplace that delivers food and household staples directly to consumers in Norway and, following a November 2023 merger, through Mathem in Sweden. The company combines an online storefront with its own fulfillment and last-mile logistics network to replace traditional supermarket trips. Heavy expansion has generated steep losses, with the holding company posting a –SEK 2.05 billion pre-tax result in 2024 after –SEK 1.6 billion in 2023. Management has launched aggressive cost-cutting, shedding more than 600 positions since the merger and replacing founder Karl Munthe-Kaas as CEO in March 2024. In September 2024 the group placed Mathem into reconstruction to address SEK 600 million of debt, exiting the process in August 2025. Oda has repeatedly tapped shareholders for capital—raising bridge loans and equity injections in 2024 and 2025—and now aims to use fresh funds to reach profitability. Existing bridge loans raised in 2025 are scheduled to convert to equity during a planned refinancing round in autumn 2025.

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.

Led · Equity · Mar 2024

Ingrid provides an end-to-end delivery management platform integrated into retailers’ checkout flows via API to give earlier, more accurate shipping pricing, carrier choice and post-sale tracking. The company also integrated returns capabilities after acquiring returns specialist Turnr. It serves roughly 250 customers across 180 countries and has processed about 130 million orders to date (around 40 million annually). Ingrid says it has strong penetration in Sweden, claiming roughly a 20% share of the consumer market and that more than 15% of online shoppers use its services in some way. The startup aims to use data science and platform scale to optimize delivery choices, reduce costs and expand into more European markets. Ingrid positions itself as an alternative to free-shipping economics, promoting coordinated delivery and other margin-preserving approaches. Ingrid is a Stockholm-based SaaS delivery platform that connects retailers, carriers and consumers to create delivery experiences and let shoppers personalize delivery and returns. The company’s product suite focuses on delivery experience and last-mile solutions aimed at enabling sustainable growth for e-commerce retailers. Ingrid has been adopted by over 150 retailers, including Adlibris, NA-KD and Apotek Hjärtat, and has processed more than 90M orders on its platform. The company plans to continue developing its market-leading delivery experience products and expand sales into new markets. Leadership says the product roadmap and market expansion are intended to help retailers make a profit on costly last-mile deliveries. The recent funding will be used to support product development and international growth. Ingrid is a delivery experience platform that aggregates possible delivery options and presents them to buyers during checkout. It provides merchants with transparency and control over shipments. The company says it handles 10 percent of the e-commerce market in Sweden. It recently raised 12.25 million SEK (about €1.16M) from local early-stage VC Blq invest. Ingrid plans to use the new capital to expand into new markets. The startup is led by founder and CEO Piotr Zaleski, who said the company aims to do for deliveries what Klarna has done for payments.

Led · Equity · Dec 2023

Urban Sports Club operates a digital membership platform that aggregates fitness, yoga, swimming, climbing, team sports and wellness offerings into one subscription accessible through a smartphone app. The service lets members create personalized training plans from over 50 sports and check in at more than 11,000 partner venues spread across multiple European countries. The company currently focuses on both consumer and rapidly expanding B2B segments, offering employers a flexible benefit to support employee health. With its latest capital injection, Urban Sports Club intends to accelerate its B2B push in Germany, the Netherlands, France, Belgium, Spain, Portugal and soon Austria, enhance the overall member experience, and enlarge its partner studio network. The platform’s European footprint and diversified activity catalog position it as a broad wellness marketplace rather than a single-discipline fitness provider. The €95 million raise provides additional resources to scale technology, marketing and partner acquisition. No specific revenue or user figures were disclosed in the article.

Led · Equity · Dec 2023

Meltwater began as a media-monitoring business and has expanded into business intelligence built on in-house AI and big-data analytics. The company analyzes around 1 billion documents daily and has grown through acquisitions including DataSift. Meltwater reports an ARR of roughly €500 million and was founded in Norway but now lists San Francisco as its headquarters. It was taken private earlier this year in a deal involving private-equity firms Altor and Marlin. Management says it will continue to push hard on AI investment to stay competitive against generative-AI entrants such as OpenAI. The company is positioning itself as modern and AI-centric in its category while navigating current valuation pressures. Meltwater provides media intelligence solutions that let clients monitor traditional and social media to gain insights on trends and conversations. The company serves more than 30,000 companies around the world. It is led by Founder and CEO Jorn Lyseggen. Meltwater employs about 2,000 people across 55 offices in North America, Europe, Asia, Africa, Australia, and South America. The company also operates the Meltwater Entrepreneurial School of Technology (MEST), a nonprofit organization focused on nurturing future entrepreneurs. Meltwater will use new funds to further invest in its products. Meltwater offers a media intelligence platform to monitor online conversations, extract relevant insights, and enable strategic brand management. The company serves more than 25,000 customers and operates over 50 offices on six continents. Led by founder and CEO Jorn Lyseggen, Meltwater has pursued growth through acquisitions in addition to organic expansion. Since 2009 it has acquired nine companies, including Encore HQ, a 500 Startups alumnus that provides social media alerts powered by data science. The company closed a $60M debt funding round and said it will use proceeds to continue organic growth and ramp up strategic acquisitions. The financing is intended to support both product and M&A strategy.