A letter from the CEO
The true heroes are our entrepreneurs behind the 400+ startups we have nurtured.
Today, Stockholm stands as one of the most mature and well-developed ecosystems globally, capturing the attention of international investors and corporates. It brings me immense joy to witness how our efforts have inspired others to cultivate their own thriving ecosystems.
As the CEO of Sting for over 20 years, the time has come for me to pass on the torch to a new CEO. I am grateful for the support Sting has received throughout these years. Our journey to becoming the world’s premier incubator and accelerator would simply not have been possible without the backing of our loyal supporters and friends. I’m immensely grateful to all of you who support us.
Nonetheless, the true heroes are our entrepreneurs behind the 400+ startups we have nurtured. They courageously take on significant risks to address crucial societal challenges. Let us remember that most transformative changes in society stem from the power of entrepreneurship.
In 2022, the Sting companies achieved a remarkable 40% increase in revenue, reaching 495 million EUR. Although the number of employees slightly decreased from 2021, totalling 3,084, the Sting companies successfully raised 121 million EUR in private capital last year, contributing to a cumulative total of 1.06 billion EUR raised to date. As of December 2022, the market capitalization stood at an impressive 2.42 billion EUR.
For a comprehensive overview of our overall impact, I invite you to explore our detailed report.I hope you will find value in reviewing our 2022 status report.
We didn't join a
We created it.
2002: Sting is founded with a focus on DeepTech. Only a year later, Sting Business Angels is launched.
2005: A partnership with KTH (Royal Institution of Technology) is signed. The same year VC fundSting Capital is launched.
2008: Sting Search for Talent is launched, offeringrecruitment support to Sting companies.
2015: The coworking space THINGS is initiated and open forDeepTech startups.
2016: First ever Ignite Sweden event takes place, matching startups with corporates.
2016 coworking space H2 Healthhub opens för HealthTech startups.
2018: Incubator Sting Bioeconomy opens in Karlstad. Additionally, seed fund Luminar Ventures is launched.
2009: First ever Sting Day event takes place, matching startups with international investors.
2013: Coworking space SUP46 is initiated and StingAccelerate program is launched, with a new focus on digital startups.
2019: Sting Incubator DeepTech program is launched.
2022: A new digital startup school is launched in a partnership with Laernster, called Sting Startup Academy.
2014: Angel-backed investment company Propel Capital islaunched.
2023: Sting launched Climat Action, with the mission to accelerate 100 new ClimateTech startups within 4 years.
In 2022, we experienced a significant increase in admissions to Sting’s core programs, welcoming 40 new startups. This marked a departure from our typical acceptance rate of 5-7% among evaluated startups in Sweden.
The breakdown of these admissions includes 11 in Incubate DeepTech, 11 in Incubate, and 18 in Accelerate. Among the accepted startups, 13 focus on ClimateTech, 11 on HealthTech, and 16 operate in other sectors.
This diverse group reflects our commitment to fostering innovation and supporting entrepreneurs across various cutting-edge industries.
Number of Sting companies
Valuation of Sting companies (bn EUR)
Sting companies have demonstrated remarkable valuation growth, serving as a testament to their innovation, potential, and market impact.
Through their participation in the Sting program, these companies have experienced significant value appreciation, attracting attention from investors and positioning themselves as industry leaders. The success stories of Sting companies reflect the effectiveness of the support, resources, and mentorship provided by the program, which have played a pivotal role in their valuation growth.
By nurturing and empowering these companies, Sting has created a fertile ground for entrepreneurial success and positionedStockholm as a hub for high-value ventures.
Accumulated public & private financing(m EUR)
The upward trend highlights the significant in flow of private investments, demonstrating the confidence and interest of investors supporting Sting startups.
Private funding brings additional advantages to the table, including flexibility, agility, and the potential for strategic partnerships. Private investors can provide not only financial resources but also industry expertise, mentorship, and access to valuable networks.
It showcases the confidence and enthusiasm of angel investors, highlighting the potential for business success, job creation, and the overall prosperity of the market.
Combined Revenue (m EUR)
International revenue development is a critical driver of business growth and sustainability.
By expanding into global markets, companies can tap into new customer bases, diversify income streams, and unlock untapped opportunities.
Employees in Sting companies
In today’s rapidly evolving world, the significance of creating new jobs and opportunities cannot be overstated.
As economies strive to grow and societies aspire to prosper, the creation of meaningful employment becomes a crucial driver of progress and a catalyst for positive change.
Men > women
We are not satisfied with the current statistics that reveal that 29% of the 3084 employees across the 407 companies are women, however, we do see that number improving each year. Our goal is to ensure that this number keeps climbing.
We are diligently engaged in the ongoing endeavor to enhance the gender equilibrium within our companies, valuing the utmost importance of cultivating a proportional representation of female founders. In our ongoing pursuit of gender balance within the startup ecosystem, we remain steadfast in our efforts.
Among the 40 new Sting companies in 2022, an impressive 61% had female co-founders, while 47% were led by female CEOs. These statistics reflect our commitment to promoting diversity and inclusivity, empowering women to take on leadership roles and contribute significantly to the entrepreneurial landscape.
We are actively implementing comprehensive strategies to give women optimal chances to succeed in an environment traditionally shaped for men. We recognize the barriers women face in entrepreneurship and are committed to creating a supportive ecosystem that levels the playing field. Through tailored mentorship, resources, and networking, we empower women to overcome challenges and achieve their entrepreneurial goals.
“Fight for the things that you care about, but do it in a way that will lead others to join you.”
Net Promoter Score
Twice a year we measure customer satisfaction through the Net Promoter Score model (How likely are you to recommend Sting to another entrepreneur?). The latest NPS was 73.
By tracking our NPS and focusing on enhancing customer satisfaction, we aim to continuously improve our products/services and deliver exceptional experiences that drive loyalty and positive word-of-mouth recommendations.
The coaches guide and help you find the way forward,and they don’t tell you what to do. In the end, I’m theone who makes the decisions.
Together, we turn challenges into opportunities, driving impactful solutions that promise a brighter tomorrow.
Emanuel Andersson joined Sting last year, bringing with him a strong background in venture capital and a deep understanding of the startup ecosystem. His experience and knowledge have been instrumental in driving our investment strategies and identifying promising opportunities for Propel Capital. Emanuel’s unique skill set and industry connections have strengthened our ability to support and nurture high-potential startups. His keen eye for innovative ideas and his strategic approach to investment decisions have contributed to the growth and success of our portfolio companies. Under Emanuel’s leadership, Propel Capital has witnessed remarkable growth, attracting new partnerships and expanding our network of investors. His dedication to identifying and supporting talented entrepreneurs has helped propel our mission of fostering innovation and driving impactful change in the startup landscape.
Embracing the opportunity to build upon this legacy and further propel the growth and impact of Propel Capital, we look forwardto the continued growth and success that he will bring to Sting and Propel Capital in the coming years.
“Amidst the economic downturn, our optimism grows stronger as we navigate these waves of change with a steadfast focus. Propel Capital, together with Sting, bolsters the relentless pursuit of breakthroughs in health, climate, and DeepTech, each promising a more resilient future. We celebrate diversity as our beacon of hope, as it ignites a spectrum of ideas essential for innovation. Together, we turn challenges into opportunities, driving impactful solutions that promise a brighter tomorrow. “
Activities of Sting.
A free, online course, designed to help you explore an idea within a real-world startup context.
Every year we offer 300+ idea owners, free online coaching sessions for 30 minutes.
Four evening workshops run by Sting’s coaches
combined with individual coaching and peer support.
Take your startup from
MVP to pre-seed
readiness in just four
Take your startup from
MVP to pre-seed
readiness in just four
Get from prototype to
launch and prepare for
the next steps on your
innovation and start
Sting Stockholm Growth and Innovation
Sting sets itself apart as a distinguished incubator and accelerator, offering a distinctive blend of resources and support to early-stage startups. With a rigorous selection process, Sting ensures that only the most promising and innovative ventures are accepted into its program.
What truly distinguishes Sting is its comprehensive and tailored approach, providing startups with a diverse range of expertise from intensive coaching, industry connections, and mentorship from domain experts.
By fostering a collaborative and dynamic environment, Sting empowers startups to overcome challenges, refine their business strategies, and access the necessary funding to scale. With a proven track record of success stories, Sting stands as a reliable and reputable partner for ambitious startups seeking to thrive in a competitive market landscape.
Sting is a non-profit organization owned by the Electrum Foundation and KTH Holding. The foundation is backed by the City ofStockholm, the Stockholm Regional Council, Ericsson, ABB, Stockholm university, the Royal Institute of Technology (KTH) as well as research institutes. Sting is both publicly and privately funded.
Access to a dedicated
and experienced Sting
coach working closely
with the teams,
several hours per week,
and both challenges
and supports them on
all critical business
All Accelerate, and
offered an investment of
500 000 SEK from Propel
Capital, the largest pre
company in the Nordics.
recruitment + team development
After working with more
than 400 startups, we
have learned how to
develop a strong and
successful team. Sting
companies get access
to a dedicated teamcoach to help them
succeed in this area.
industry mentors +external experts
In addition to the
weekly coaching by
Sting coaches, our
startups get access to
external mentors and
expert coaches, hired by
Access to the most
network in Europe as
well as a large network
of business contacts,
both Swedish and
international, and a
range of Perks worth
over SEK 1 million.
Access to all the Sting
peers, who have
valuable insights and
marketing, PR +commincation
Support to attract media
attention and effectively
communicate to tar -
geted groups – at the
right time – to generate
demand and leads.
Free office space at
Sting’s office in A-house
for up to 6 months
during the program.
After this period, we
offer reduced fees at
our location partners in
Sting brings together Sweden’s most experienced coaches, successful entrepreneurs and dedicated investors within the climate and energy sectors.
Sting brings together Sweden’s most experienced healthtech coaches, entrepreneurs and investors, so the world can benefit from your solution faster.
Our DeepTech team helps startups develop new disruptive technologies and bring these game changing solutions to the market.
We were unfocused before, but now we have clear goals, we work much harder and with help from Sting we have literally formed into a dreamteam.”
Our partners unwavering support, collaboration, and shared vision have been instrumental in driving innovation and fostering growth in our vibrant ecosystem.
Their commitment to nurturing and empowering startups, your invaluable expertise, and your dedication to creating an environment conducive to entrepreneurial success are truly commendable. Together, we have embarked on a transformative journey, propelling groundbreaking ideas and shaping the future of technology and business.
As partners, not only have they provided us with invaluable resources, but you have also been instrumental in building a strong network of mentors, investors, and industry leaders. Your belief in our collective mission has enabled us to overcome challenges, seize opportunities, and achieve remarkable milestones.
Stakeholders and Supporters,
It is with great enthusiasm that we present Sting’s Annual Report, a testament to our collective resilience, unwavering commitment, and remarkable achievements during these challenging times. As we reflect on the past year, it is evident that our dedication and strategic efforts have not only withstood the trials we faced but also propelled us to new heights.
In the face of unprecedented adversity, Sting’s team has risen above and beyond expectations, navigating through the storm with remarkable tenacity. Our ability to adapt swiftly to a rapidly changing environment has been a key factor in our success. We embraced innovation, reimagined business models, and forged new partnerships, all in pursuit of our shared vision and goals. Despite the constraints posed by global uncertainties, Sting’s annual report showcases a series of monumental achievements across various fronts. Let us take a moment to highlight some of our most notable accomplishments:
Highlights of our Annual Report:
Economic Resilience: Sting has maintained a stable financial position, defying the economic downturn throughmeticulous planning and strategic decision-making.
Creative Adaptability: Embracing innovation, we reimagined business models and engaged audiences through virtual platforms and immersive experiences.
Social Impact: Our dedication to making a positive impact intensified, with charitable initiatives and partnerships supporting communities in need.
Sustainable Practices: Sting prioritizes environmental stewardship, implementing eco-friendly operations to reduce our carbon footprint and promote sustainability.
Unwavering Support: We extend heartfelt gratitude to our stakeholders, partners, and passionate fans for their unwavering support and belief in our mission. Let us celebrate our collective triumphs, honor our shared journey, and look ahead with optimism for a brighter future. Thank you for your support.