Startups that are accepted into our core programs become Sting members for life - joining Sweden's largest startup community and getting a long-term partner that will support them throughout their growth journey.
In 2024 and 2025, 45 new companies joined Sting, adding up to a total of 488 Sting companies since the 2002. Of these 488 companies, 69% are still active - a number we are very proud of.The last couple of years have been tough for many startups, and during 2024-2025, 51 Sting companies have unfortunately discontinued their businesses.
Sting
Progress
Report
2024/25
Table of Content
01
A New Era of Purpose and Progress
02
Ecosystem Leadership: Building on a 20+ Year Legacy
03
Our Strategic Partners and Backers
04
Sting's Programs and Support for Startups
05
Highlights, News & Big Wins
06
Sting Companies in Numbers
07
Key Metrics & Statistics
08
Scaling Real Impact Snapshot
09
Selected Sting Companies Highlights 2024/25
10
Our Priority: Startups that Create Impact
11
Founder Satisfaction and Delivery
12
Gender Equality: A Strategic Imperative
13
Propel Capital - Sweden's Most Active Angel Club
14
Fueling the Future of DeepTech
15
Turbine Capital - A New Early-Stage DeepTech VC Fund
16
Startup Spotlights
17
Calculating the Climate Impact of Innovations
18
Projects in Motion, Powered by Our Network
19
Meet the Team Behind the Mission
20
For Profit, Non-Profit
01
A New Era of Purpose and Progress
For me, this report carries a special personal meaning, as I took the helm as CEO of Sting at the beginning of the year. Having known Sting for 10 years, I still entered the role with a renewed sense of urgency, responsibility and excitement, strongly feeling that entrepreneurship and innovation are more crucial forces than ever to be able to fix the future.
This first year has been about building the foundation for the future. I've spent much of my time laying the groundwork that will allow us to increase our impact and manage our operations with even greater focus and efficiency. With Kasia Mikoluk stepping in as Head of Operations & Programs, Mia de Bésche as Head of Investor Relations & Financing, and Linda Karlsson as our new CFO, together with Emanuel Anderson appointed CEO of Sting Holding - we've formed a strong, complementary leadership that is ready to deliver on our core purpose: Backing bold ideas. Reshaping what matters.
We have also taken steps to modernize our programs and offerings, starting with Sting Core, replacing our former Accelerate and Incubate programs, and introducing Sting Race, a focused investor readiness program, as well as launching Turbine Capital and Propel Capital VII. We cover these initiatives, updates and changes in the following pages. Change is happening fast in our surrounding environment, and so within Sting. Much like our slogan - Achieve Success Faster - Sting continues to pave the way.
Looking ahead, the profound influence of AI and geopolitical instability are rapidly changing the startup landscape. Recognizing this shift, we are making a decisive strategic push into DeepTech and AI. Our forward direction is anchored by a clear impact focus and a strong European outlook. We will continue to prioritize innovation in Climate & Energy, Health & Life Science and Digital Society & AI, while also targeting new critical areas such as semiconductors, defence, and space. Together, these areas are vital for strengthening the European tech ecosystem - and key to creating a more resilient and sustainable future.
As a strong female founder champion, I will ensure we maintain our unwavering commitment to balancing the playing field by actively supporting gender equality, recognizing that diverse perspectives lead to better, more profitable, and more impactful companies.
This report is our commitment to the future, while also honoring our legacy as a pioneering ecosystem builder. It outlines how our enhanced leadership and clear strategy will ensure Sting remains the arena for turning bold ideas into radical, global change.
Karin Ruiz
CEO, Sting
Karin Ruiz
CEO of Sting and Chair of Sting Holding
Emanuel Andersson
CEO of Sting Holding & Propel Capital
02
Ecosystem Leadership: Building on a 20+ Year Legacy
Always founder-first. Always impact-driven.
Backing bold ideas. Reshaping what matters.
Since 2002, Sting has backed founders with the ambition to change the world, and the grit to make it happen. What began as Stockholm's first incubator has grown into one of Europe's most recognised startup hubs.
Sting, owned by the Electrum Foundation, operates independently as a non-profit, with a clear mission: to reinvest every return into the startup ecosystem. Through programs, coaching, and initiatives, we empower founders to succeed.king it happen together with us!
2002
Sting was founded
Stockholm's first startup incubator
2009
First Sting Day
Annual showcase event launched
2013
Sting was founded
SUP46
SUP46
Sweden's first accelerator program First startup co-working hub in central Stockholm opened
2014
Propel Capital I
First angel investment company launched
2016
Ignite Sweden
Matchmaking platform for startups and corporates
2018
Sting Bioeconomy
Luminar Ventures
Luminar Ventures
Specialized sector focus
New early-stage VC fund
New early-stage VC fund
2020
Startup Climate Action
Climate innovation initiative
2021
Awarded World's Best Incubator/Accelerator
Startup Energy Action
Swedish Climate Startup Map
Startup Energy Action
Swedish Climate Startup Map
Global recognition & climate programs
2022
Sting Startup Academy
Educational expansion
2023
Member RISE Europe
Joined DeepTech Alliance
Joined DeepTech Alliance
European ecosystem leadership
2024
Sting Climate Race
Science-to-Business
Science-to-Business
Investor readiness program
Commercialization of DeepTech
Commercialization of DeepTech
2025
Turbine Capital
Propel Capital VII
Sting Core
Propel Capital VII
Sting Core
New early-stage DeepTech VC fund
7th generation launched
Unified program structure
7th generation launched
Unified program structure
This past year has been about sharpening our focus and building on what works. We have unified our incubator and accelerator into a single high-impact program, Sting Core, and introduced Sting Race, a 8-week fundraising and investor readiness sprint. This way we are upgrading and expanding our startup support, making the path from idea to global scale clearer, faster, and more impactful.
Our foundation remains the same: world-class coaching, early funding, focus on sales and customers, and a network built on trust and excellence. But our direction is sharper than ever. We're doubling down on what truly drives change:
Founder-first; because bold ideas start with bold people.
Impact; because solving real problems creates lasting value.
DeepTech; because many of today's pressing global challenges demand disruptive innovations for resolution.
Diversity and gender balance; because innovation thrives on different perspectives.
03
Our Strategic Partners and Backers
Thank you for making it happen together with us!
MAIN PARTNERS
MAIN SERVICE PARTNERS
ENTREPRENURIAL PARTNERS
04
Sting's Programs and Support for Startups
At Sting, we've always believed that founders need tailored support, and different kinds of support at different stages. Our program portfolio reflects that belief: from idea-stage sprints to scale-ups, we meet founders where they are, and help them go further, faster.
EXPLORE
Idea stage
Sting Open Coaching
Get free startup advice in a 20-minute session with one of Sting's experienced startup coaches.
164 open coaching sessions 2024/25
Sting Startup Academy
A collection of experience and expertise gathered from some of Sweden's leading entrepreneurs in a digital crash course intended to equip aspiring entrepreneurs.
386 sign-ups 2024/25
Sting Open Coaching
Short thematic pre-incubator programs that help aspiring entrepreneurs validate and develop their ideas.
Three programs 2024/25:
Climate & Energy: 15 startups
DeepTech: 12 startups
Health: 12 startups
BUILD & ACCELERATE
Pre-seed & Seed Stage
Sting Core
Our all-inclusive flagship program with extensive tailored 360 startup support.
Length: 6-18 months
2 cohorts/year
15-20 startups per cohort
Success fee: 2-6%
2024/25: 4 cohorts with 45 new Sting companies
Individual coaching & business development
Financing strategy & investor readiness
Access to Sting's investor network
Propel Capital investment
Sales, go-to-market & growth
Team & talent
Access to Sting's networks & community
Marketing, branding & PR
Sustainability & impact assessments
Office space
Sting Demo Day
Perks & benefits worth 1+ MSEK
Member of Sting community for life
FUNDRAISING
Pre-seed & Seed Stage
Sting Race
Our thematic fundraising and investor-readiness accelerator.
Length: 8 weeks, Hybrid format
Themes: Climate, Health, DeepTech
8-12 startups per program
Success fee: Only if you raise
2024/25: Two Sting Climate Race programs with 28 companies
Individual coaching
Financing strategy & investor readiness
Access to Sting's investor network
Propel Capital investment
Sting Pitch & Investor Mingle
Member of Sting community for life, if you raise
Sting Core – Our Flagship Program
In 2025, we merged Sting Incubate and Accelerate into Sting Core, a 6 month program with (optional) extension of an additional two 6-month phases. Startups receive individualized coaching, funding guidance, recruitment support, and access to our vast network. All companies pitch at Sting Demo Day, and DeepTech ventures can extend support if needed. Peer learning across sectors accelerates growth and impact.
Sting Race – Investor Readiness
Sting Race fast-tracks financing strategy, investor readiness, and fundraising through in-person bootcamps, online coaching, workshops and investor introductions, concluding with an investor day. Each edition is thematic, fall 2024's Sting Climate Race connected climate tech founders with relevant investors, and fall 2025 sees the second edition.
Sting Test Drive – Pre-Incubator Sprints
Sting Test Drive helps founders validate ideas, test business models, and decide whether to launch. 2024/25 editions include Climate & Energy, DeepTech, and Health. 2026 will feature another round of DeepTech (semiconductors, quantum tech, photonics), Climate & Energy and Health editions. Participants gain tools, feedback, coaching, and network access.
A Pathway From Idea to Impact
Sting's programs form a clear journey: Sting Test Drive for validation, Sting Race for fundraising, and Sting Core for building and accelerating. Completing Sting Core grants certification and Alumni access, ensuring life-long support and community membership. At Sting, we back entrepreneurs for life, so bold ideas can truly reshape what matters.
05
Highlights, News & Big Wins
2024–2025 marked transformative years for Sting, new leadership, new programs, and new momentum.
45
New companies
Joined the Sting family, approaching 500 companies since 2002
€641M
Revenue
Sting companies combined revenue in 2024
€3.6B
Valuation
Sting companies combined valuation by end 2024
€1.23B
Capital Raised
Private capital raised by Sting companies to date
Sting Highlights 2024/25
45 new companies joined the Sting family, approaching 500 Sting companies since our start in 2002.
Sting companies reached a combined revenue of €641 million in 2024.
New Leadership: At the beginning of 2025, Karin Ruiz took the helm as CEO of Sting and Emanuel Anderson as CEO of Sting Holding, sharpening our founder-first focus and strategic direction.
Sting companies collectively surpassed €1.23 billion in private capital raised to date, and had a combined valuation of €3.6 billion by end 2024.
Strengthening the leadership team further, Mia de Bésche joined as Head of Investor Relations & Financing, Linda Karlsson as CFO, and Kasia Mikoluk as Head of Program & Community — together driving Sting's next phase of growth and impact.
We launched our new program, Sting Core, replacing the former incubator and accelerator, creating clearer, and more powerful pathway for startups.
Introduced Sting Race a fast-track program guiding startups through thematic fundraising, investor preparation, and strategic capital access.
Launched our Science2Business support framework, including dedicated Sting Startup Academy modules tailored for DeepTech startups.
Turbine Capital launched, a new early-stage DeepTech VC fund initiated by Sting, now ready to back frontier innovation.
Propel Capital VII introduced, set to fund 40 new early-stage startups (2025–2027) and continue Sweden's most active angel investment model.
Hosted three editions of Sting Test Drive: Climate & Energy in Spring 2024, DeepTech Fall 2024, and Health in Spring 2025 in collaboration with Karolinska Innovation.
Launched Female Fridays. Of the 45 new Sting companies in 2024-25, 56% had Female Founders and 31% Female CEOs.
Two new partners on board, Rosholm Dell Law and SEB, bringing startups the full spectrum of legal and financial support they need.
We've refreshed our look. Sting's visual identity now mirrors our energy, clearer, bolder, greener, reflecting our focus on climate, health, and impact-driven innovation. Same Sting, fresh coat of purpose.
Issued 9+ million SEK in Innovation Cheques, financed by Vinnova and managed in collaboration with SISP.
Sting ranked #20 among the top investors in the Nordics & Benelux 2025 by Sifted 100.
Renewed assignment from Vinnova as one of trusted incubators in NIP (Nationella inkubatorsprogrammet).
Only Swedish accelerator on EU Startup's list of Europe's top 36 accelerators 2025.
Flagship investor events: 4 Sting Demo Days with 49 companies that exited from Sting's programs, and in Fall 2024, Sting Day with DeepTech focus featuring 70+ companies and 200+ investors.
Startup Energy Action - renewed assignment from Swedish Energy Agency as part of STIM (Stärkta Innovationsmiljöer), to accelerate the growth of energy related SMEs, in collaboration with Ignite Sweden and THINGS.
06
Sting Companies in Numbers
488
accepted startups since 2002
69%
of Sting companies still active
57%
of Sting companies with female founders since 2020
6167
startups evaluated since 2002
€641M
Sting companies combined revenue in 2024
€3.6B
Sting companies combined valuation by end 2024
€1.23B
combined private capital raised by Sting companies to end 2024
2966
employees in Sting companies by end 2024
07
Key Metrics & Statistics
Data-driven insights into our performance and the growth of our portfolio.
Approaching 500 Sting companies
Sting Companies' Combined Revenue (M€)
Sales revenues are not only the best way to finance a startup. It's also the best proof that they are solving a real problem with a superior solution that someone is willing to pay for.
In 2024 the combined revenue of the 350 active Sting companies was 641 MEUR, up by 10% from 583 MEUR the year before.
Accumulated Private Capital Raised By Sting Companies (M€)
Sting-supported startups have now raised a total of €1.23 billion in private capital, a milestone that reflects years of founders building boldly, investors backing early, and an ecosystem designed to accelerate real commercial and societal impact.
This accumulated figure, reached at the end of 2024, captures the long-term momentum of companies that continue to scale, hire, and shape their industries.
Valuation of Sting Companies (B€)
The combined valuation of Sting companies reached €3.6 billion by the end of 2024, showcasing the strength and potential of our portfolio companies as they scale and deliver impact across industries.
08
Scaling Real Impact Snapshot
Several Sting companies have experienced remarkable growth, scaling both revenue and real-world impact. Their progress reflects the strength of Sweden's innovation ecosystem and Sting's focus on supporting founders who turn cutting-edge technology into sustainable business growth.
Instabridge (by Degoo) • €27.7M Revenue • 516% Growth
With a revenue of 27.7 million in 2024 and a 516% year-on-year growth, Instabridge is one of Sweden's fastest-scaling consumer tech stories. Originally founded to make Wi-Fi access universal, the company has evolved into a global platform bridging digital access gaps and enabling smarter connectivity.
Visit website
Featured
Featured
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ReOrbit • €45M Series A • €2.4M Revenue
ReOrbit is redefining satellite technology with software-defined, autonomous systems. Founded in Sweden and now based in Finland, the company recently raised €45 million to advance sovereign European satellite networks, challenging Starlink and strengthening Europe's space infrastructure.
Visit website
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Earthbanc AB • €18.3M Revenue • 402% Growth
A standout in the climate tech sector, Earthbanc combines AI and fintech to accelerate carbon sequestration and regenerative land management. With €18.3 million in revenue in 2024 and 402% growth, the company demonstrates that measurable climate impact and commercial success can go hand in hand.
Visit website
Featured
Featured
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All Ears • €5.6M Revenue • 85% Growth
Leveraging AI for ethical media monitoring, All Ears has become an indispensable partner for brands and agencies navigating today's fast-moving public discourse. The company reached €5.6 million in revenue in 2024 with 85% growth, showcasing how purpose-driven analytics can scale profitably.
Visit website
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Mendi • €3.6M Revenue • 47% Growth
At the intersection of neuroscience and consumer health, Mendi continues to empower individuals to improve mental well-being through accessible neurofeedback technology. With €3.6 million in revenue in 2024 and 47% growth, Mendi's steady expansion signals growing consumer trust in science-backed wellness innovation.
Visit website
Featured
Together, these companies highlight the breadth and strength of Sting's community, from climate tech and neuroscience to connectivity and AI, all driving forward a shared mission: scaling solutions that matter.
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09
Selected Sting Companies Highlights 2024/25
Several Sting companies have experienced remarkable growth, scaling both revenue and real-world impact. Their progress reflects the strength of Sweden's innovation ecosystem and Sting's focus on supporting founders who turn cutting-edge technology into sustainable business growth.
Awards
Growth
Recognition
Stina Ehrensvärd founder of the cybersecurity unicorn Yubico, was named World Entrepreneur of the Year 2025, the first Swede and only the fourth woman ever to win the title.
Starlink challenger ReOrbit offering sovereign satellite networks, raised a €45M Series A round.
Mobile data company Instabridge grows with a record 20,000 new customers every day in the US, with revenue and profit exploding, reporting a €30M sales revenue and €7M profit in 2024.
Brain organoid developer BrainZell won the Techarenan Incubator Star Challenge 2024 and raised a €1.3M round led by Industrifonden.
Trusted by manufacturing leaders worldwide, iPercept raised €5M to expand AI-powered manufacturing solutions across Europe.
Impactpool closed a €3,6M Series A round with the ambition to enable one billion impact-driven jobs, scaling its AI-driven career platform.
HealthTech company Din Psykolog completed a €2.5M SEK funding round led by Fåhraeus Startup & Growth Fund.
Curve (formerly Re:meat) oversubscribed its funding round, raising €1M to revolutionize sustainable food.
Bedbug killer SimulAir was crowned Framtidens Entreprenör 2024 by Carnegie Investment Bank, and closed a pre-seed round in 2025.
Cybercrime fighter PryvX Winner of Mastercard Lighthouse Award at Slush 2024 and the EU-Startups Summit 2025 pitch competition, has closed a pre-seed round.
Sára Nožková CEO and founder of Flox, named Female Founder of the Year by Di Digital Female Founders and received the Swedish King's Young Innovator Award 2025, Flox raised a €1M pre-seed round in 2025.
Bioremediation company MycoMine - named one of Sweden's most promising startups by Breakit in 2024 - expands its collaboration with Nynäs.
HealthTech company Care-to-Translate now used by over 700,000 healthcare professionals in over 180 countries, won Athenapriset 2024 for healthcare innovation.
QTPIE developing automated driving test systems, was selected by TIME Magazine as "Best Inventions 2025", expanding rapidly in the US.
Earthbanc (#4), All Ears (#74) and Mendi (#77) were on Sifted100 Leaderboard of the fastest growing companies in the Nordics and Benelux, and Earthbanc (#11) and Cling Systems (#19) ranked in Sifted's GreenTech Top 75 in Europe.
Six Sting-backed companies, IPercept, Reselo, CelluXtreme, Enerpoly, Flox, and TERASi — featured on Ny Teknik's 33-list 2024.
DeepTech companies TERASi, Dappler Labs, Cubo, Re:meat, Hydroyal, Scatterin and Bright Materia received record-breaking grant funding from Vinnova.
Reselo, CelluXtreme, and Bright Materia were recognized by Impact Loop as three of Sweden's hottest sustainable materials companies.
62 Sting companies are features on the Swedish Climate Startup map, including six new added in 2025: ATO Energy, Fiberloop, HyEnGen, Bright Materia, PandionAI and Planboo.
10
Our Priority: Startups that Create Impact
Several Sting companies have experienced remarkable growth, scaling both revenue and real-world impact. Their progress reflects the strength of Sweden's innovation ecosystem and Sting's focus on supporting founders who turn cutting-edge technology into sustainable business growth.
Health & Life Science
Driving breakthroughs in healthcare, diagnostics, and wellbeing, improving lives through science, data, and human insight.
Climate & Energy
Accelerating the shift to a net-zero future with solutions that decarbonize industries, drive the energy transition, enable circularity, and build climate resilience.
Digital Society & AI
Empowering a smarter, more inclusive, and sustainable society through digital innovation, data-driven solutions, and ethical AI.
DeepTech: our common thread
DeepTech runs through everything we do. From life sciences to AI, our founders push the boundaries of what's possible, transforming cutting-edge research into scalable, world-changing companies.
New Sting Companies 2024-2025
45 innovative startups joined our portfolio during 2024/25. ■ = DeepTech
Health & Life Science
Brave Onion
AI-powered precision psychiatry that helps deliver the right care at the right time.
ClearScan AI ■
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Cutis ■
Developing microbiome-based therapeutics for skin health and longevity.
Empatik AI ■
Uses psychology and neuroscience to read human cues and improve interactions.
Glycolink ■
Creating next-generation biobased hydrogels for multiple industries.
Gå & Må
Promoting health through AI, tech, and gamification for happier communities.
Intellaif ■
AI-driven solution to validate preclinical drug models, de-risking drug development and saving lives.
Kura
Makes secure video consultations effortless for healthcare providers and clients.
Magnepny ■
Helping pharma discover breakthrough treatments for kidney disease.
Minosia
Automates compliance workflows for MedTech companies.
ProHat
AI-driven command center for real-time data exchange and efficiency.
Samplimy ■
Enables painless, simplified microsampling of biofluids from the skin.
Simulair ■
Eliminating the need to live with bed bugs during treatment through smart tech.
AICD
AI-assisted search engine for diagnostic codes in healthcare
Climate & Energy
ATO Energy
AI-driven solutions to optimize grid efficiency and unlock flexibility for a sustainable energy future
Besca ■
Turns plants into carbon materials for batteries and water purification.
Bright Materia ■
Unique process transforming waste biomass into light, clean and odor-free lignin.
Cestore ■
Breakthrough process for storing carbon.
Cyclothe
AI-powered digital system for textile collection and sorting.
Emmel
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Fiberloop ■
Transforms composite waste into valuable commodities, driving a circular economy for the composite industry.
Green Leap Games
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Hydroyal ■
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Klippster
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Nearby Store
The hyperlocal discount grocery chain with double the profits
In Stealth Mode
Next era of urban mobility.
Curve (former Re:Meat) ■
Help save the planet by redefining how meat ends up on people's plates.
Seaqure Labs ■
Innovating for impact-positive aquaculture.
Digital Society & AI
Altaria AI
Turns e-commerce returns into revenue and reduces emissions through AI-driven insights.
Arcim
Smart business loans that adjust dynamically with real-time financial data.
Avanoro
Enables real-time, secure, and borderless account-to-account payments.
Coverly
AI-native business insurance with automated underwriting and digital onboarding.
Empley
AI-powered scenario planning tool for strategic workforce management.
Freya
Boosts safety and productivity in physical professions through wearable AI insights.
Noctie
AI chess coach making world-class chess training accessible to everyone.
Occurrence Technologies ■
Transforms live video into real-time, privacy-safe insights for safer collaboration.
Olea
AI manager that streamlines operations and reduces admin for growing SMEs.
Peekerton
Analyzes industry dynamics using data from a single company example.
PryvX ■
Privacy-preserving platform for global collaboration against cybercrime and fraud.
Recapt
Replays user sessions for faster, more efficient customer support.
Revelate
Automates sales commission calculations with seamless CRM and ERP integration.
Subscribly
Helps e-commerce brands unlock recurring revenue through subscriptions.
SUNT
Ratings and reviews platform designed specifically for the public sector.
PaidTabs
A one-stop platform that transforms any kind of music into sheet music
Buility
A web-based tool for CPOs and Product Managers in B2B SaaS companies to manage product objectives and scope product discoveries
11
Founder Satisfaction and Delivery
During 2024/25, our founder evaluations have continued shown strong and stable results, reaching 9 out of 10 or more on overall experience and likelihood to recommend Sting to other entrepreneurs.Our Net Promoter Score (NPS) has been exceptionally high in 2024/25, ranging between 82-100. In June 2025, our NPS reached 82, a clear sign of the trust founders place in Sting's people, network, and support model. Startups consistently highlight the value of hands-on coaching, tailored guidance, and a long-term community that continues well beyond the program itself.This feedback drives our continuous evolution. Sting's founder-first approach ensures our programs not only accelerate business growth but also build a strong, connected ecosystem where entrepreneurs, investors, and experts support and challenge each other to reach new heights.
9/10
Overall Satisfaction
How satisfied are you in general with the support you have received from Sting? (Last 3 cohorts average)
9.6/10
Would Recommend
How likely are you to recommend Sting to other entrepreneurs? (Last 3 cohorts average)
82
Net Promoter Score
Based on your overall experience with Sting. World-class coaching.
"
The network, the long-term community that you become part of even after participation, finance help (we closed our round partly thanks to STING), and the fantastic mentors who believed in us! world-class program
"
"
You've created a great program that provides unparalleled benefits for startups and their founders. Keep refining it and Sting can become the YC of Europe!
"
"
I loved our time during this program, would recommend it for anyone who wants to accelerate forward!
"
12
Gender Equality: A Strategic Imperative
At Sting, gender equality and diversity aren't just ethical priorities—they're strategic imperatives. Diverse founding teams unlock better innovation, deeper market insights, and stronger financial performance. Research shows that companies with gender-diverse executive teams are far more likely to deliver above-average returns.
Yet, despite this clear business case, venture capital still heavily favors all-male teams. In Europe and Sweden, they receive over 85% of funding, often securing larger rounds at higher valuations than female-led or mixed-gender teams.
Sting is committed to changing that. We actively encourage mixed-gender founder teams and work to ensure female-founded startups have equal access to capital and resources. Since 2017, we've tracked gender representation, setting clear targets to improve equality across the ecosystem.
In 2024–2025, 56% of the 45 companies accepted to Sting had female founders, 31% had a female CEO, and 56% had mixed-gender management teams. In Propel Capital VII, 25% of angel investors are women, another step toward leveling the playing field.
57%
of Sting companies had female founders
2020-2025
35%
of Sting companies had female CEOs
2020-2025
59%
of Sting companies had mixed gender management teams
2020-2025
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13
Propel Capital - Sweden's Most Active Angel Club
Founded by Sting in 2014, Propel Capital has become Sweden's most active private investor in early-stage startups, providing the first injection of capital and a unique matchmaking platform between leading entrepreneurs and experienced business angels. Over the past decade, Propel Capital has backed more than 210 startups, resulting in 47 successful exits and helping its portfolio companies create hundreds of jobs and strong revenue growth. With over SEK 130 million raised across seven angel investment companies, Propel Capital has proven that its model, combining early funding, expert selection, and active angel engagement, is both scalable and resilient, even in challenging markets.
210+
Startups Backed
120+
Startups Backed
57%
Follow-on Rate
Propel Capital I–VII Timeline
I
2014
II
2015
III
2016
IV
2018
V
2020
VI
2022
VII
2025
Closing a Chapter – Propel Capital III
Launched in 2016, Propel Capital III formally closed in 2024. The fund supported 26 startups and delivered a 1.3x return to investors, in line with previous generations. Roughly half of the portfolio companies also received direct follow-on investments from angels in the network, evidence of Propel Capital's catalytic role in deepening early-stage engagement.
26
Startups
1.3x
Return
A New Beginning – Propel Capital VII
In spring 2025, Propel Capital VII launched with SEK 27 million in committed capital, including matched funding from Saminvest. Around 45 angel investors joined, a mix of returning angels and new participants, to invest in 40–50 new startups over the coming years. Propel Capital VII builds on lessons from six previous generations and continues to focus on tech-driven solutions in health, climate, fintech, software, and deeptech.
27M
SEK Committed
45
Angel Investors
"
With Propel Capital, we offer something more than just early capital. Our startups also gain access to a dedicated network of angel investors who roll up their sleeves and get involved. It's this combination that makes the model work.
Karin Ruiz
CEO of Sting
"
We've demonstrated that this model is scalable, resilient, and generates real results. It's built on strong selection and engaged support — and it works, even in tough times.
Emanuel Andersson
CEO of Sting Holding & CEO of Propel Capital
"
Propel Capital gives investors a front-row seat to Sweden's emerging tech stars. It's a rare opportunity to get in early, with startups that have already been vetted by Sting's rigorous process.
Magnus Skåninger
CEO of Saminvest
14
Fueling the Future of DeepTech
DeepTech is one of Sting's top priorities. To strengthen our support for research-based innovation, we launched Science2Business in 2024, a dedicated framework within Sting Core that helps entrepreneurial researchers and DeepTech founders move from lab to market.
Science2Business supports research-driven startups with long development cycles by providing tailored coaching, targeted funding for patents, key hires and infrastructure, and access to key resources and international networks such as DeepTech Alliance (DTA).
As part of this framework, we've also developed a targeted course within Sting Startup Academy to address the unique challenges and opportunities faced by DeepTech founders. The goal: to give scientists the confidence and tools to bring their innovations to market and build investor-ready companies.
BrainZell - from research to impact
BrainZell's journey is a sign of what's possible when research, entrepreneurship, ecosystem support and capital meet. In 2024 BrainZell raised its first investment round with top-tier life science and DeepTech investors, including Industrifonden. Building on strong collaborations with the pharmaceutical industry, BrainZell is developing advanced modeling for Alzheimer's disease. Their growing team combines neuroscience expertise with cutting-edge AI for drug discovery and simulation, a mix that has the potential to transform how new medicines are developed.
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"
Sting taught us how to grow the business, be agile and financially successful. To engage early with customers and their needs. To take bold but smart decisions. It is always about people, and Sting creates this entrepreneurial atmosphere that encourages you; you just want to be part of it and succeed, like your peers and your coaches. The tailored hands-on advice from the Sting team was the biggest help, especially around the investment round.
Petra Szeszula
CEO of BrainZell
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Turbine Capital - A New Early-Stage DeepTech VC Fund
Turbine Capital works hand-in-hand with Sweden's innovation ecosystem, sourcing startups from university incubators and holding companies, and connecting them to investors and industry partners. With a 15-year horizon and backing from SAAB, Volvo Cars, Stena, leading family offices and Saminvest, Turbine Capital bridges the gap between research and market. Its first €30 million close in April 2025 marks the start of a new model for Nordic DeepTech funding, one designed to match the longer development cycles of science-based startups and accelerate their path to commercial success.
Europe produces world-class research, yet too few scientific breakthroughs become thriving global companies. One reason for that is the lack of early-stage capital for DeepTech startups.
To help change that, Sting initiated Turbine Capital, an early-stage VC built specifically for DeepTech startups.
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I am proud we have developed a new type of VC for early-stage DeepTech startups. Turbine Capital can close the gap between corporates and startups and become the leading Nordic DeepTech VC.
Pär Hedberg
Initiator and Partner, Turbine Capital
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Startup Spotlights
Deep dives into companies that exemplify innovation, impact, and the Sting difference.
Featured Company
AI that speaks with wild animals to enable coexistence
Flox, based in Stockholm and Syracuse (NY), is transforming how humans and wildlife share space. Their AI-powered Edge pods decode animal signals in real time, helping deter wildlife from airports, highways, train tracks, and other sensitive areas—safely and without harm. Since joining Sting, Flox has scaled rapidly, closing a €1 million seed round in August 2025 and partnering with organisations such as GRR International Airport, the Swedish Transport Administration, and City of Stockholm. Their technology reduces human-wildlife conflicts while offering a scalable and ethical solution to a growing global challenge.
Sting's coaching has been invaluable to us. They helped us think strategically, sharpen our approach, and navigate key decisions, accelerating both our growth and impact.
Sara Nozkova
CEO & Founder
Sting's role
Strategic coaching, business development, and investor relations support to accelerate growth and impact.
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Featured Company
AI-driven machine health for manufacturers
Stockholm-based IPercept is transforming industrial maintenance with its predictive AI platform that monitors machine health in real time, without costly system overhauls. Founded after five years of research at KTH, the company is now scaling commercially. In May 2025, IPercept raised a €5 million seed round led by Luminar Ventures to accelerate deployments across Europe. IPercept has already gained traction with major manufacturers, delivering insights that help extend asset lifetimes, reduce waste and boost uptime.
Sting's coaching helped us cut through complexity and focus on what mattered.
Karoly Szipka
CEO
Sting's Role
With Sting's support in business development, investor relations and strategic partnerships, IPercept is positioned to make predictive maintenance the standard in high-impact, resource-intensive industries.
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Featured Company
Cultivating the Future of Protein
Curve (formerly Re:meat) is redefining sustainable food production with cultivated meat that looks, cooks, and tastes like the real thing—without the environmental footprint of traditional livestock. Their mission is to deliver a scalable, ethical alternative that can feed a growing population while cutting emissions, reducing land use, and minimizing animal suffering. Since joining Sting, Curve has advanced rapidly, forging strategic partnerships, scaling operations, and positioning itself at the forefront of the cultivated meat sector. Their progress demonstrates not only scientific innovation but also the increasing demand for sustainable solutions to global food challenges.
Sting has been instrumental in Curve's journey. Their support in business development, investor relations, and strategic partnerships has accelerated both our growth and impact in the cultivated meat sector.
Gittan Schiöld
CCO & Co-Founder
Sting's Role
Business development, investor relations, and strategic partnerships to accelerate growth in the cultivated meat sector.
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Calculating the Climate Impact of Innovations
At Sting we help startups quantify and strengthen the climate impact of their innovations. In collaboration with our partner 2050, their Climate Performance Potential (CPP) is independently calculated, following the Avoided Emissions Framework and GHG Protocol for Project Accounting. Below are four examples where this data-backed analysis demonstrates transformative emission reduction potential.
Biological solutions for hydrocarbon pollution treatment
On a client's site outside Stockholm, MycoMine treats 500 tons of acid sludge per year. Incineration and transportation of these volumes, which is the traditional alternative, would emit 750 tons of CO₂ annually, while with MycoMine's bioremediation method emissions are reduced to 150 tons of CO₂. Next year the site will scale to 5x the current size, targeting >90% emission reduction through continuous process optimization.
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80-90% Reduction
Revolutionizing maritime logistics through sustainable port infrastructure
Shifting cargo from trucks to feeder vessels can deliver multi-million-tonne CO₂ reductions per terminal. Based on the Gothenburg/Nordic-Baltic case study, one full-scale STFT shows annual transport emissions dropping from 2.69 Mt CO₂ to 0.55 Mt CO₂, a reduction of 80%, with construction emissions (1.54 Mt CO₂ per terminal) being "repaid" within 0.7 years.
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80% Reduction
Forest residues refined into lignin for fossil-free batteries
The LCA shows that using Bright Materia's lignin as an anode material cuts emissions by 92% compared to Asian synthetic graphite. The full-process analysis confirms the lowest CO₂ footprint, proving strong climate and sustainability benefits of using Bright Materia's lignin-based battery solution.
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92% Reduction
Reusable take-away system
PANTER's reusable packaging system demonstrates how circular economy principles deliver significant emission reductions. By replacing single-use containers with a smart reuse model, PANTER achieves over 90% CO₂ reduction compared to traditional disposable alternatives, proving that sustainable convenience is possible at scale.
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>90% Reduction
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Projects in Motion, Powered by Our Network
A significant part of Sting's operations is financed through different projects, backed by Vinnova, Swedish Energy Agency, EU and ERDF (European Regional Development Fund).
Sting Climate Action
Support the transformation of climate innovations into 100 new growth companies.
Contact: Karin Ruiz
Co-funded by: EU/ERDF
Project period: 2023-2026
Startup Energy Action
Support commercialization of SMEs with energy solutions.
Contact: Jonas LindqvistContact: Karin Ruiz
Funded by: Swedish Energy Agency through STIM
Project period: 2025-2029
Circle of Life Science
Catalyzing innovation in healthcare.
Contact: Olof Berglund
Co-funded by: EU/ERDF
Project period: 2023-2026
Excellent Incubation & Acceleration
Support 30-35 high-impact startups to successfully graduate from Sting each year.
Contact: Karin Ruiz
Funded by: Vinnova through NIP
Project period: 2025-2029
Semiconductor Arena
Strengthen Sweden's semiconductor ecosystem.
Contact: Raoul Stubbe
Co-funded by: EU/ERDF & Region Stockholm
Project period: 2025-2029
CASSINI
Boost entrepreneurship, innovation, and investment in European space sector.
Contact: Linda Krondahl
Co-funded by: EU
Project period: 2023-2026
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For Profit, Non-Profit
Karin Ruiz
CEO Sting & Climate Coach
Emanuel Andersson
CEO Sting Holding & Propel Capital
Mia de Bêsche
Head of IR & Financing
Kasia Mikoluk
Head of Operations & Programs
Linda Karlsson
CFO
Ebba Burman
Head of Marketing
Pär Hedberg
Founder & Senior Advisor
Raoul Stubbe
Deeptech Coach
Fredrik Rosengren
AI, Digital & SaaS Coach
Jonas Lindqvist
Climate & Deeptech Coach
Johanna Wollert
Health Coach
Olof Berglund
Health Coach
Full Name
Climate Coach
Magnus Rehn
Climate Coach
Jacob Karlegatt
Investment Coordinator
Li von Sydow
Program & Partnership Manager
Emilia Azar
Marketing & Event Coordinator
Punarva Sonawane
Finance & Project Officer
Nadia Rioa
Finance & Project Officer
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For Profit, Non-Profit
Sting operates at the intersection of entrepreneurship, innovation and impact. While we support startups in building profitable, scalable businesses, Sting itself remains fully non-profit. All returns are reinvested into the community we serve, funding programs, coaching, and initiatives that help the next generation of founders succeed.
This dual approach allows us to combine discipline and efficiency with purpose: we run programs like a for-profit accelerator, tracking performance and outcomes, but every euro generated goes back into supporting founders, building networks, and developing tools that strengthen the Swedish startup ecosystem.
By embracing both perspectives, Sting ensures that impact and sustainability are built into the core of everything we do, from early-stage support to scaling global companies.