annual report 2014 - sting.costing.co/wp-content/uploads/2014/03/sting_arsrapport_2014_vers4... ·...

ANNUAL REPORT 2014 FOR STOCKHOLM INNOVATION & GROWTH

LETTER FROM THE CEO

2 | ANNUAL REPORT 2014

Stockholm – Still Startup Capital of Europe!

STING COMPANIES MAKING HEADLINESNow let’s look at some selected 2014 highlights from the STING companies. Volumental, the 3D technology com-pany, raised 2.4 MEUR from Founder.org and MOOR. Poppermost Productions, developer of the popular win-ter sports game SNOW, gained great market traction and raised money from reputable investors such as GP Bullhound. Yubico, the tech security technology compa-ny in Silicon Valley, grew with customers like Google and Facebook and attracted support and investors from among the founding teams of Google and Salesforce. MyFC, the company behind the portable fuel cell charger PowerTrekk, was listed on NASDAQ OMX. Videoplaza was acquired by Ooyala, a Telstra subsidiary, for 50+ MEUR. And finally, Barnebys, aggregating the world’s premium auction sites, gained great market traction in many countries and raised more capital for continued expansion. You can read more about Barnebys in the feature on page 17.

2014 HIGHLIGHTS FROM STINGIn the spring, STING launched the first “Y Combinator-like” investment platform in Sweden, Propel Capital, together with more than 20 respected business angels. Propel invests in all startups accepted to STING’s accelerator pro-gram for Internet/media startups to help further increase the speed of their growth. During 2014, Propel Capital made nine investments.

2014 was an amazing year for the Stockholm startup ecosystem. Many of the Swedish success stories, like Truecaller, Klarna, King

and Mojang, made major headlines, announcing large investments, an IPO and an exit. Crowdfunding continues to grow, new co-working spaces open, new accelerators are launched… Last year, I said Stockholm was the startup capital of Europe, and I can’t emphasize enough how fortunate we are to be living and working in this vibrant city.

LETTER FROM THE CEO

ANNUAL REPORT 2014 | 3

In 2014, our accelerator program STING Accelerate (pre-viously STING Fast Forward) attracted applications from 250 startups across the world. 16 teams were selected and accepted in two batches. STING Accelerate is now Sweden’s leading Internet/media accelerator and contribut-ed to placing nine STING companies among the 24 hottest Swedish digital startups, a ranking made by the Swedish magazine Internetworld. Together with NFT Ventures, STING kicked off an initia-tive focused on financial technology startups, resulting in a first investment from NFT in the STING company Mondido. This milestone will be followed by more activities in 2015, when a national startup program for Fintech companies will be launched. I have previously talked about “X-House”, which in 2013 resulted in the establishment of the highly successful co-working space SUP46 in the middle of Stockholm City. And now, during 2014, we have worked intensely on “the next big thing”. I am happy to reveal a new exciting element that will strengthen the Stockholm startup eco-system! We have laid the groundwork for THINGS, a new 2000 sqm co-working space for startups within Internet of Things, 3D printing, wearable devices and other innova-tions within the hardware space. THINGS opened in March and will house 30 to 40 startups, an event space and a café lounge. In the base-ment, Stockholm Makerspace and a biohacking organ-ization will move in. The hardware hub will also have a workshop with the latest equipment and tools such as 3D printers, laser cutters, etc., for the building of pro-totypes. THINGS is supported by several large industry corporations as main partners, for example Assa Abloy, Husqvarna, NCC, ABB, SP and SEB, and is located in a four-story building on KTH’s main campus. KTH is also an important partner.

20 PERCENT REVENUE GROWTHDuring 2014, 30 new startups were accepted to our incubator and accelerator, which is an all-time high. More than 25 percent of them have female founders, and more female teams than ever applied to our inspiration and train-ing program “Startup” − we are thrilled to see more women

in tech and happy that we contribute to a more diverse tech scene. Since 2002, we have backed 153 startups. Seventy percent of them are active and generated a combined reve-nue of 102 MEUR in 2014, an increase of 20 percent from 2013. The number of employees in 2014 was 1 002, an increase of 16 percent compared to the previous year. An indicator of these companies potential is the amount invested capital and other financing raised. During 2014, the STING companies attracted 86 MEUR in private financing compared to 30 MEUR in 2013, and 12 MEUR in public funding compared to 11 MEUR the previous year. The 153 companies have attracted 216 MEUR in equity since 2002 and 70 MEUR in public funding. During 2014, Stockholm was ranked as the world’s sec-ond fastest growing market for venture capital investments in technology. In addition, Stockholm now has the most billion-dollar startups in Europe and the second most in the world per capita, after Silicon Valley, reports Atomico. There is no question that we still are the startup capital of Europe.

PÄR HEDBERG CEO and founder

Stockholm – Still Startup Capital of Europe!

”STING Accelerate is now Sweden’s leading Internet/media accelerator and contributed to placing nine STING companies among the 24 hottest Swedish digital startups.”

Dramatically increase your chances of success

Only 5 percent of all startups survive. At STING, 70 percent of the startups that have gone through our programs are still active.

STING has coached 150+ startups over more than 10 years, which has given us extensive experience in turning startups into international companies. Access to all this knowledge makes you feel like a serial entrepreneur, even if you’re starting a company for the first time.

OFFICE SPACE AND CO-WORKING SPACES

Kista

SUP46 (Stockholm City)

THINGS (KTH Campus Valhallavägen)

PR / MEDIA RELATIONS SUPPORT

Communications coaches will help you

get publicity.

NETWORK

Gain access to our worldwide network

of investors, experts, potential customers

and partners.

STARTUP

• Inspiration and basic knowledge

• 12 – – 15 cases/batch

• 6 evening workshops over 3 months

• 4 different programs for business ideas within: - ICT - Life Science - Smart Energy - Fintech

INSPIRE

STING PROGRAMS


BUSINESS DEVELOPMENT SUPPORT


BUSINESS COACHES

Several of Sweden’s most qualified business

coaches will help accelerate your startup’s

development.

STING BUSINESS ANGELS

Close to 40 established and respected private

investors from the tech industry.

RECRUITMENT SUPPORT

Recruitment coaches will help you build a

winning team.

GROW

STING INCUBATE GO GLOBAL MEDTECH

STING ACCELERATE

• 6 – 18 months

• Individual business coaching up to 1/2 day/week.

• Verification of technology, market and business model. Developing and launching first product, attracting financing, recruiting team, sales training, international exposure

• Location: THINGS, Kista or at own office

• 8 medtech companies/batch

• 4 months to develop an internationalisation plan

• Major medtech corporations involved and hosting 6 x 2-day workshops

• 4 months’ accelerator program for Internet startups

• 8 startups/batch

• 30 000 EUR in funding

• Weekly coaching with focus on iteration and testing

• Location: SUP46

DEVELOP

BUSINESS DEVELOPMENT SUPPORT

PROPEL CAPITAL

Investment company, backed by 20 business

angels, that invests 30k EUR in STING Accelerate startups.


XXX

In 2014, Codarica established a Swedish and a US company, moved to Los Angeles, participated in the Disney/Techstars accelerator, and launched our first app CodeQuest and a charity campaign called #Girlboss. In 2015, we will focus on expanding the team. Marcus Lindström, Lovisa Levin, Rosalyn Knapp and Sanna Nilsson, Codarica

FINANCING


Create the best conditions to get funded Funding your startup is not only about raising capital, but about raising the optimal financing at the appropriate stage. Several of STING’s business coaches have been operating as venture capitalists and private investors, and have supported the vast majority of the 150 STING compa-nies in their fundraising.

At STING, you will get help to:

• Prepare a financing plan and manage the whole financing process

• Apply for “soft money”; grants and loans from public financiers

• Attract investments from business angels and venture capital firms

• Gain access to investors in the Nordics, Europe and around the world

• Practice your pitch and prepare for meetings with investors

Besides STING’s broad investor network, which includes contacts at all major VCs in the Nordics and Europe, we also have our own financing sources. These are described below.

STING BUSINESS ANGELS

• A business angel network of close to 40 carefully select-ed private investors, all with entrepreneurial background

• Contribute both capital and extensive know-how

• Usually invest together (2 – 6 people); 20 000 – 100 000 EUR per person

PROPEL CAPITAL

• An investment company, which provides startups in STING Accelerate with an investment of 30 000 EUR

• Backed by 20 business angels, primarily with Internet/ media profiles

SELECTED TRANSACTIONS 2014

• Volumental: 2.4 MEUR from Founder.org and Moor

• Watty: 1 MEUR from business angels, Cleantech Invest and Swedish Energy Agency

• Bioservo Technologies: 1 MEUR from private investors

• SNOW (Poppermost Productions): 700k EUR from GP Bullhound, Edastra Venture Capital and existing shareholders

• Yubico: Investment from Salesforce founder and CEO Marc Benioff and Google and founding board member of Google Ram Shriram

€271 €500k €12 €70Million raised by STING companies in private capital (acc.)

Million raised by STING companies in public financing (acc.)

Million in total investments by STING Business Angels in 31 STING companies (acc.)

Invested capital by Propel Capital in 17 STING companies, incl. STING Accelerate fall 2014 and spring 2015 batches


Build a winning startup team

After coaching more than 150 startups, we have learned what criteria should guide you when building a successful team and company culture.

At STING, you will receive comprehensive support throughout the entire recruitment process, including:

• Defining the profile you need

• Reaching and attracting candidates

• Screening

• Selection

• Hiring 1002140110+

Employees in STING companies

New employees in 2014 Recruitments that STING has been involved in since 2008

RECRUITING

Often, a startup’s success depends on the strength of the people behind it. Therefore, there are two coaches at STING who help our startups to build winning teams, one of which works specifically with tech recruitments.



XXX

Many of Sweden’s largest companies already use Worldfavor to increase the visibility of their sustainability efforts. With customers like Folksam, Atlas Copco and Sweden’s Food Federation, we are profitable and preparing to go global. Lars-Peter Eriksson, Andreas Alfredsson, Pär Gustafsson, Frida Emilsson and Andreas Liljendahl (sitting), Worldfavor


XXX

In 2014, Apprl secured funding from top angel investors within key industries, was ranked one of Sweden’s hottest startups by Internetworld, and, most importantly: established strong partnerships with brands, blog networks and media houses – including MTG, Elle Magazine, Aller Media and The Weinstein Company in the US – increasing Apprl’s reach by 10x. Gustav Gisseldahl and Martin Landén, Apprl

Join the most talented entrepreneurs At STING, you will be surrounded by the most promising entrepreneurs and startups in Stockholm. You will also join an even larger group of successful alumni companies, including Yubico, Videoplaza, Volumental, Diamorph, Watty and Barnebys.

STING evaluates around 300 startups per year. Only the best (less than 10 percent) are accepted to our programs. You will work alongside talented people and share ideas, challenges and achievements.

STARTUPS ACCEPTED TO STING HAVE:

• A unique, innovative business idea with clear customer value

• A large and growing international market

• A good possibility to package the innovation into a scalable product

• A strong team with both business and technology competence

1541

15370%

Evaluated startups

Accepted startups

Active startups

STING COMPANIES MAKING HEADLINES 2014

• myFC was listed on NASDAQ OMX First North

• Ooyala acquires Videoplaza for 50+ MEUR

• Volumental secures 2.4 MEUR from FOUNDER.org and MOOR, announces POC with Intel

• Watty raises 1 MEUR in funding, wins Zennström energy tech award

• Telcred announces partnership with Axis Communications

• Mondido receives investment from NFT Ventures

STING REQUIREMENTS


CASE


CUSTOMIZE YOUR WORLD

Volumental’s 3D body scanning enables a world in which everything you wear is customized to your body. You easily create accurate 3D models using depth cam-

eras in your mobile devices; laptops, tablets and phones. The 3D models can then be used to create customized products or to match your body to existing products. For example, Volumental built the ShoeSizer application, which matches you to shoes that will fit you perfectly, in just a few seconds.

Why this is exciting: Volumental’s technology is used by market leaders in retail and orthotics, they raised $3 million in 2014 (one of Sweden’s largest seed rounds ever), the technology is user-friendly – you can use your mobile device, and, as the startup says: “Customization should be the norm, not a luxury.”

Founded: 2012

Team: 17 people from 9 countries

Total funding: 4.4 MEUR

More info: volumental.com

WHEN EVERY MINUTE COUNTS

Patients who are bleeding heavily, from an accident or from surgery, need blood plasma fast. In a situation like that, 30 minutes can feel like forever, and that is

how long physicians have to wait for the frozen plasma bags to thaw. But not anymore. Now, thanks to Antrad’s product using radio wave energy, they only have to wait five minutes to get thawed fresh frozen plasma. The big chal-lenging requirement has been that blood plasma must be heated absolutely evenly, and not overheat. Now that can be done quickly and safely.

Why this is exciting: Antrad’s solution means faster patient recovery, reduced or no waste of expired plasma, and reduced overall costs. The product, the ANTRAD UFT100, received CE Mark approval for medical equipment last fall and is now commercially available.

Founded: 2008

Team: 9

Total funding: 4.3 MEUR

More info: antrad.se

CATCH THE ENERGY THIEF IN YOUR HOME

Watty is all about saving energy in our homes. Their solution involves placing a small unit on your electricity meter. This unit logs the meter flashing, and thus the

energy consumption. With an app, you can then see how much energy different appliances, e.g. your stove, fridge, laundry machine etc., have consumed. The key is that it is actually easy to quickly get an idea of which appliances that create which usage patterns – even though you look at the total usage signal. Watty helps you understand your energy usage and gives you hands-on advice on how to save both energy and money.

Why this is exciting: More energy is wasted in our homes than in all other sectors of our society – combined! Watty recently raised 1M and won the Zennström energy tech award – this is the next generation Energy Management product.

Founded: 2013

Team: 10

Last financing round: 1 MEUR

More info: watty.se

GET A GRIP

Imagine no longer being able to lift a glass of water. Reduced hand function has a large impact for millions of people on both quality of life and the capability to perform

everyday tasks. Bioservo has developed the SEM™ (Soft Extra Muscle) Glove that helps weakened muscles gain new strength – it is wearable technology based on soft robotics. The fingertips in the SEM Glove are equipped with force-sensitive sensors that recognize when the user grasps an object. A microcontroller calculates how much force should be added.

Why this is exciting: This is the next generation of wearable tech. With an experienced world-class team, global R&D partners, distributors in seven countries, and top tech rankings in Europe, Bioservo has a unique position covering wearable tech and exoskeleton, both booming future markets.

Founded: 2006

Team: 16 people from 4 countries

Total funding: 6 MEUR

More info: bioservo.com

Selected STING stories


XXX

CASE: THE STORY OF YUBICO

“We have secured 140k EUR in soft funding to develop a new family game concept. We’ve hired an art director and a senior developer to speed up the production pace and we’re aiming at a soft launch before summer 2015.”Kristian Lundquist, Patricia Richter, Otto (junior game designer), and Henrik Sallander, Gro Play


RESULTS


OVERALL DEVELOPMENT

ACC. PUBLIC VS PRIVATE FINANCING MEUR REVENUE MEUR

REVENUE EMPLOYEES

1541

1002

€102 19%81%

153 84%70%SIXMergers/acquisitions

Active startups

Accepted startups Revenue generated by export

Evaluated startups

Employees in STING companies

Percentage of men/women in STING companies

Million in revenue

0

50

100

150

200

250

300

2002 03 04 05 06 07 08 09 10 11 12 13 2014 2002 03 04 05 06 07 08 09 10 11 12 13 20140

20

40

60

80

100

120

Private Financing RevenuePublic Financing Export revenue


RESULTS


OVERALL DEVELOPMENT NUMBER OF COMPANIES AND EMPLOYEES

FINANCING AND COMPANY VALUE STING’S OWN FINANCING SOURCES

DEAL FLOW AND INDUSTRIES

€271 €TWELVE

€500k

€70€375Million in total company value year end 2014

Million raised in public funding (acc.)

Investment by Propel Capital in 17 STING companies, incl. STING Accelerate fall 2014 and spring 2015 batches

Million raised in private capital (acc.)Million in total investments by STING Business Angels in 31 STING companies

2002 03 04 05 06 07 08 09 10 11 12 13 20140

50

100

150

200

2002 03 04 05 06 07 08 09 10 11 12 13 20140

200

400

600

800

1000

1200

University/Research-based 24%

From the business community 76%

Internet/Media 38%

ICT 25%

Life Science 14%

Smart Energy 16%

Other 7%

Accepted companiesActive companies Employees in active companiesMergers/Acqusitions

Living dead/changed idea Discontinued


CASE: THE STORY OF BARNEBYS



The auction industry is undergoing a revolution, and Barnebys is at the heart of it. Consolidating listings from auctions across the world, Barnebys has exposed auction houses to new markets and reduced buyers’ search time from weeks to just minutes.

An auction aggregator, Barnebys helps Internet users find the pieces that they are longing for. In fact, that is how it all started. In 2011, Christopher Barnekow, the owner of a successful ad agency at the time, was looking for a particu-lar still life painting. Like most Internet users, he turned to Google to try and find it. As he worked his way through the frustratingly unhelpful search results, he saw an opportuni-ty to give structure to the fragmented age-old industry. New to the auction environment (he had never actually bought on auction before), he wanted to test the theory of an auction aggregator with industry experts. Leveraging his personal network, he was introduced to prominent Scandinavian antiques and art dealer, Pontus Silfverstolpe, whom has a background in the auction industry. Pontus had also recognized a need to consolidate on-line auction activity and was working on some ideas of his own. Acknowledging that Christopher’s extensive online marketing experience would complement Pontus’ industry insights, they began to collaborate. Utilising the skills of the agency’s CTO and UX designer, they built a small aggrega-tor and, in March 2011, launched Barnebys as a separate company. Immediately, Barnebys.com started to generate traffic and they realised that they were onto something.

A VALUE-ENHANCING AGGREGATOR MODELReplicating the aggregator model used in the insurance industry, Barnebys adopted a CPC (cost-per-click) model, with auctioneers paying for traffic generated. No com-mission, no transactions, just display ads that showcased products next to auction house logos. But unlike other ag-gregators, which incite a race to the bottom as competitors trying to undercut each other to make a sale, being listed on Barnebys.com is very lucrative for the auction house. By the very nature of auctions, with each new bidder that joins, the sale price is driven upward. Pontus explains that over the last few years, as pre-pur-chase behaviour has moved more online, traditional auction houses have acknowledged the need to be more visible to the growing global market. – By making auctioneers searchable, Barnebys has provided auction houses with the most cost effective way to reach out to new markets and younger audiences today, says Pontus. By providing a “shop window” for all sized auctioneers, Barnebys has doubled the traffic to some provincial auc-tion houses, and made it easier for new market entrants to establish their brand by showcasing their items to a broad audience. Thus growing the industry as a whole.

The fine art of disruption


THE CATALYSTWhen Christopher Barnekow came to STING in 2011, he already had a proof of concept and a multi-disciplinary team, what he was looking for was an investment. Working with the team to package their investment pitch, STING business coach Ivar Strömberg provided them with stra-tegic advice that helped secure the startup 3.3 MEUR in funding. The funding was the catalyst they needed. After they signed the biggest Scandinavian auction house, Bukowskis, they were confident they had developed a sustainable busi-ness service that would grow in demand. Christopher made the bold decision to close the ad agency and focus on the huge opportunity that lay ahead. A year later, they signed the biggest auctioneer in the world, Sotheby’s, and in spring 2013 they launched in Europe’s largest auction market – the United Kingdom. The site has been meticulously crafted and is already on its third iteration (fourth in progress), something they will continuously invest in. But it hasn’t been a smooth journey.

Soon after they launched, Google’s Panda update punished aggregators with duplicate content and caused Barnebys to rethink its SEO and content strategy. Transforming their site from one that had minimal orig-inal content, to one that boasts four full-time editorial staff today was a significant challenge. The strategic pivot not only fulfilled its purpose of improving site ranking, but today continues to cultivate a community of educated buyers to grow the market.

ACTIVELY TRANSFORMING THE MARKET Providing potential bidders with all the information they need to make an informed purchase decision, videos and blog posts take the mystery out of the previously closed buying process. – The auction industry has been closed and conserva-tive and surrounded with rules. As a buyer, you need the right information to avoid costly mistakes, says Christopher. Making the process even more transparent, Barnebys has created the world’s first price bank, listing the prices


Pontus Silfverstolpe and Christopher Barnekow are disrupting the auction industry.


of completed lots from the world’s biggest auction houses. Helping potential buyers track particular pieces or catego-ries, search alerts have been created, which send email notifications to users about activity on items they have marked of interest. At the same time, as more tech-savvy purchasers start to enter the auction audience, the pressure mounts on the auction houses to deliver a top quality online service. The quality of auction houses’ online presence has enhanced significantly since that day back in 2011 when Christopher searched for his painting, but there is still a long way to go. A very traditional industry, auction houses are still put-ting their marketing budget into the glossy catalogues that are expensively produced and distributed within a limited reach. Shifting this mindset has been tough, and educat-ing them on the value of investing in their online presence continues to be a challenge, with 80 percent of Barnebys’ clients still without Google Analytics. But brand building is something that the industry lead-ers do exceptionally well, which is illustrated succinctly with Christopher’s question, “Where would you buy a Rolex, eBay or Christie’s?“ Leveraging the credibility associated with established auction house names, the Barnebys brand (derived from co-founder Christopher Barnekow’s surname) was strategically created to echo the prestige of established players Sotheby’s and Christie’s.

THERE’S MORE TO AUCTIONS THAN PICASSOWith over one million visitors a month, Barnebys continues to expand its reach and introduce more consumers to the treasures available in auctions across the world. But a visit to Barnebys.com reveals a range of categories that stretch far beyond fine art. From books and furniture to musical instruments and wine, the assortment of collectibles is vast. In fact, as Barnebys have scaled, they have started to identify search trends for different countries, with the Swedes looking for a particular item such as “coffee table”, the Brits looking for brands such as “Rolex” and Germans looking for “model trains”. One of those coffee table-searching Swedes is Karl Hermansson, now Barnebys managing director of Europe. Three years ago, he was looking for a coffee table for his new house when he came across Barnebys. He entered his search criteria and found the table he wanted. When he was approached a week later by a recruiter for a position at Barnebys, he jumped at the chance to be part of a team that delivered such a great service. Three years with the company and he is now in charge of scaling the scope of that service across Europe. Barnebys currently has offices in Sweden, UK, Spain and Germany.

STARTUP CULTUREKarl talks passionately about the personal fulfilment of working in a startup. And how the sense of accountability is reflected throughout the organisation. – What you do affects the company. If you are doing a good job, the company has a good day. We like to cultivate a relaxed but focused environment. People here are ambi-tious and have fun, says Karl. When asked about managing a distributed team across the continent, he emphasises the importance of hiring per-sonalities that fit with the organisation. – We are confident we can train people in sales and marketing, so hiring the right personality is key. A revolu-tionary idea is important, but it’s the people and attitude that really matter, says Karl. And it is the ambitious team at Barnebys that continue to drive the auction industry forward. Growing the industry as a whole, they aggressively pursue their global ambition to make antiques and collectibles accessible to everyone. As Karl and his team focus on expanding throughout Europe, there is another team tackling the US and, in the not too distant future, Asia, too. There is a lot to be done and the leadership’s sentiment is to be lean – work fast, don’t measure too much, just measure the right things, focus and prioritise. And although they are focused on the big tasks ahead, we should take a moment to appreciate that thanks to the still life painting that now hangs in Christopher’s country house, the treasures of the auction world are no longer hidden.

Founded: 2011Founding Partners: Christopher Barnekow, Pontus Silfverstolpe, Gustaf Grapengiesser, Christofer Ferreira GomesTeam: 28 Community (registered users/members): 46 000Customers (paying auction houses): 250Visitors/month: 1 million VCs and Investors: Active Venture Partners, Industrifonden, Howzat Partners, Monkfish Equity, Bertil Dufbäck, Thomas IvarsonVenture Capital: 3.6 MEURRevenue in 2014: 1.4 MEUROffices: Sweden, UK, Germany, SpainInfo: barnebys.com

KEY FACTS



XXX

IBSfri has taken the step from analog to digital, launching the IBS school online to give thousands of people the opportunity to get treatment and a better “gut feeling”. After receiving great response, we’re now expanding to other countries.Jeanette Steijer and Sofia Antonsson, IBSfri


The STING CompaniesBUMBEE LABS provides cities, shopping malls, airports, etc. with reliable anonymous statistics on footfall flows. Through its indoor outdoor position-ing system, IOPS, you can measure the number of people passing through an area. www.bumbeelabs.se IN

DARCY’s product Tvined is a platform for building innovative and meaningful applications on top of multiple data sources. Via Tvined, a programming interface is created to simply be integrated in the application. www.tvined.com IN

GLEECHI creates software solutions that enable realistic hand and finger grasping behavior in com-puter games, simulation and educational games, and virtual character animation. www.gleechi.com IN

SHARP AND SOFT develops a unique infrastructure for secure and scalable protection of information, a platform for the global operating system of the future. www.sharpsoft.se IN

TINY MONDO Tiny Mondo has developed Beagle, a streamlined lead-generation solution for small and medium business. With easy to use forms, it allows to identify individuals visiting a website and follow their activities over time. www.beaglemarketing.com IN

ACUMEM’s ThreadSpotter helps eliminate perfor-mance issues by analyzing memory bandwidth and latency. Acumem was acquired by Rogue Wave in 2010. www.roguewave.com AL

CGRAIN develops and manufactures equipment for quality control of grain, by advanced image processing that analyses each seed in a sample. www.cgrain.se AL

CHALLENGERA helps its clients execute on their strategic initiatives while engaging employees in the process via a web-based tool. www.challengera.com AL

CUPTRONIC’s production process for manufactur-ing highly advanced circuit boards, reduces the environmental impact and has a significantly lower cost than its competitors. www.cuptronic.com AL

DEGOO is a free backup service that gives users auto-matic online backup in exchange for sharing unused hard drive space. www.degoo.com AL

DOREMIR’s software ScoreCloud understands the structure of music and works like a “virtual lis-tener”. With the help of ScoreCloud, the user can generate useful scores in real time, simply by playing a piece of music. www.scorecloud.com AL

DREAMLER is an online tool that helps groups of people improve the quality of their plans by making process discovery and planning a more collaborative and visual activity. www.dreamler.com AL

IRNOVA develops and supplies high quality, high performance infrared detectors and related com-ponents to infrared module, camera and system manufacturers worldwide. www.ir-nova.se AL

OPTICALLER SOFTWARE develops software for mo-bile PBX and Unified Communications. It allows the user to make calls in a flexible manner and at significantly lower costs. www.opticaller.se AL

SYNTUNE supplies state-of-the-art widely tunable lasers for applications ranging from fiber optic communications to sensor systems. The company was acquired by Finisar in 2011. www.finisar.com AL

TELCRED develops the next generation Physical Access Control Systems based on NFC, which ena-bles remote distribution of access rights to mobile phones or other types of devices, turning them into keys. www.telcred.com AL

TRANSIC designs and manufactures power tran-sistors in silicon carbide. The technology creates compact, temperature-resistant control systems for electric motors in hybrid cars, wind power stations, and more. The company was acquired by Fairchild Semiconductor in 2011. www.transic.com •AL

UNOMALY creates a unique solution for performing real time diagnosis and behavioral monitoring of critical IT systems. www.unomaly.com AL

VOLUMENTAL provides an easy online 3D scanning service. They 3D map everyone’s body meas-urements so that companies can create custom products and services. www.volumental.com AL

MOGGLES is a portable virtual reality (VR) headset for smartphones, which together with head track-ing algorithms makes it easier to create, share and use VR content. www.moggles.com IN

BOXGARD offers a smart, urban, by-the-box storage solution for people who need more space. The pay-as-you-go service can be booked online and comes with free pick up, packing boxes and home delivery any day of the week. www.boxgard.com AC

HAAARTLAND develops cloud- and subscrip-tion-based services for marketers by using ma-chine learning and other “sci-fi tech” to support all three process steps; understand, create and publish. www.haaartland.com AC

HAPPYTAIL is a social network for dogs, dog owners and people who love dogs. By connecting dogs with dog lovers, HappyTail eliminates the dog owners’ dilemma of restricted freedom and lonely dog walks. www.happytail.com AC

LIKVIDO simplifies and manages your invoicing and accounts receivables. The simple but powerful in-voicing tool, together with an automatic matching of your incoming payments, gives you access to constant up-to-date accounts receivable – wherever you are. www.likvido.se AC

PECUNIOSUS has developed the SaaS platform Market2Member that makes it easy for companies and organizations to offer advanced loyalty and cash back programs to their customers and members. www.market2member.se AC

SALESBOX CRM brings you the mobile CRM that takes only a few seconds to update. It is an intelli-gent and mobile CRM system for maximizing your sales. www.salesboxcrm.com AC

SELLPY makes it dead simple to get rid of stuff you don’t use anymore. Order a Sellpy bag online and fill it with anything you want. Sellpy gets you both more space and money, and ensures that your unused items come to use. www.sellpy.se AC

STRAWPAY uses bitcoin payment channels and payment protocol to create small, cheap and se-cure micro payments. The buyer and seller of the payments only risk one payment at the time. www.strawpay.com AC

3D BURRITO develops a 3D printing marketplace where people can buy and sell design models for 3D printers with a unique security solution to protect intellectual property rights. www.3dburrito.com AL

30MINMBA is a skill development service that offers sticky summaries of great business books for ambitious professionals who want to stay ahead. www.30minmba.com AL

APPRL offers a range of easy-to-use tools that help digital publishers and bloggers to monetize and online stores to sell more by increasing their reach. www.apprl.com AL

BARNEBYS is an easy to use and fast tool for searching objects on auction by the established auction houses around the world. www.barnebys.co.uk AL

BLICKO is the ultimate digital jukebox service for public playback at venues, as well as for collabora-tive music selection at the office or a private party. www.blicko.com AL

BUILDX is the first total solutions online exchange for building materials giving buyers access to a greater range of qualified providers, and suppliers access to new customers. www.buildx.se AL

CODARICA produces educational materials for children that teaches and introduces programming languages through exciting graphics and engaging storytelling. www.codarica.com AL

ICT

INTERNET/MEDIA

IN = STING INCUBATE

AC = STING ACCELERATE

AL = ALUMNI

= STING CAPITAL FINANCING

THE STING COMPANIES


COLLECTABLY is an online wall for organizing and sharing useful links that makes it easier to over-view, discuss and consolidate web content with others. www.collectably.com AL

COMPETENCER is a new way of providing online advisory services, such as coaching and therapy. It offers a complete solution – from marketing, booking and payment, to the actual meeting and follow up. www.competencer.com AL

CROWDING is the online platform where a new gen-eration of innovators develop solutions that help organizations to launch new products and services faster and better. www.crowding.se AL

DREAMS is a personal trainer that makes saving money easy, engaging and social. It’s a mobile bank service that turns general savings into specific dreams. www.getdreams.com AL

EDQU offers digital tests covering different school subjects that together with powerful analytical tools help students, teachers and school leaders to better understand and improve student results. www.edqu.se AL

FACIT.COM, a free and brand-independent guide for buying new cars, makes life easier for all new car buyers. www.facit.com AL

GEVEO develops the web-to-print solution Control-print, which helps companies to use their brands in the correct way by converting graphic profiles into user-friendly templates. www.geveo.se AL

GRO PLAY makes edutainment games and content to encourage children to learn about social and sustainability issues in an entertaining and inspiring way. www.groplay.com AL

IDOC24 provides a mobile medical information ser-vice providing 24-hour medical advice on mobile devices – whenever and wherever you need it. www.iDoc24.se AL

JOIN THE CONVERSATION is a podcast company that has developed Wave, Birdie and Digger – new ways to listen to, record, and share interviews and stories. www.wavepodcasts.com AL

LIVEGUIDE is a free digital service and guide to live broadcasting. Explore, discover and stay up to date with what’s on in the world right now. www.liveguide.info AL

MATHLEAKS offers comprehensive and pedagogical solutions in a mobile app to selected math books used in Swedish high schools. www.mathleaks.se AL

MONDIDO is a smart payment solution that offers a simple and fast way to start accepting payments on webpages and in mobile applications, and smart features that help to increase and analyze sales. www.mondido.com AL

PEERIALISM develops global file storage and video streaming technologies that scale with the explosive growth of data on the Internet and in corporate networks. The company was acquired by MPS Broadband in 2012. www.mpsbroadband.com, www.peerialism.se AL

PEPPY PALS is a mobile game studio that makes fun games for kids with a focus on emotional in-telligence (EQ). The apps encourage collaboration, empathy, feelings and help to prevent bullying. www.peppypals.com AL

PICAY helps you automatically share photos in a controlled group over a specific time period. Picay is as useful for concerts and gatherings, as for a company’s internal communication or professional events. www.picay.com AL

POPPERMOST PRODUCTIONS develops SNOW, the first free-to-play, open-world, skiing and snow-boarding game. www.snowthegame.com AL

PRETTYPEGS manufactures and sells uniquely designed furniture legs for IKEA sofas, beds and benches. www.prettypegs.com AL

QASA is an online platform for sublets that offers a safe, hassle-free and personal experience to landlords and tenants alike. www.qasa.se AL

RELATION DESK is a social media, CRM and analytics tool to help companies build great rela-tionships with their customers. www.relationdesk.com AL

RÊVE is a product recognition platform that connects people with the products they love. Rêve allows consumers to recognize, connect and inter-act with products via digital means, regardless of the environment in which they see them (digital or physical stores). www.reveapp.com AL

REVRISE’s product Form Analytics effectively meas-ures web form performance, maximizes conversion rates and creates an optimal user experience. www.revrise.com AL

SELFIEJOBS makes it easy and fun to post and apply for jobs within the service sector. The main appeal is a swipe-to-like regime, short video pitch-es and matching with the same simplicity as seen in recent dating engines. www.selfiejobs.net AL

SMARTBEAR SOFTWARE’s (formerly Eviware) Sou-pUI is the world’s most widely used program for the design, development and testing of web servic-es. SoapUI enhances quality and cuts the cost of web service projects by 20 percent. The company was acquired by Smartbear in 2011. www.eviware.com AL

SPONTANO is a digital guide to show you the best events Stockholm has to offer in the coming 48 hours, and lets you buy tickets with just two taps. www.spontano.se AL

STDIOTOGO is a tool that helps you to easily create stylish, interesting and engaging videos. Without prior knowledge, you can publish viral content with just a few clicks. www.stdiotogo.se AL

SUDIO is a lifestyle brand that designs, develops and sells elegant earphones. www.sudio.se AL

SUPPORTKNAPPEN offers individuals and business-es technical on-demand IT-support for all systems, solutions and configurations available on the market. www.supportknappen.se AL

UXVIBE develops a platform and service for han-dling tournaments in skill-based app games. www.uxvibe.com AL

VIDEOPLAZA develops an online video-based advertising system for new, interactive advertising formats that make the best use of the opportuni-ties offered by web-TV. Videoplaza was acquired by Ooyala in 2014. www.videoplaza.com AL

VIRTUELL MEDIA runs social internet sites focusing on home construction, providing its customers unique web-based 2D/3D drawing tools through its software MySketch. www.virtuellmedia.se AL

WAITRESS is a mobile ordering and payment service for restaurant lovers. Check out the menu from home or at the dining table, send your order directly to the kitchen, and pay with a click when you are ready to go. www.waitress.com AL

WUSSAP’s crowd-browsing tool takes online inter-action to a new level, offering a “social surfing” service that allows users to surf the web together, in a surf train, and/or interact with others visiting the same websites. www.surftrain.com AL

YUBICO provides a new technology for quick, easy, and secure login to websites and networks. Using a USB key and open protocols for identification, the same identity can be used to access an unlimited number of online services.www.yubico.com AL

BIOINCENDIA develops a small-scale, bio waste incineration device for use in medical labs and similar facilities, that helps avoid or reduce medical waste transportation to disposal sites and reduce risks associated with handing. www.bioincendia.se IN

COLLABODOC has introduced a proprietary process tool, the Light ER concept, which substantially in-creases the primary care availability and efficiency, and has doubled the physicians’ patient time and reduced waiting times. www.collabodoc.se IN

IBSFRI provides services and products related to the treatment of IBS. The company is run by registered dieticians specialized in treatment of IBS, and aims ease the life of the 15 – 20% of the population affected by the disease. www.ibsfri.com IN

NEOSENSE supplies intensive care units for critical-ly ill patients with continuous monitoring systems for improved control and safety. www.neosen.se IN

VISUECARE is a new cloud service that aims to ensure a good quality of care and security for resi-dents and relatives in elderly care. The application is also a working tool for the staff and support staff to work more efficiently. www.visuecare.com IN

ANTRAD MEDICAL offers blood banks around the world the possibility to thaw blood plasma in just five minutes, a procedure that normally takes 20-40 minutes. www.antrad.se •AL

BIOSERVO TECHNOLOGIES develops muscle ampli-fication systems. Its first product is a glove that strengthens one’s grip. The glove gives elderly their hand-strength back, lets younger people work longer and craftsmen lift heavier loads. www.bioservo.com •AL

BRIGHTER develops tools that improve the situation and everyday lives of individuals with a medical condition. www.brighter.se AL

LIFE SCIENCE

IN = STING INCUBATE


AL = ALUMNI


THE STING COMPANIES


XXX

During 2014, Competencer iterated from idea, via an MVP and user testing to a beta with paying customers. We’re now looking forward to a commercial launch and new exciting opportunities. Janna Jarlman, Tove Toll and Solen Oliviéro-Naturel (on laptop), Competencer


XXX

We completed a technical verification of the Expektra platform for automated power trading in consumer flexibility in cooperation with the Swedish Energy Agency, Svenska Kraftnät and Vattenfall, among others, and launched our prediction service for a pilot customer. Niclas Ehn, Per Åslund and Gustav Bergman, Expektra


CATHPRINT offers a new technology for the design and manufacturing of catheters that makes it possible to produce more advanced catheters at a significantly lower cost. www.cathprint.se •AL

CHUNDSELL MEDICALS develops a diagnostic test, PCPT, that provides the opportunity to choose the treatment of prostate cancer at an early stage, tailored to the pathology of the tumor. www.chundsell.com AL

CYBERGENE develops and sells products for genetic diagnosis that require significantly less resources than current products and can shorten the time needed for diagnosis from weeks to just a few days. www.cybergene.com •AL

ENCARE offers products to improve the care for surgery patients, reducing the number of compli-cations by half and limiting recovery time to an average of three days. www.encaregroup.com •AL

LIQUID BIOPSY sets a new standard for marker-in-dependent processing technology for cell samples for medical diagnosis and research, providing better sample quality by removing unwanted cells and impurities. www.liquid-biopsy.se AL

OBSTECARE provides medical solutions for improv-ing delivery care by supplying reliable services and products, facilitating efficient care in maternity wards. www.obstecare.com •AL

SENSEGRAPHICS provides software for developing multi-sensory and haptic applications. www.sensegraphics.com AL

SINGLE TECHNOLIGIES develops a technology concept that enables high-resolution 3D videos of molecules, living cells and tissue, and has the potential to lead major advancements in the static imaging techniques used today. www.singletechnologies.com AL

SYMCEL develops a new generation of scientific instruments to make faster analysis possible for the life science industry. Its product reduces project time by allowing key prioritizations early on in the process. www.symcel.se AL

MODUEL is a form-protected and patent-pending modular extension cord and socket system that allow individuals to create a flexible, safe, lawful and smart solution for grid connection of electrical appliances. www.moduel.se IN

WORLDFAVOR develops a digital platform solution that helps companies move toward sustainable business practices, publicize their sustainability efforts and listen to its stakeholders. www.worldfavor.com IN

CORTUS ENERGY develops and commercializes new and cost-efficient technologies for the gasification of biomass under the brand WoodRoll®. The process results in a very high-quality synthesis. Listed on First North in 2013. www.cortus.se •AL

EXPEKTRA provides solutions for more efficient energy systems and brings real-time intelligence to new areas, from human decision-makers to automated Smart Grid applications. www.expektra.com AL

FLEXICLEAN, a new filter container for purifying storm water, improves and simplifies the examina-tion and maintenance of storm water drains and can be adjusted to suit purification needs in any setting. www.flexiclean.eu AL

HELIOCAMINUS develops an aesthetically designed solar collector, which effectively harnesses and converts sunlight into usable heat for buildings and blends into the design of virtually any roof. www.heliocaminus.se AL

HINATION offers portable energy from a combined light source and charger that runs on 100% solar power. HiNation’s solar cell lamp features bright light, efficient charging, and a robust, user-friendly design. www.hination.se AL

IGNITIA produces unique weather forecasts and climate data for the tropics, helping farmers to protect their crops and prepare for severe weather such as heavy rain fall. www.ignitia.se AL

MANTEX develops a technology and products that optimize raw-material consumption through accu-rate detection of the composition of biomaterial, enabling more efficient industrial processes. www.mantex.se •AL

MIDSUMMER develops new methods for manufac-turing thin film solar cells at radically reduced costs. www.midsummer.se •AL

MYFC develops high performance fuel cell chargers and low cost fuel cell components for portable electronics from cell phones to laptops, efficiently extending battery life away from the grid. Listed on First North in 2014. www.myfc.se •AL

NANOCONTROL has developed a patented and unique method for cleaning air. AL

OPTISTRING develops a novel inverter technology for grid connected photovoltaic installations, improving utilization of solar panels and profitability of system installations. www.optistring.com AL

PLAGAZI develops a new method for extracting biofuel from waste materials and provides the industry with more efficient energy recovery and creates hydrogen gas for fuel cell-based transpor-tation systems. www.plagazi.com AL

REHACT develops a unique system that provides a building with low tempered heating, cooling and ventilation, significantly reducing the need for external energy. www.rehact.com AL

SEEC solves heating and cooling needs of proper-ties. SEEC’s patented and unique energy system reduces energy consumption by up to 80%. www.seec.se •AL

SOLARUS manufactures the next generation cost-effective solar power technology for large-scale users. Its solar panel solutions generate either electricity, heat, or both (hybrid solar collector). www.solarus.se •AL

SOLELIA GREENTECH lends and sells solar-powered charging stations so that organizations can provide charging of electric and hybrid cars with clean, fossil-free solar electricity. www.soleliagreentech.com AL

SVENSKA AEROGEL develops and manufactures unique, environmentally friendly and significantly more cost-effective aerogel material than currently available, for a range of industrial applications. www.aerogel.se AL

WATTY develops the first energy data analytics tool that can automate the energy efficiency process in buildings. www.getwatty.com AL

EXMET develops technology for additive manu-facturing (aka. 3D printing) of components of amorphous and nanocrystalline metal alloys. www.exmet.se IN

MERCENE LABS develops and sells products based on a smart polymer platform that combines the performance of engineering plastics with direct bonding to a multitude of materials. www.mercenelabs.com AL

BERRIES BY ASTRID develops a unique beverage vending machine for healthy drinks, for use in locations with lots of people such as malls and airports. www.berriesbyastrid.com AL

DIAMORPH develops advanced ceramic materials for tough industrial applications. www.diamorph.com AL

OREXPLORE develops portable, easy-to-use equip-ment for analyzing the composition of non-organic materials, primarily minerals. www.orexplore.com AL

PCT-SYSTEMS develops, manufactures and sells equipment that quickly and efficiently clean all types of pipes and channels. www.pctsystems.com AL

PLASMATRIX develops vibration-dampening surface coatings for use in primarily mechanical industries, providing enhanced precision, a better surface finish, longer product life and lower production costs. www.plasmatrix-materials.com •AL

SCINT-X develops and sells cutting-edge scintillator components that enable digital X-ray detection systems with unprecedented levels of resolution and contrast. www.scint-x.com •AL

PEEPOOPLE develops, produces and distributes the disposable Peepoo sanitation solution. The mis-sion of Peepoople is to provide universal access to dignified and hygienic sanitation. www.peepoople.com •

SMART ENERGY

OTHER

ADDITIONAL PORTFOLIO COMPANIES STING CAPITAL

IN = STING INCUBATE


AL = ALUMNI


THE STING COMPANIES

XXX


The STING team – your sounding boardSTING has coached 150+ startups over more than 10 years, which has given us extensive experience in turning startups into international companies. Our business coaches are entrepreneurs themselves and have started and built many ventures. They also have experience from leading roles at technology companies, as well as from the venture capital industry. They are excellent teachers and have the ability to inspire and drive your startup’s development so that no competitor gets the chance to run faster than you. As a STING company, you can expect a strong commitment and close support from our whole team.

Top row from left: Martin Gemvik, Gisela Sitbon, Magnus Rehn, Maria Nilsson, Raoul Stubbe. Middle row: Fredrik Rosengren, Peo Nilsson, Sara Mattsson, Jill Lindström.Front row: Madeleine Harju, Olof Berglund, Pär Hedberg, Ivar Strömberg.


PÄR HEDBERG CEO & Business Coach ICT

Has worked with developing com-pletely new technology companies since 1998. Has conducted “rescue missions” for companies in need and reconstructions, as well as building companies in other coun-tries. STING’s founder.

OLOF BERGLUND Business Coach Medtech

Has during 20 years worked in the pharmaceutical and medtech industries. Has worked with start-ups, as well as major multinational corporations, and been involved in many product launches. Joined STING in 2008.

MARTIN GEMVIK Investment Manager STING Capital

A thorough background in the pri-vate equity industry, for example as Investment Manager and a number of board positions in listed, as well as unlisted, companies. Joined STING in 2007.

KARIN GUSTAFSSON Life Science Coordinator

Research background with a PhD in immunology/cancer research from Gothenburg University. During her postdoc at KTH, she worked cross disciplinary with clinical imple-mentation of technical innovations. Joined STING in 2014.

JILL LINDSTRÖM Director of Marketing and Communications

Previously worked in marketing at Georgetown University in Washing-ton, DC, where she lived for many years. Has held various positions within communications, e.g. at KTH. Joined STING in 2011.

SARA MATTSSON Community Manager

Previously lived in Perth and Mel-bourne, Australia. Has a background in communications, PR and jour-nalism from the fashion and music industry, as well as experience from retail and franchise. Joined STING in 2013.

MARIA NILSSON Manager STING Business Angels & STING Search for Talent

Various positions within communica-tions and network building in the pri-

vate equity industry. Prior experience includes five years at Industri Kapital (today IK Investment Partners). Joined STING in 2008.

PEO NILSSON Business Coach Internet/Media

Has worked in Internet/media for 18 years, starting and building compa-nies. Latest startup: Booli.se. Broad experience in fundraising, from private investors and VC firms. Has also worked in the VC business, e.g. at CapMan. Joined STING in 2011.

RAMAN RAMALINGAM Tech Talent Officer

Has a core tech (software engi-neering) academic and practical background. Has experience in content marketing and white board animation video production. Also works as a recruiter at Diversity Group. Joined STING in 2014.

MAGNUS REHN Business Coach Cleantech

Former co-founder/CEO of TagMas-ter. Extensive experience as CEO, typically worked with international marketing and development. Joined STING in 2007.

FREDRIK ROSENGREN Business Coach Internet/Media

Founded Contur Software, an IT company within life science operating in Europe, USA and Asia. In 2011, the company was sold to Accelrys, now part of Dassault Sys-tèmes. Currently active in a number of IT companies. Joined STING in 2014.

GISELA SITBON Business Coach Medtech

25 years’ experience as CEO and from leading roles within strategic planning, business development and pharmaceutical research in small and medium-sized companies within the life science sector. Joined STING in 2012.

RAOUL STUBBE Business Coach ICT

Started Proximion Fiber Optics in 1998 and as CEO, and later as CTO, participated in building a VC financed export company. Worked earlier at the research institute ACREO on tasks from Swedish industry. Holds a PhD in physics.Joined STING in 2005.

ANGELA G. STRÖMBERG Assistant and Event Coordinator

Various positions within admin-istration and communication as assistant within real estate, high technology, telecom and gameing. Joined STING in 2009.

IVAR STRÖMBERG Business Coach ICT & Internet/Media

Background spanning from startups to co-founder and CEO of Tele1/Song Networks with over 1,000 employees in four countries. Has also worked for a private equity firm. Joined STING in 2010.

STING is a non-profit organization owned by the Electrum Foundation. The foundation is backed by the City of Stockholm, Ericsson and the Royal Institute of Technology (KTH), as well as research institutes and industry and real estate owners in Kista. STING is both publicly and privately funded.

BOARD MEMBERS, ELECTRUM FOUNDATIONUlf Wahlberg, chairman (Ericsson)Karin Wanngård, vice chairman (City of Stockholm)Peter Gudmundson (KTH)Hans Hentzell (Swedish ICT) Anders Nylander (Nylander & Co)Johan Rittner (IBM)Torbjörn Rosdahl (Stockholm County Council)

CO-OPTED BOARD MEMBERSUno Fors (Stockholm University)Pär Hedberg (STING)Jens Zander (KTH)Olle Zetterberg (Stockholm Business Region)

BOARD MEMBERS, STOCKHOLM INNOVATION & GROWTH ABOlle Zetterberg, chairman (Stockholm Business Region)Thomas Andersson (Electrum Foundation) Love Ekenberg (Stockholm University)Lisa Ericsson (KTH Innovation) Pär Hedberg (STING)

PARTNERSTHE TEAM

ORGANIZATION

MAIN PARTNERS

RESOURCE PROVIDERS

INDUSTRY & RESEARCH PARTNERS

ENTREPRENEURIAL PARTNERS

Knowledge & Innovation Community

EIT ICT Labs

DESIG

N: P

RO

VINS A

B P

HO

TOG

RA

PH

Y: LENA

KATA

RIN

A JO

HA

NSSO

N, A

NN

A M

OLA

ND

ER.

www.stockholminnovation.com

annual report 2014 - sting.costing.co/wp-content/uploads/2014/03/sting_arsrapport_2014_vers4... ·...

Documents