Malmö’s startup scene is thriving and it’s not left unnoticed: The accelerator program Fast Track Malmö not only attracts entrepreneurs from Sweden but from all over Europe.
Malmö’s vibrant startup scene provides fruitful ground for startups to develop; the small city is home to 171 nationalities and has one of the most diverse tech scenes in Europe.
In February, eight new startups joined Fast Track Malmö and the local startup community. They were hand-picked out of 550 applicants from all over the world and are growing their companies during the 4-month accelerator program. The program includes a $50k investment each, topped with weekly workshops, investor meetings and mentorship sessions.
Taking a look behind the scenes
Some of the startups left their base and moved to Malmö to take part within the accelerator program. The startups that joined include startups from Sweden, UK, Romania, Latvia, and France.
Digitail – the startup digitizing the veterinarian healthcare industry
The Digitail team started their company 2018 in Romania. They made the move to Skåne to boost their business and tap into the Swedish market:
“We have two goals at the moment. Firstly, We want to improve our internal structure – once you start hiring more people it’s crucial to have certain processes in place inside your company. Secondly, we want to build a client base here in Sweden. We’re reaching about one hundred customers in four markets, but the majority of clients is in Romania”
How do you experience Malmö so far?
“You have tons of nationalities in the city, there is lots of events and the mentality here is really proactive, pro sustainability, long term – it makes you feel like if you build something here you build it to last and to have a good impact.”
Grace Health – developing an AI backed women’s health clinic
The Stockholm-based femtech startup and impact startup Grace Health aims to developing scalable health services to women in emerging markets.
What is Grace Health aiming to accomplish?
“We want to make sure that women all over the world have enough information and understand their own bodies to make informed decisions about their lives. We firstly targeting the 1.9 bn women in low and middle income countries that have their own mobile phone and are combining business potential with smart products and services to give millions of women the feeling of being what they are, normal.”
Neurolabs – stock optimisation for retailers by leveraging the latest AI algorithm
The startup Neurolabs has offices in both London and Cluj-Napoca, Romania. They are developing a machine vision system designed for the retail sector which they will be testing via pilot projects at supermarkets. Specifically, their system will be able to recognise every single item in the store via cameras, with a wide range of applications such as cashier-less checkout experience or real-time monitoring of the shelves inside the store.
What would be your advice to others developing their idea?
“Choose your environment carefully. There’s a super small chance you’ll achieve much without being part of a thriving, emergent environment. I believe a game-changer for us was our moving to Malmo to be part of the FTMO accelerator. Here we’ve found a great environment to exchange and originate ideas. Add to that the other startups taking part in the programme, their enthusiasm and know-how, and you have a great recipe for success!”
Eversend – the one-stop digital banking alternative
With the vision of becoming Africa’s first neo-bank, Eversend aims to increase financial inclusion and efficiency. With this, the African continent can spend $7 billion that it currently loses in money transfer fees on what actually matters. After their App went live on Android recently, they are focusing on customer acquisition and fundraising now.
What was the most valuable advice you were given since you started your company?
“Most valuable advice was to show, not tell. Let the traction we have speak for itself.”
Want to get to know Malmö’s startup community?
Malmö’s startup scene is vibrant and there are many opportunities to get to know entrepreneurs and community members from the region. Twice a year, the grassroots organisation Malmö Startups organizes Startup Live!, Southern Sweden’s largest startup community event. Startup founders are on stage, sharing their experiences on a variety of topics such as finding product-market fit, building and scaling a team and raising investment.