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SACCNY’s InnovateNordics Summit - a first of its kind!
SACCNY | On November 9, SACCNY hosted its renowned InnovateNordics Pitch & Investor Summit, for the first time on Swedish turf, at EY Client Lounge in Stockholm. Masters of Ceremony were SACCNY President Anna Throne-Holst and Lisa Lindström, CXO of EMEIA and CEO of Doberman Nordics EY. 12 groundbreaking Clean- and Foodtech companies took the stage to pitch and compete for the prestigious SACCNY-Deloitte Green Award, and SACCNY-NYSERDA EIR Award. In addition to this, SACCNY was thrilled to host two important and inspiring panels. The first one, ”Putting Your Money Where Your Mouth is: Impact and ESG investing”, was moderated by Johan Jörgensen and featured panelists Ariella Rotstein Gille, Magnus Brandberg, Stefan Söderling, and Markus Berglund. The second panel, ”IPOs, OMX, NYSE - Who, Where & Why? - taking the pulse on the stock market in the post-Covid and ESG investing era”, was moderated by Lisa Lindström and featured panelists Lars Ingemarsson, Niclas Holmberg, and Andreas Dalhäll. SACCNY would like to sincerely thank its partners and sponsors for making this event possible; EY, Deloitte, the Swedish Energy Agency, Nasdaq, NYSERDA, Citi, Nordic-U.S. Food Summit & Consulate General of Sweden in New York. 
SACCNY | Congratulations to Mycorena for being awarded The 2021 SACCNY-Deloitte Green Award as part of the InnovateNordics Pitch & Investor Summit! The motivation from the Jury reads: "The 2021 SACCNY-Deloitte Green Award was presented to biotech company Mycorena for unlocking the potential of fungi through their groundbreaking vegan protein innovation, and supporting the Sustainable Development Goals by helping feed the world in a climate-smart way, along with a perceived high potential of success on the U.S. market."
SACCNY | Congratulations to Chromafora for being awarded The 2021 SACCNY-NYSERDA EIR Award as part of the InnovateNordics Pitch & Investor Summit! The motivation from the Jury reads: "The 2021 SACCNY-NYSERDA EIR Award was presented to Chromafora in recognition of their disruptive water purification technology with the potential for ensuring improved clean water access and environmental protection in the State of New York and beyond, and for their contribution to the Sustainable Development Goals through their unique and innovative technology, and high potential for success on the U.S. market."
Top news from SACCNY's community of members and beyond.
SACCNY | SACCNY is looking for Business Services Interns to join our team in New York for a 1-year internship starting January/February 2022. As a Business Services Intern your work will be focused on supporting both new and established Swedish businesses execute on their U.S. business and expansion strategies while identifying and leveraging synergies between startups, scaleups, large corporations, and non-profits. You will gain unparalleled insight into the U.S. market and business environment and Swedish-American professional relations while developing an invaluable network of Swedish and American business professionals on both the executive and entrepreneurial levels. 
SACCNY | SACCNY will be hosting a St. Lucia and Holiday celebration in New York at Gateway on Thursday, December 9th at 5 PM. Join us for an evening of Swedish smörgåsbord, glögg, music, networking, and more. RSVP by emailing irena.nilaj@saccny.org before December 3. We look forward to seeing you December 9th!

 
SACCNY | Due to the generosity of a retired teacher, the United Nations International School (UNIS) has an endowment for Swedish scholarships and is currently accepting applications for new students who will enter the school in September 2022.  The only requirements are that one parent was born in Sweden and that the family qualifies for total financial aid. The students themselves don't have to speak Swedish, have been born in Sweden, or hold a Swedish citizenship. Any parents who have questions about the scholarships or would like to apply, please contact John Nichols, the Director of Admissions at jnichols@unis.org, or (212) 584-3085.
SACC Arizona | The Swedish-American Chambers of Commerce (SACC) hosted its annual SACC Summit earlier this month in Phoenix, Arizona. The summit covered three important and timely topics; Connectivity, Mobility, and Workforce, with featured speakers such as Karin Olofsdotter, Sweden’s Ambassador in the U.S., Niklas Reinedahl, GM North America at Einride, Peter Linder, Head of 5G at Ericsson, and Magnus Björsne, CEO of AstraZeneca BioVentureHub.
REUTERS | LDS Investments is now looking to offer the right individual the opportunity to join the company as one of their first employees as a Senior Analyst. In this role you will work in close partnership with the CIO, be responsible for developing and putting in place robust financial models and structures on how the firm should conduct their research, and apply due diligence on various investment opportunities. Contact shir.kampeas@aggancio.com with any questions.
🇸🇪 DAGENSINDUSTRI | EQT, majority owner of Finnish-based food delivery company Wolt announced it's intent to sell its full holding to U.S.-listed Doordash. The entire deal is financed through the transfer shares valued at close to 70 billion SEK. EQT Ventures was the largest investor when Wolt raised capital as part of their a-round in 2016. In a blog post, EQT's Lars Jörnow states that the shares' value has grown 200 times
REUTERS | Swedish freight technology company Einride, which provides digital, electric, and autonomous shipping solutions, announced its transportation services are now live and running in the United States. In conjunction with the official launch, Einride has hired the world’s first remote truck driver, Einride Pod Operator, creating a completely new type of job. The company has signed an impressive and versatile list of partners in the U.S. including technical partners Ericsson and Siemens, and count Bridgestone and GE Appliances among their clients.
REUTERS | In a move to broaden its 5G portfolio, Swedish telecom company Ericsson agreed to buy U.S. cloud based communications firm Vonage in a $6.2 billion all-cash deal - one of the largest in Ericsson's history. The deal follows last year's $1.1 billion purchase of Cradlepoint granting access to tools enabling devices using the so-called Internet of Things access over 4G or 5G network. Vonage makes Application Programming Interface (API), which supports different softwares' ability to communicate with each other.
ON PAUSE | New York-based photographer Charlie Bennet and journalist Helena Gustavsson are pleased to announce the release of On Pause: Three Months that Changed New York, a new coffee table book featuring photos and interviews chronicling the Covid-19 shutdown of the city that never sleeps. The book is available at Barnes & Noble, Amazon, and independent bookstores this month.
 
PRNEWSWIRE | EQT agrees to buy healthcare-focused VC firm LSP for €450M
EQT announced the signing of an agreement to acquire LSP, a leading European life sciences venture capital firm, with approximately EUR 2.2 billion in assets under management and a team of 34 professionals. LSP will strengthen EQT's position as one of the leading and most active private markets investor in the healthcare sector. The upfront consideration amounts to EUR 450 million (on a cash- and debt-free basis).


🇸🇪 DAGENSINDUSTRI | New U.S. tax proposal may hit Swedish Match hard
The latest version of the proposed tax increase on the tobacco sector in the United States may hit tobacco-free nicotine products hard. "The latest version of the Democrats' budget proposal will leave the tobacco tax unchanged, while e-cigarettes, vape products, and tobacco-free nicotine portions will be subject to heavy taxes," writes Fox Business.

 
BUSINESS MEMBER | Koroid, a cloud-based, enterprise-level SaaS platform for data-driven logistics, resource management, and optimization in healthcare has recently joined the SACCNY membership network. The Koroid platform combines proprietary deployment tools and AI/ML-powered analytics, to ensure that the best patient care can happen when and where needed through smarter management and deployment of key resources, including staff and equipment. Founded in 2017 and based on coursework at Harvard Business School, current customers and partners include large academic healthcare systems in the US. 
LEARN MORE ABOUT KOROID
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More top picks for the Swedish-American business community.
🇸🇪 SVD | The Swedish Government and Public Health Authority recently announced that proof of vaccination can become mandatory for attending sports events, concerts, cinemas, and other public events with over 100 participants. For those who do not wish to instate mandatory proof of vaccination, specific rules will apply to make participants maintain distances. Discussions are also in progress to instate mandatory proof of vaccination for restaurants, while simultaneously re-instating previously existing restrictions.  It may for example become mandatory for restaurant guests to be seated, and thus prohibited from standing at the bar.
🇸🇪 SVD | Swedish executives often have a share of ownership in the companies they are part of. Out of that ownership men currently hold 99.3 percent, and women 0.7 percent. Men also hold 91 percent of the chairmanship with companies listed on the Nasdaq Stockholm exchange, and 74 percent of total board seats, according to a recent report presented by the Allbright Foundation. "What surprises me is the total lack of development when it comes to ownership. We see that women in positions of leadership are increasing but when it comes to ownership, things are standing completely still", says Maija Inkala, spokesperson for Allbright.
🇸🇪 DAGENSNYHETER | When the U.S. Department of Labor published inflation figures for October, they reflected a 6.2 percent spike compared to the same month last year and are the highest figures since the 1990s. In comparison, Sweden’s inflation rate grew by 3.1 percent for the same period. Even While certain underlying causes may apply only to the U.S., the rest of the world will feel its consequences. In the event the U.S. Federal Reserve is forced to fend off increasing inflation with significant increases in interest rates, U.S. growth will be slowed which in turn will slow down Swedish export. The interest rate increases alone will also be felt in Sweden. 
🇸🇪 DAGENSINDUSTRI | Storytel’s recent acquisition of American audiobook company Audiobooks.com for 1.2 MSEK is part of the company’s new strategy. ”This past year we have realized that we need to have a presence in markets where the audiobook is currently semi-big. Entering the U.S. market is certainly a step in that direction. With 300 MSEK in revenues, the acquired company’s sales equal 13 percent of Storytel’s total streaming revenues”, CEO Jonas Tellander says. Storytel’s stock advanced nearly 11 percent after the acquisition announcement. 
🇸🇪 DAGENSINDUSTRI | Klarna strikes its largest acquisition to date as Pricerunner is acquired for 9.2 billion SEK. The deal stops the price comparison service from completing its planned IPO. "We have an active acquisition strategy and are talking to hundreds, if not thousands, of different companies," says David Fock, product manager at Klarna. Klarna has in recent years acquired several companies that work with inspiration, discounts, and recommendations in e-commerce. The ambition is for the company's app to function as an all-inclusive shopping engine, with functions such as wish lists where they monitor price changes and discounts for consumers.
🇸🇪 DAGENSINDUSTRI | Microsoft recently opened its data centers in Gävle, Sandviken and Staffanstorp. ”Having our data center in Sweden is good for customers, but also for the planet”, says President Brad Smith in an interview with DI Digital. Smith has become the face of Microsoft’s integrity work in the U.S., and has on several occasions testified in Congress about the company’s values. ”You Nordic countries are asking the right questions about these things. Nordic governments are pushing tech companies to do more and raise the bar. It’s positive. We often say, even people in other countries, that if the world was run by the Nordic countries it would be better(...)”, Smith says.
BBC | After a week of drama, Magdalena Andersson's prime ministerial career is back on track, but Sweden's political soap opera is far from over. She will attempt to lead a one-party government until an election in September next year but still has to implement a budget put together by some of her right-wing rivals. Plus, she's got to govern a fragile minority without the formal support of the Greens, who've been a crucial coalition partner since 2014.

 
THE GUARDIAN | Climate-vulnerable countries call for help at COP26, forcing high emitters to act
Some of the countries most vulnerable to climate breakdown have called on the UN and the UK and other countries who want to lead the climate fight to help them ensure high emitters upgrade their carbon targets as called for at the Cop26 summit. They added that countries such as Australia, which has refused to embrace strong carbon-cutting targets, would lose out economically, but said it would be “an uphill battle” to ensure adequate revisions to national carbon targets, and that all those who wanted to see climate action must use the next year to put pressure on the governments that had inadequate plans.

NYTIMES | The treasury secretary says the U.S. will help raise $500 million for green bonds
Treasury Secretary Janet Yellen said recently during the United Nations Climate Conference that the United States would support a financing mechanism that aims to direct $500 million a year to move developing countries away from coal-based energy and toward wind, solar and other low- and zero-carbon energy sources. The bonds will be issued by the Climate Investment Funds, a multilateral fund based at the World Bank that invests money contributed by countries including the United States, Britain, and Japan.

NYTIMES | The travel industry takes crucial first step toward combating climate change
The travel industry has reached a turning point. As thousands of scientists, government officials and business leaders met in Glasgow over the past two weeks for the pivotal United Nations climate conference, hundreds of members of the trillion-dollar tourism industry came together and made the first commitment toward a shared road map to cut carbon emissions in half by 2030 and reach “net zero” by 2050. More than 300 travel companies, tourism boards and countries signed the Glasgow Declaration on Climate Action in Tourism - the first step for a shared road map to cut carbon emissions.
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