BLING Capital Portfolio

Simulair has closed its 20 MSEK round, with a 330 KSEK follow-on investment from Bling Capital. During the autumn, the team developed a new, more scalable version of the machine, and eight units of this new version have now been delivered to customers. The new machines are significantly more technically stable than earlier versions, resulting in a stronger and more robust overall customer offering.

The team is still working through issues related to one critical component, which remains the main near-term operational focus. Once resolved, the next steps are further deliveries, CE testing, and continued scale-up. In January, Simulair delivered four machines to Slättö and issued its largest invoice to date, exceeding 200 KSEK.

Commercial momentum remains positive, with solid inbound lead flow and several pilot discussions underway with larger hotel chains. In parallel, the company is recruiting across production, software, and customer success, with particular priority on a strong production lead who can help scale the business toward 1,000 machines within two years.

Remos has won two new customers so far in 2026 at a total value of ~€120k. While still behind its sales target, the pipeline includes several high-quality opportunities where timelines have been delayed due to current market and geopolitical conditions in regions such as Saudi Arabia, Cyprus, and Tanzania.

The company also recently supported a customer on SpaceX’s Transporter-16 mission - a strong proof point of its capability in mission-critical space operations. In parallel, there is increasing inbound interest from later-stage VCs looking to engage with the team.

Product development continues to progress well, with ongoing improvements to customer-facing software and overall product quality. Financially, there are no major near-term risks, with runway at ~14 months. The team has also submitted grant applications to Vinnova and SNSA, which could unlock additional non-dilutive funding.

Done reached monthly profitability in December (+250 KSEK EBIT) and remained more profitable in January–February despite seasonally lower volumes. Gross profit continues to improve, with the business showing stronger underlying unit economics and a clearer path toward sustained profitability.

Operationally, Q4 focused on launching and scaling partnerships including Tesla and E.ON, with additional logos such as KG Knutsson, Wattif, and ChargeAmps progressing. The Tesla partnership continues to perform well with strong margins and engagement, although short-term installation volumes are expected to slow as Tesla temporarily pauses deployments due to issues with charging boxes. Installations are expected to resume once the situation is resolved.

The company has started early VC discussions and is evaluating two fundraising tracks: a smaller 15 MSEK round or a larger 60 MSEK round with a potential tier-one lead. The objective is to accelerate platform growth while continuing to build traction with additional platform customers. Team-wise, Malin is expected to go on parental leave later in the year, with interim leadership planning underway.

Estrid reported February net revenue of ~SEK 55m and EBITDA of ~SEK 10m (17%), bringing YTD to ~SEK 110m net revenue and ~SEK 19m EBITDA, compared to ~-0.4m EBITDA in the same period last year. Revenue is down ~13% YoY by design, reflecting a deliberate shift toward profitability and improved unit economics.

Profitability improvements are driven by higher marketing efficiency and lower operating expenses, with Gross Margin III increasing to ~31% and Opex down ~SEK 7.5m year-to-date. Subscriber trends remain stable, with low churn and softer intake due to disciplined acquisition spend.

Cash at month-end was ~SEK 65m, with negative cash flow driven by planned inventory build ahead of high season. The UK continues to grow, primarily B2B-driven, while Germany is shifting toward B2B as DTC spend remains constrained.

Hypertype officially kicked off its fundraising process in February and has since begun meeting with VCs, receiving good early feedback. The company is targeting a $2.3m priced round. A signed LOI is already in place with Supermarket VC for a $500k minimum SPV.

In the recent weeks the company won the Pitch 2026 at Åre Business Forum, with strong competitors.

On the commercial side, Hypertype launched Steelwrist’s global rollout in early March, covering 19 countries and 60 aftermarket specialists. The launch has started well, with encouraging early feedback and usage trends pointing in the right direction as product improvements continue to drive retention.

Almi has approved a SEK 1 MSEK loan, extending runway to June while fundraising continues. In parallel, the team is building its US pipeline following Connexpo in Las Vegas, where Beatrice generated strong leads for further expansion.

Arkyv has just closed a convertible round of more than SEK 5m with a strong investor base including PSV, Antler, Wave Ventures, Tiny, and relevant angels. In connection with the round, we are also completing a SEK 500k secondary sale at a SEK 37.5m valuation.

This means a 7.5x return on the initial investment after roughly nine months, while still maintaining exposure to the company’s continued upside.

Allbry’s ARR for 2026 is 6-6.5 MSEK, with around 80 percent expected to materialize, corresponding to a revenue base of 5.2 MSEK. Sales this quarter amount to 2 MSEK (not fully periodized), and the company assesses that it is on track toward its target of reaching 10 MSEK ARR by 2027.

Burn rate is 650-700 KSEK per month, primarily driven by increased staffing as Allbry builds out medical student health capabilities (nurse, doctor, psychologist) to qualify for upcoming procurements. The current ARR level also supports the terms of the convertibles with Utfallsfonden, enabling partial conversion at a 36 MSEK valuation.

Commercial activity remains strong, with continued pipeline development and ongoing dialogue with municipalities and independent schools. With the current trajectory, Allbry expects a high likelihood of reaching 10 MSEK ARR ahead of 2027, which would extend runway and position the company to begin participating in medical student health procurements.

Now reached 240 customers with 10 MSEK ARR. Last months have been heavily focused internally on the product side.

On the product side, the platform has expanded with LinkedIn outreach supported by advanced conditional logic, a HubSpot integration, and Nordic company data - enabling coverage across the full Nordic market and supporting sales efforts toward larger companies.

In two weeks, Leedflow will launch its new data product, which has been requested by many customers and marks the beginning of the company’s shift toward becoming a more focused data platform. In parallel, the team has started building the data foundation for Neu (disruptive lead platform) and plans to push hard on its development during Q2.

Following the initial 1 MSEK pilot, DFRNT has now signed a new 2,5 MSEK deal with Re-Munch. The contract is focused on replacing a single mission-critical spreadsheet, validating that large enterprise customers are willing to pay premium pricing for a better solution.

This is an important signal that the product can win high-value, narrow use cases inside category-leading insurance and enterprise environments, even when starting with just one critical workflow.

In parallel, the team is continuing to recruit and is preparing for an upcoming round of around 30 MSEK.

Ecobloom signed three new customers in March - Oksasen (Finland), Leaderbrand (New Zealand), and Bilinky/Spisa Group (Czech Republic) - all starting with pilots and clear expansion potential. Up-front revenue in 2026 now amounts to 1 MSEK, with MRR close to 100 KSEK and expected to increase by 60 KSEK/month as pilots convert. The pipeline remains active with 22 advanced discussions.

With new projects, client expansions, and a 120 KSEK grant from Jordbruksverket, revenue for the period is expected to reach 0,5-0,6 MSEK. Partnership traction continues, with NGS including Ecobloom in quotations for 10 new greenhouses and renewed discussions with Bonnie Plants around potential rollout across up to 80 facilities in North America.

Some projects in the GCC region remain paused due to geopolitical tensions, pushing expected revenue into summer. The team remains resource constrained on sales while focusing on the ongoing investment round. Gross burn is ~SEK 347k/month, and priorities ahead are closing the round, converting pilots, deepening partnerships, and building a sales organization.

Petli reached ~$12.1k MRR, up slightly from last month, with 2,227 total subscribers (+3%). Conversion improved to 12.5% from install to subscription, while churn increased to 26%, remaining the main constraint on MRR growth. The company is now fully subscription-driven following the end of the Agria licensing revenue.

User growth remains steady with 683 new users added during the month, and organic search traffic continues to trend upward. The team is focusing on improving retention through personalized notifications, new lifecycle email flows, and SEO optimizations aimed at increasing conversion from existing traffic.

The board has set a target of reaching $20k MRR by the end of Q2. Near-term focus is on reducing churn, improving trial conversion, and unlocking growth from existing user cohorts.

Gulf Picasso continued to show solid momentum through February, with revenue of SEK 139k in January and SEK 133k in February. Conversion improved meaningfully from 3.4% to 5.1%, while scale reached 1.4M registered users and 9.2M generated assets.

An important financing milestone is that the company has now been approved for 2,5 MSEK in Microsoft for Startups credits, provided by Adnan at Bling, which materially extends infrastructure runway.

On the product side, Gulf Picasso launched a multi-track beta video editor, AI Lipsync, and automated model selection to support retention and conversion. Strategically, the team is also exploring a Saudi expansion and has been accepted into the first stage of The Garage accelerator in Riyadh.

After Class is going through a team transition, with co-founder Maria Stewart leaving the company. At the same time, William has joined as CTO, and we feel increasingly positive about the team composition going forward.

Commercial traction has been lagging, but the company is now putting a new go-to-market strategy in place focused on municipalities and schools as a more scalable route to market. A team of interns will be brought in to support outreach and execution.

The company is also planning a smaller angel round to extend runway, with the ambition to raise a larger round in Q3-Q4 2026.

Liquidated

Bankruptcy

Favvos added no new paying customers in January, but commercial activity remains ongoing with 14 offers out, 1 demo booked, and discussions underway with 9 additional customers pending demo dates. With Erik leaving at the end of February, Åsa and the team are taking over his pipeline in Pipedrive.

Operationally, the company has onboarded a new B2B sales intern from Teknikhögskolan, while five additional interns have started working on product development and a new design for the platform. App development continues, and the team has also begun implementing AI to further improve workflow efficiency for customers.

On the financing side, dialogues are ongoing with several angel investors, including leads from the existing network and new contacts from TechArena, while Åsa is also meeting Spintop Ventures. The need for additional capital has become more acute, with parallel focus on accelerating revenue growth. One promising example is ongoing dialogue with the Biathlon Federation around a potential white-label solution, which could materially increase contract value.

The technical aspects are now considered validated at industrial scale, with a major industry player describing the product as likely the best clean-label vegan emulsifier on the market.

The next step is to work toward a first commercial contract. If Givaudan converts into a customer or broader partner, it could become meaningful given the volume requirements such players typically bring from day one, reinforcing the logic of building for scale and the need for the next financing round.

Encouragingly, discussions may also move beyond a traditional supplier relationship toward a more strategic partnership. A first formal touchpoint with Givaudan’s commercial team is now being initiated to align on expectations and explore the path forward.