The Lund (Ideon Science Park)-based logistics technology company, Sib Solutions, has once again gained the trust of trucking giant Scania, which participated in a share issue aimed at funding continued growth. The goal is to break even this year.
Sib Solutions develops systems for logistics monitoring. The system combines software and hardware, utilizing intelligent video to monitor goods during warehouse handling and issuing alerts if mishandling occurs. The company now has customers in eight countries across Europe, the USA, and the UK subscribing to the service. However, Sib Solutions is currently operating at a loss, with a deficit of approximately 40 million SEK in 2023.
In August 2022, Sib Solutions told Rapidus that a stock market listing was expected within a year. While this has not happened, venture capital has continued to flow in, largely due to Scania’s venture capital fund, Scania Growth Capital.
“We’ve experienced solid growth and have invested significant amounts in growth, marketing, and product development—roughly the same amount in 2022 as in 2023. Last fall, we conducted a two-step share issue to finance continued growth. The goal is to break even this year,” says Stefan Borg, CEO and co-founder of Sib Solutions.
Borg describes the share issue as a “significant amount” but declined to disclose the exact figure. According to the Swedish Companies Registration Office, the share issue amounted to 10.2 million SEK, which was added to an earlier capital raise of 2 million SEK in the spring.
“I can share that within 12 to 18 months from now after we’ve reached profitability, we’ll likely raise additional capital to grow even further,” Borg adds.
Collaboration and Global Presence
Sib Solutions collaborates with Axis, which provides video solutions, and IBM, which delivers cloud services. In addition to its headquarters in Lund, the company has staff in the USA and the UK, bringing the total number of employees to about 20.
No Direct Competition
Borg notes that the company has yet to encounter direct competition.
“We haven’t lost a single bid to competitors so far. The market is large, so there may be others offering similar services, but we haven’t come across them. We still feel unique in our segment—warehouse management.”
Key Investors
The latest share issue included existing investors, such as Scania, through its billion-SEK fund Scania Growth Capital II.
This article is translated from Rapidus’ news article about SiB-solutions.
