Month: November 2025

My favorite podcast for the last few months has been 20VC’s weekly news podcast with Rory O’Driscoll (Scale), Jason Lemkin (SaaStr) and Harry Stebbings (20VC). It is a nerdy and venture-focused take on startup and tech news. In a great ensemble the star of the show is Rory, who in my mind provides the best tech news commentary anywhere at this point.

Sifted yesterday reported that the funding of Swedish AI companies so far in 2025 have been €454 million compared to €124 million in 2024.

Of that €445 million has been raised by Lovable and Legora if I read the article correctly. Something looks to be wrong with the data, as that would mean that only €9 million would have been raised by other companies (which is plainly wrong).

However, directionally it seems right. Large amounts of venture/growth capital go into a few breakout startups, like Lovable and Legora, and drown out the steady-state investment level into a range of startups.

So often when a country sees a lot more capital being invested it is not about the country, but about a few specific startups becoming breakout companies.

Spotify reported Q3’25 results yesterday, and while it to some extent was more of the same, it is an impressive read. Passing 700 million monthly active users, closing in on 300 million subscribers (reached 281 million at the end of Q3) and having a 13.6 % operating margin on €4.3 billion in quarterly revenue.

While Spotify is a public company with a $130 billion valuation, startups should be inspired by their investor deck.

• Spotify manages to make it focused and also consistent from quarter-to-quarter
• It highlights key metrics across usage, revenue, margins, and cash.
• Metrics are compared both to guidance (or budget in a startup setting), over time (5 quarters making it possible to compare Q3’25 to Q3’24 and understand year-over-year development), and for some metrics per geography.
• Margins and revenue are split between the Premium and Advertising segments, which are quite different
• Comments on each slide make it easier to understand the drivers of metrics
• Highlights of product and platform releases

Regardless of doing internal, board or investor reporting it is good to have: Focus on key metrics, consistency in reporting to allow comparability, splitting of data to allow deeper analysis, and highlighting impact of product work.

Running a startup is not easy, and it doesn’t get mentally easier when one sees peers and competitors fundraising at high valuations or growing ARR (if not revenue) faster than what seems possible.

This is not new, and my way to think about it (which I might have told some people from time to time) is:

“You see your own startup in the mirror, and all other startups through their press releases (or LinkedIn posts). Compare the difference between what you see in your mirror and what you write in your own press releases, and assume everyone else is doing the same.”

Therefore it is safe to assume that there’s a difference between the public picture a successful startup paints, and what is going on inside of it. Some real problems are likely left out what’s being highlighted, regardless how well it is supposedly going. So regardless of other people’s headlines, the best thing to do is usually to keep on building, selling and recruiting.

AI legal tech company Legora has raised $150 million at a $1.8 billion valuation Series C. The round was led by Bessemer Venture Partners.

Legora has 400+ law firms and in-house legal teams as customers across in markets.

Legora has offices in Stockholm, London, New York, Denver and Sydney and employes almost 200 people. The plan is to double in size (to almost 400 people, I’d assume) and establish more offices around the world.

Extremely impressive development since I saw CEO and co-founder Max Junestrand present the company at SSE Ventures demo day in August 2023.