About Formica
Formica is a venture capital firm founded in 2018. It is primarily based out of Gothenburg, Sweden. As of Oct 2022, Formica has invested in 8 companies. It primarily invests in Series C round in Sweden based startups. Its investments are spread across a wide range of sectors from High Tech to FinTech and HealthTech. Most recently it participated in the $***** Series D round of Polarium Overall, Formica portfolio has seen 1 unicorn and 1 acquisition, namely Polarium and Cybercom Group. A lot of funds co-invest with Formica, with names like Alecta sharing a substantial percentage of its portfolio. Formica has team of 9 people including 7 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Locations
Rounds of Entry
Series A, Series C & 1 more
Portfolio Acquisitions
Portfolio Unicorns
Portfolio Soonicorns
Formica's List of Top Investments
Formica has a portfolio of 8 companies, one of which is a Unicorn. Their most notable investments include Devoted Health and Polarium.Their portfolio spans across Sweden, United States and Singapore. They have invested in High Tech, FinTech, HealthTech and 8 other sectors, across stages such as Series A, Series C and 1 more. Here is the list of top investments by Formica:Provider of healthcare insurance plans for individuals. It offers medicare plans and insurance benefits for various healthcare services with benefits and savings, including dental and over-the-counter benefits. It also offers plans for doctor visit, dental and vision protection, hospitals treatment coverage, and more. Also offers insurance comparison guide devoted to health.
Key facts about Devoted Health
2. Polarium
Manufacturer of lithium ion battery energy storage and management systems. These products provide reserve power, energy cost reduction, and grid stability for residential, commercial, industrial, and telecommunications applications. It offers energy storage and optimization platforms that help businesses convert electricity into measurable value. It delivers integrated hardware and software for real‑time monitoring, control, and data analytics of battery systems.
Key facts about Polarium
- Founded Year: 2015
- Location: Stockholm (Sweden)
- Annual Revenue: $100M - $500M as on Dec 31, 2024
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $274M
- Employee Count: 273 as on Aug 31, 2026
- Investors: Alecta, AMF and 7 Others
- Latest Funding Round: Series D, Oct 01, 2024, $*****
- Highlight: Editors' Pick
Key facts about Sierra Energy
- Founded Year: 2004
- Location: Sacramento (United States)
- Stage: Series A
- Total Funding till date: $33M
- Employee Count: 61 as on Sep 30, 2026
- Investors: BNP Paribas, Breakthrough Energy and 5 Others
- Latest Funding Round: Series A, Jul 29, 2019, $*****
Provider of a smart water recycling shower system. It offers a shower system that consists of a smart sensor that analyzes water, disposes of dirt particles to purify water using a micron and ultra-violet purifier. The purified water is reheated and circulated to the shower. Real-time usage and savings of water are communicated to a cloud network which can be analyzed through a mobile application. It also lets the user view individual shower details, energy savings, and filter status.
Key facts about Orbital Systems
- Founded Year: 2012
- Location: Malmo (Sweden)
- Annual Revenue: $1M - $10M as on Dec 31, 2019
- Stage: Series C
- Total Funding till date: $55.2M
- Employee Count: 57 as on Sep 30, 2026
- Investors: European Investment Bank, Vinnova and 27 Others
- Latest Funding Round: Grant (prize money), Sep 01, 2022, $*****
- Highlight: Editors' Pick
Swedish Algae Factory cultivates certain diatom species of algae which has unique traits of growing in low temperature and light condition & growing dense. It does the cultivation of its indigenous system which uses less surface and energy for cultivation. Post harvesting, the silica frustule of the algae is removed and used in various applications such as solar cells and thermal insulation. The remaining organic algae biomass is then separated into oil and nutrient-rich biomass portion. Oil can be used as a substitute for the palm oil or can be converted into a substitute for crude energy oil by a process called hydrothermal liquefaction. The nutrient biomass can be used in various businesses such as organic fertilizer manufacturing.
Key facts about Swedish Algae Factory
- Founded Year: 2014
- Location: Gothenburg (Sweden)
- Stage: Series A
- Total Funding till date: $397K
- Employee Count: 17 as on Aug 31, 2026
- Investors: Vinnova, Mindshift Capital and 11 Others
- Latest Funding Round: Series A, Mar 17, 2020, $*****
Formica's Year-on-Year Investment Trends
Formica has invested in 9 companies over the last 7 years, with an average of 0 new investment annually in the last 5 years. Its most recent first time investment was in Polarium.Formica's Investments by Stage
Formica has made 1 investment in Series A stage with an average round size of $33M, 1 investment in Series C stage with an average round size of $23M and 1 investment in Series D stage with an average round size of $84.6M.Stage of entry | No. of Investments |
|---|---|
Series A | 1 |
Series C | 1 |
Series D | 1 |
Note: We have considered here, only first round of investments
Formica's Investments by Sector
Formica has a diverse portfolio, with companies operating in the Energy Tech, Environment Tech, High Tech, Sustainability Tech and Energy. Notably, it has invested in 5 Tech companies, 3 Consumer (B2C) companies, 3 Enterprise (B2B) companies and at least 2 companies focusing on Tech hardware.Sector | No. of Investments |
|---|---|
Energy Tech | 2 |
Environment Tech | 2 |
High Tech | 2 |
Sustainability Tech | 2 |
Energy | 1 |
Others | 2 |
Note: We have considered here, only first round of investments
Formica's Investments by Geography
Formica has made most investments in Sweden (2), followed by United States where it has made 1 investment.Country | No. of Investments |
|---|---|
Sweden | 2 |
United States | 1 |
Note: We have considered here, only first round of investments
Formica's recent investments
Formica has not made any investment in 2026 so far.Here are the most recent investments by Formica:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Oct 18, 2022 | Sweden | Series D | 1280 | [+1] | |
Jan 25, 2022 | Sweden | Series C | 1597 | [+7] | |
Jul 29, 2019 | United States | Series A | 2389 | [+4] |
Unicorns in Formica's Portfolio
Formica has 1 unicorn in its portfolio - Polarium. The most recent unicorn in their portfolio is Polarium which became a unicorn in 2022.Here is a list of unicorns in Formica's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
62 | Manufacturer of lithium ion battery energy storage and management systems | 2015 | Stockholm | Series D | hsoagde |
Acquired companies in Formica's Portfolio
1 company from Formica's portfolio has been acquired. The most recent acquisition was Cybercom Group in Dec 2020 by Constellation Affiliated Partners for $*****.Here are Formica's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 29, 2020 | - | - | 3498 |
Team profile of Formica
Formica has a team of 9 members including 7 Partners and 1 Principal located in Sweden, India and 1 more location. Formica's team sits on the board of 1 company.Here is a list of all team members in Formica:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | India | |||
Partner | Stockholm | - | - | |
Partner | Gothenburg | - | - | |
Partner | Gothenburg | - | - | |
Partner | - | - | - | |
Partner | Loule | - | - | |
Partner | Sweden | - | - | |
Principal | Kungsbacka | - | - |
Co-investors of Formica
Over the past 7 years, 34 investors have co-invested in Formica's portfolio companies. This includes funds and angels.
- Invested before Formica: AMF, DLA and 15 others have invested in rounds before Formica. There is 1 company where AMF has invested before Formica and 1 company where DLA has invested before Formica.
- Top Co-investors of Formica: 13 investors entered a company along with Formica. These include investors like Alecta (1 company).
- Invested after Formica: A total of 4 investors have invested in Formica's portfolio after their investments. Top Investors include Vargas Holding (1 company), Northvolt (1 company) and Alexa Fund (1 company).
Recent News related to Formica
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Polarium Welcomes Alecta, Formica Capital and Absolute Unlisted as New OwnersCision•Oct 18, 2022•Polarium, Alecta, Formica
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Swedish cleantech startup that developed ‘Shower of the Future’ washes in $23 million from Nordic investorsTech.eu•Jan 25, 2022•Orbitalsystems, K2A, M2 Asset Management AB, Stena and 5 others
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Sierra Energy Closes $33 Million Series A Funding Led by Breakthrough Energy VenturesPR Newswire•Jul 29, 2019•Sierra Energy, Breakthrough Energy, BNP Paribas, Twynam and 4 others
