Welcome to this Scalex Deal Briefing. My name is Ashley, and I represent Scalex Growth Partners where we specialize in helping Nordic SaaS and tech companies optimize their valuation, scale operations, and attract investors. As an entrepreneur and advisor with over 30 years of experience in corporate finance, private equity, and venture capital across London and the Nordics, I’m passionate about helping SaaS companies unlock their full potential.
Deal Overview
After an initial SEK 50M in founder-led funding via ToMat Invest AB for development, Stockholm-based Starhive launched its AI-powered ITAM/ITSM/ESM platform in March 2024. This subsequent SEK 50M Pre-Series A round, valuing Starhive at SEK 197.11M post-money, aims to rapidly commercialize and expand its innovative solution. Total Capital Invested to Date: SEK 130.7M (Includes founder contributions via holding co. & external VC funding)
Company Overview
- Founded: January 2022 (Operations started Spring 2022). Initial development significantly funded by founders through ToMat Invest AB.
- Headquarters: Stockholm, Sweden (Remote-first company)
- SaaS Vertical: AI-Powered IT Asset Management (ITAM), IT Service Management (ITSM), Enterprise Service Management (ESM)
- Chairman (Starhive AB): Mathias Edblom (Co-founder)
- Product Description: Starhive AB develops a cloud-based SaaS platform for asset and service management, leveraging AI for predictive capabilities. The platform, officially launched in March 2024 after a two-year development phase, combines data warehouse functionalities with a no-code app builder. It aims to address data fragmentation and enable smarter decision-making.
- Customer Type / ICP: Organizations seeking advanced ITAM, ITSM, and ESM solutions for a newly launched platform, backed by experienced founders.
- Go-to-Market Model: Direct sales, partnership ecosystem (especially Atlassian), targeting market post-March 2024 platform launch.
- Revenue Model: Object-based pricing model. (Pre-revenue in 2022-2023 during founder-funded development).
- Geographic Footprint: Sweden, with active global expansion initiatives post-launch.
- Legal Entity Type: AB (Aktiebolag). Initially a subsidiary of ToMat Invest AB (Founders’ Holding Co.).
- Notable Media / Awards: Recent funding announcements widely covered. Committed to “Pledge 1%”. Platform launch in March 2024 was a key milestone after substantial initial founder investment.
Founders:
- Founders (Starhive AB & Key Principals of ToMat Invest AB): Tommy Nordahl (CEO & Co-founder of Starhive; Chairman of ToMat Invest AB): Ex-Mindville CEO. Mathias Edblom (CPO & Co-founder, Chairman of Starhive; CEO of ToMat Invest AB): Ex-Mindville Head of Products.
- CEO (Starhive AB): Tommy Nordahl
- Chairman (Starhive AB): Mathias Edblom
Profit & Loss (P&L) (Starhive AB – SEK MSEK)
| Item | Audited (2022) | Audited (2023) |
| Net Revenue | 0.0 | 0.0 |
| EBITDA | -7.62 | -28.36 |
| Net Result | -7.61 | -27.91 |
Balance Sheet (Starhive AB – SEK MSEK)
| Item | Audited (2022) | Audited (2023) |
| Cash | 2.74 | 16.75 |
| Equity | 2.49 | 14.58 |
| Liabilities | 1.50 | 3.27 |
| Assets | 3.99 | 17.85 |
Note: Starhive AB’s equity includes SEK 10M (2022) and SEK 40M (2023) in shareholder contributions from its parent, ToMat Invest AB (Founders’ Holding Co.).
Deal Valuation Data (Based on April 8, 2025 Pre-Series A Round for Starhive AB) Valuation figures below are based on verified disclosures for the April 8, 2025 round.
| Metric | Value |
| Post-Money Valuation (SEK) | 197.11 MSEK |
| Pre-Money Valuation (SEK) | 147.11 MSEK |
| Total Dilution This Round | 25.4% |
Disclaimer: Where valuation figures are not disclosed, we estimate the valuation using publicly available data, benchmark multiples, and Scalex assumptions. This is not based on company-supplied information. Actual valuation outcomes may differ significantly depending on investor appetite, market cycles, and the company’s ability to execute its scale plan.
Use of Funds& Growth Plan
- Planned Investments (from SEK 50M Pre-Series A):
- Commercialize and aggressively scale the platform launched in March 2024.
- Enhance AI tools, including conversational AI.
- Accelerate global expansion and GTM efforts.
- Next Milestones: (Inferred) Secure initial enterprise customers, build ARR, demonstrate strong product-market fit and ROI for the new platform, and leverage founder and VC networks for growth.
Strategic Positioning
Category / Segment: AI-native IT Asset Management (ITAM), ITSM, ESM; Unified Data Platform; No-Code Application Platform. Product launched March 2024.
Competitive Advantage:
Highly Committed & Experienced Founders: Proven track record (Mindville exit) and significant own capital (SEK 50M via their holding co.) invested pre-external VCs.
AI in Asset Management: Unique application of AI for predictive capabilities.
No-Code Flexibility & Unified Data Platform.
Timing: Entering market with a modern platform, fresh funding, and strong foundational backing.
Key Competitors: ServiceNow, OpenText (SMAX), Rezolve.ai, SolarWinds Service Desk, etc. Starhive differentiates through its AI focus, no-code, UX, and the credibility of its heavily invested founding team.
Market Tailwinds: Growing AI adoption, shift to predictive IT, demand for no-code/unified data.
Scalex Commentary :
Starhive’s recent SEK 50M Pre-Series A round (valuing at SEK 147 M pre-money) is particularly noteworthy given the company’s strong foundational story. The serial entrepreneurs behind Mindville (acquired by Atlassian) initially injected SEK 50M of their own capital via their holding company, ToMat Invest AB, to fund Starhive’s pre-revenue development phase throughout 2022-2023. With the AI-powered ITAM/ITSM platform launched in March 2024, this external funding led by Ventech signifies a strategic move to aggressively scale and commercialize. The total capital invested now stands at SEK 131M, a robust base for growth. Starhive’s key differentiator is not just its tech (AI in asset management, no-code) but the profound commitment and proven expertise of its founders. This significantly de-risks the venture for external investors. The challenge now is rapid market penetration and revenue generation for the new platform. Given the team’s track record and substantial early investment, Starhive is well-positioned at this inflection point from development to high-growth commercialization.
Sources and Refereces
- Starhive AB Årsredovisning (Annual Report) FY2022
- Starhive AB Årsredovisning (Annual Report) FY2023
- ToMat Invest AB Årsredovisning (Annual Report) FY2023
- Primary Research Source: “Starhive Deep Research – Gemini” memo (Date: 21 May 2025, Author: Scalex Gemini) – Note: Initial financial data in this memo was superseded by official Annual Reports.
- Valuation Data & Round Details: Provided by Scalex Growth Partners AB (as of April 8, 2025 deal date).
- Company Website: starhive.com
- Investor Websites: ventechvc.com, node.vc
- Exchange Rate Data: x-rates.com (for historical averages for R1)
What are your next steps as a SaaS founder?
Are you a founder looking to scale up, raise funds, or plan for an exit? At Scalex Growth Partners , we specialize in helping Nordic software companies in the 10M SEK to 100M SEK ARR range achieve their growth ambitions.
Our tailored services include:
- Valuation Services: Gain clarity on your company’s worth and key value drivers.
- M&A Advisory: Expert guidance for fundraising rounds or planning your next big exit.
- LEAN Board Methodology: A specialized framework for software companies to drive valuation creation via strategic focus and effective governance.
- Strategic Scale Planning: Actionable, data-driven strategies to help you scale smarter and create value.
With deep expertise in SaaS and tech, we’re here to support your growth journey. Contact us today to discover how we can help unlock your company’s full potential.
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