Propel Capital
Sting
Pre-seed investor run by the Swedish accelerator Sting; invests only in Swedish startups that are Sting companies.
Propel Capital at a glance
| Part of | Sting |
|---|---|
| Established | 2014 |
| Address | Sweden |
| Programmes | 1 standing programme |
| Official website | propelcapital.sting.co |
Track record
What Propel Capital reports about its portfolio.
These are the company's own figures, and they do not agree with each other. Its website, a Sting investor page and Sting's press releases give different counts for investments, angels and exits, so the page states both where they differ rather than picking one.
All figures self-reported — propelcapital.sting.co, as of Oct 2026.
Programmes they run
Standing programmes at Propel Capital, separate from the funding calls above.
Propel Capital has one route for founders: its rolling pre-seed investment. Its angel club is invite-only and is for investors.
Rolling pre-seed investment in Swedish startups that are Sting companies, paid partly as a convertible note and partly as equity in the next round.
Best for: Pre-seed companies headquartered in Sweden that are Sting companies.
- Takes equity
With Sting, Saminvest
What you get, who can apply and how to applyHide details
Propel Capital is the investment arm of Sting, and it is how Sting companies receive pre-seed capital. It invests on a rolling basis rather than in batches, and its current fund is Propel Capital VII.
What you get
- A first part of the investment as a convertible note, paid up front
- A second part co-invested as equity in your next funding round, as part of the standard ticket
- Sting Core, if you join it, carries a fee paid as a warrant, on top of the investment
Who can apply
- Companies headquartered in Sweden
- Companies that are Sting companies, since Propel invests exclusively in them
- Pre-seed companies, as the site describes its focus
How selection works: Sting says only about 6% of applicants make it through its selection process. From first contact to a signed investment agreement typically takes four to six weeks.
How to apply: Send your pitch deck through the form on Propel Capital's website.
How to apply to Propel Capital
Check eligibility before you apply
- Only companies headquartered in Sweden can receive a Propel investment.
- Propel invests only in Sting companies, so Sting is the route in.
- Its angel club is invite-only and is for investors, so it is not a founder route.
How applications work
- Send a pitch deck through the form on Propel Capital's website.
- Expect four to six weeks from first contact to a signed investment agreement.
How selection works
- Sting says only about 6% of applicants make it through its selection process.
- Joining Sting Core carries a fee paid as a warrant, on top of the investment.
About Propel Capital
Propel Capital is the investment arm of Sting, a Swedish startup accelerator, and it makes rolling pre-seed investments in Swedish startups. Its first fund, Propel Capital I, launched in 2014, and it is now on its seventh fund, Propel Capital VII. Only companies headquartered in Sweden can receive a Propel investment, so it is not open to startups based in India.
How the investment works
Propel invests only in companies that are Sting companies. Its standard ticket is split in two: one part arrives up front as a convertible note, and the other is co-invested as equity in the company's next funding round. It invests on a rolling basis rather than in batches.
Sting Core is the Sting programme whose companies can be offered a Propel investment. Joining it carries a fee paid as a warrant, which is additional to the investment itself.
Who can apply
Applicants must be headquartered in Sweden and must be a Sting company. Propel invests exclusively in Sting companies. Sting runs the programmes its companies come through, including Sting Core, Sting Accelerate and Sting Incubate, so a founder who is not yet in one of them is not yet eligible for Propel. Its own site describes its focus as pre-seed.
How to apply
Send a pitch deck through the form on Propel Capital's website. From first contact to a signed investment agreement typically takes four to six weeks. Sting says that only about 6% of applicants make it through its selection process.
Sector and stage focus
Its own site lists climate, energy, health, industrials, security and AI-enabled deeptech. A 2022 Sting press release instead names sustainable tech, healthtech, deeptech and digital innovation. The two lists differ, so check whether your company fits before you apply. The site calls its stage focus pre-seed, while Sting's press releases describe early-stage startups.
Track record: the figures do not agree
These are the company's own figures, and its pages give different counts. Its website says it has made more than 230 investments since 2014 and has engaged more than 120 Propel angels. An April 2025 Sting press release says it has made more than 210 startup investments and has 47 successful exits. Sting's investor page gives 50 or more successful exits. This page does not pick one count, so read them as approximate.
The number of angels also varies. The website gives 39 angels for the seventh fund, while the April 2025 press release gives about 45. The seventh fund launched in 2025 with matched funding from Saminvest, a state-backed investment company. The site says 44% of the portfolio is female-founded. It also says that in 40% of portfolio companies, angels invest directly on top of the syndicate's initial stake.
Who runs it
Propel Capital is run and managed by the team at Sting. It describes itself as an invite-only angel club connected to Sting. Its angels are experienced founders, operators, investors and executives from the Nordic and European tech ecosystem. The angel club is for investors, not founders, so founders cannot join it. The site is also recruiting angels for its eighth fund, Propel Capital VIII, which is another investor route.
Its own site names Emanuel Andersson as CEO of Propel Capital. An April 2025 Sting press release describes him instead as CEO of Sting Holding and head of Propel's investment operations.
What Propel is not
Propel is an investor, not an accelerator or an incubator. Sting, not Propel, runs the accelerator and incubation programmes. Propel's money is an investment that the company repays with equity, not a grant.
Who they work with
Tags
Frequently asked questions about Propel Capital
What does Propel Capital do?
Propel Capital is the investment arm of Sting, a Swedish startup accelerator, and it makes rolling pre-seed investments in Swedish startups. Its first fund, Propel Capital I, launched in 2014, and it is now on its seventh fund, Propel Capital VII.
Where is Propel Capital located?
Propel Capital is based in Sweden.
What programs does Propel Capital run?
Propel Capital runs Propel Capital pre-seed investment.
How do I apply to Propel Capital?
- Only companies headquartered in Sweden can receive a Propel investment. - Propel invests only in Sting companies, so Sting is the route in. - Its angel club is invite-only and is for investors, so it is not a founder route. - Send a pitch deck through the form on Propel Capital's website. - Expect four to six weeks from first contact to a signed investment agreement.
When was Propel Capital founded?
Propel Capital was founded in 2014. It is a venture capital investor.
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