From PriceRunner to eEquity: Magnus Wiberg on private tech
Sweden hosts Europe’s arguably strongest startup ecosystems and a robust capital market for private growth companies. But between early-stage venture capital and more mature private equity deals, a white space still remains.
For Magnus Wiberg, Co-Founder of PriceRunner and Co-Founder and Managing Partner at eEquity, that white space has become increasingly interesting.
eEquity was originally built around e-commerce and minority investments. Today, the firm has moved toward more mature, profitable companies where it can take larger ownership positions and actively influence the development of the business.
“We’re growth slash buyout today,” Wiberg says.
The shift also reflects changes in a market where digital is no longer a narrow investment category. eEquity now focuses on companies with strong, sustainable, and profitable growth – regardless of sector.
“What companies are not digital today?” Wiberg says.
Sweden’s growth equity opportunity
Sweden has a strong venture capital scene and a world-class private equity market. The gap, according to Wiberg, is in the layer between them.
Growth equity is still less established in Sweden than in the US. For eEquity, that creates an opportunity to back companies that are too mature for early-stage venture capital, but too growth-focused for traditional buyout firms.
To work at scale, that market also needs functioning exits that enable capital to be released and reinvested into new companies.
IPOs, Klarna, and liquidity
A functioning exit market is central to the health of private tech. Large IPOs give early employees and investors liquidity, and that capital can flow back into the next generation of companies.
Klarna is one example. eEquity gained exposure to Klarna through the sale of PriceRunner, one of the firm’s most successful investments. eEquity bought back into PriceRunner in 2020 and later sold it to Klarna in a deal that generated a 17x return in 17 months.
“Sometimes you get lucky,” Wiberg says.
PriceRunner, Google. and platform power
But the PriceRunner story didn’t end with the sale to Klarna. Before the transaction, PriceRunner had filed a claim against Google, arguing that Google used its market position to promote Google Shopping ahead of competing price comparison services.
For Wiberg, the case raises a broader question about the power global platforms have over companies building services alongside them – and how potential disputes could impact valuation.
“I am surprised this dispute has not been discussed more in relation to Klarna’s valuation,” Wiberg says.
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