MilestoneSep 7, 2026, 11:17 UTC

Sweden's Smart High Tech raises $11M as Henkel takes a stake

What's the deal? SHT Smart High-Tech has raised approximately SEK 102.4 million ($11 million) in a directed share issue led by Henkel Ventures, the corporate venture arm of Germany's Henkel. The Swedish company issued 4,551,749 new B-shares at SEK 22.50 each — a premium of about 4.9% over its September 4 closing price.

What does it do? Smart High Tech makes GT-TIM, a graphene-enhanced thermal interface material used to manage heat in electronics. It says it is in a commercialisation and scale-up phase, working to meet anticipated demand.

Why now? The company began collaborating with Henkel in November 2024 under a principal agreement on GT-TIM, deepening ties into sales, commercialisation, and distribution. It received its first commercial order from Henkel earlier in 2026.

What's the endgame? Proceeds will fund expanded, more efficient production capacity and increased working capital as output scales. A portion will repay roughly SEK 27.9 million in shareholder loans, including accrued interest, from principal shareholders XS Consulting, Claesson & Anderzén, and Jan Bengtsson.

Investor commitment. Henkel Ventures led the round alongside a group of existing shareholders, including Cicero Fonder, Exelity, and Movenio Fastigheter. The move turns an existing commercial partnership into an ownership stake.

"Henkel now also becoming a shareholder in Smart High Tech represents an important step in the continued development of our partnership," said Johan Liu, chairperson of the board.

The signal: Corporate venture arms increasingly back suppliers they already buy from, converting commercial ties into equity. For a small scaleup like Smart High Tech, a strategic backer offers both capital and a path to international expansion.

Image credit: Ioan Sameli