This paper is about how digitalization is affecting trust and the co-opetitive relationship (cooperating with competitors) in an “equal” setting between start-ups in Sweden. The development of “unequal” co-opetitive partnerships between start-ups and established companies has led to an unbalanced synergy, putting trust at risk. Digitalization has been advantageous, among others, for reducing spatial constraints, but it has also caused long-term negative consequences, including loss of trust. Despite the changes this has caused in how firms interact and do business, trust and co-presence are still important for organizations. The findings suggest that digitalization is only limiting when it comes to early relationship building and is seen as a relationship-maintainer rather than relationship-builder. The results also indicate that co-opetition between start-ups is significantly important for furthering the competitive advantages. Finally, the research offers an alternate interpretation of "equal" co-opetition among start-ups, emphasizing a complementary relationship rather than a power imbalance.