Swedish Tictail picked up a record SEK 190 million in Series B
The Stockholm-based e-commerce platform Tictail raised close to 190 million SEK last week from a clutch of existing and new investors.
In what can be dubbed as the one of the largest venture deals this year for the Nordic Startup community, Swedish e-commerce major Tictail has just closed a financing round of $ 22 million, which is about 190 million SEK, from existing and new investors.
The deal is significant for Tictail as it tries to ward off their bigger Nasdaq listed competitor Etsy. The latest round of funding is expected to help it strengthen its technology and expand to other geographies. The startup has only recently setup an office in New York.
The startup had earlier raised venture capital to the tune of $10 million from Swedish Creandum, American Thrive Capital, the London-based Balderton Capital, and angel investors Klaus Hommels of Lake Star and Spotify’s product manager Gustav Söderström.
The latest round has seen all the existing investors out money, which is a huge validation of the business for its founder Carl Waldekranz. New investor includes German partner-led growth equity investor Acton Capital.
Interestingly, Acton was also one of the investors at Etsy, which means the investment firm knows the sector well.
Tictail was launched in May 2012 by Waldekranz, Kaj Drobin, Siavash Ghorbani and Birk Nilsson . Its stated purpose is to helping anyone with a great product, to easily sell online. “We want indie brands and retailers to be able to do this in a way that builds their brand, and makes them proud of their online store. Today there’s no reason why you shouldn’t be selling your creations or curated products to people all around the world,” says the company on its website.
Since its formation the startup has 1,000,000 products from more than 85,000 online stores and a headcount of about 44.
