Industrifonden co-leads investment round totaling EUR 15.8 M in rising mobile star Widespace
Industrifonden invests another EUR 5 M in Widespace, one of Sweden’s fastest-growing technology companies, further bolstering the fast-paced expansion in key markets.
Brand mobile advertising company Widespace is one of Sweden’s fastest-growing technology companies, reaching 230 million unique users across Europe, the US, Brazil and the MENA region every month. The company, founded in 2007 by entrepreneurs Henric Ehrenblad and Patrik Fagerlund has received top rankings in Deloitte’s Technology Fast 500 over the past two years.
Industrifonden takes the co-lead on a new financing round in the company, investing a further EUR 5 M, for a total investment of EUR 15.8 M. Industrifonden’s initial investment was made together with Northzone in 2012. The past three years have been marked by rapid growth and Widespace currently has 230 employees in ten countries.
“Widespace´s profound understanding of the market for mobile brand building combined with a high level of innovation in technology and data use creates a unique position on the forefront of digital evolution. We are very proud to be part of Widespace’s growth saga, both historically and now in this next stage”, says Johan Englund, Investment Manager at Industrifonden.
The investment is the largest capital funding of Widespace to date. The majority of the funding will be raised through a new share issue by Widespace to current owners Industrifonden, Northzone and other shareholders.
”This will enable us to solidify our leading position in Europe as well as expand in existing key markets. We will also invest further in strategic areas of our technology, such as automation and visualization of data. Our unique technology solution has earned us a leading position in all major markets in Europe and we aim to continue our assertive growth during the coming years”, says Patrik Fagerlund CEO and co-founder of Widespace.
For more information, please contact:
Johan Englund, Investment Manager, Industrifonden
Tel: +46 708-16 61 16
E-mail: johan.englund@industrifonden.se
Patrik Fagerlund, CEO and co-founder, Widespace
Tel: +46 70-417 63 13
E-mail: patrik.fagerlund@widespace.com
About Widespace
Mobile advertising for brands: Widespace is a tech company with Swedish DNA that makes mobile ads relevant for 230 million people on their favourite sites and apps worldwide. Using predictive technology, Widespace ensures that the right ad reaches the right person at any given moment. This brings significant uplift in brand metrics for advertisers, quality to publishers and an overall better user experience.
About Industrifonden
Industrifonden is a Swedish venture capital firm, investing in fast-growing early-stage tech and life sciences companies. Industrifonden is a long-term partner to exceptional founders with big ideas, committed to enabling innovation and growth. Founded in 1979, Industrifonden is a reinvesting evergreen fund with SEK 4 billion in assets. Read more: Web, Twitter, LinkedIn.