eEquity invests SEK 21 million in iDeal of Sweden – new issue will finance continued global expansion
The fashion tech company, iDeal of Sweden, was founded in 2013 by Joachim Lindström and Filip Ummer and is already selling in +30 countries and is experiencing very fast growth. eEquity, leading internet retailing investor in the Nordic countries, has now invested to enable iDeal of Sweden to accelerate its global rollout.
CEO Joachim Lindström comments:
We are very pleased to become a partner of the eEquity family of successful entrepreneurs which we think will bring significant experience to the company in many areas including the online marketing and global rollout. eEquity also have a number of other companies such as NA-KD that we look forward to exchange insights with. I am also pleased that the representative on the board from eEquity has a strong entrepreneurial e-commerce background.
The capital injection will primarily be used to improve the customer experience, offer a broader inventory, increased marketing and global rollout. Today, the company employs 18 people, and with the investment, the company will look to further strengthen the full organisation. The head office will continue to be based in Norrköping. Joachim Lindström and Filip Ummer will continue to be the largest shareholders.
Patrik Hedelin, Partner at eEquity comments:
We are very impressed by the founders of Ideal of Sweden and the brand awareness they have built with their target audience in a very short space of time. We look forward to including iDeal of Sweden in our family of successful entrepreneurs where all the internet retailing companies can share experiences and expertise in order to accelerate growth and profitability.
For more information please contact:
Tel: +46 70 545 2889
iDeal of Sweden CEO
Tel: +46 72 321 4444
eEquity is a lower midmarket growth sector fund for online businesses. There is a focus on internet retailing with companies such as NA-KD, WhiteAway, Footway, Swap.com, RoyalDesign, Caliroots, Kidsbrandstore and Swiss Clinic. eEquity invests normally in companies with a turnover between EUR 5-20 million with an ambition to build them to in excess of EUR +100 million turnover with profitability. The portfolio companies have been growing by on average 60 % yearly during the holding time. eEquity raised its third fund, eEquity III, of SEK 750 million (EUR 80 million) in September 2015 where iDeal constitutes the seventh investment. eEquity has invested in the online sector since 2010 and has around SEK 1.2 billion under management, in three funds, with a total of 15 portfolio companies. eEquity invests primarily in entrepreneur-led growth companies with potential to become market leaders. The investors behind eEquity are significant European family offices and financial institutions. eEquity is led by Patrik Hedelin and Magnus Wiberg who are both experienced internet entrepreneurs with experience from boo.com and Pricerunner.