eEquity, a leading digital growth investor in the Nordics, has completed its sixth deal in its fourth fund with the investment in Sweef. Sweef is a digital native furniture brand selling personalized affordable luxury products with high quality materials and fabrics. Together with eEquity, the company will use the new capital to accelerate growth.
Sweef was founded in 2011 by Ludvig Ungewitter and Jacob Notlöv in Stockholm, Sweden. Sweef sells unique, affordable luxury furniture with high quality materials and fabrics at a competitive price point under their own brand. The company is at the forefront in product innovation, quality and design and has managed to build a strong brand within the furniture industry.
The company has grown fast since the start and is today highly profitable with a turnover of above SEK 100 million. Thanks to its strong brand, great products and focus on customer satisfaction, the company has come a long way despite almost non-existing paid marketing and a small organisation. Customers have the possibility to customize their furniture and create their own version of each product by choosing size, fabrics, colours, and other alterations. This does not only contribute to the exceptional customer satisfaction, but it also has a positive environmental impact since the majority of products are made to order.
Ludvig Ungewitter, founder of Sweef comments:
“We are at the stage where we go from a small company to a larger one and have to start handling things in a different way than before. With the muscles from eEquity, we can take that step faster, says Ludvig Ungewitter, CEO and founder of Sweef.”
The new equity will primarily be used to accelerate growth with a more aggressive international expansion, build out and strengthen the team, invest in IT, expand the product assortment, and accelerate marketing. In addition, Sweef will capitalize on underlying growing market trends, primarily a relatively immature online market with increasing e-commerce adoption but also an ever-growing interest for home interior, design and personalisation.
Jessica Mattsson, Partner at eEquity, comments:
“Sweef is a great company that have succeeded in the quite tricky online furniture market thanks to their focus on customer satisfaction and high-quality products. Sweef’s team, core values and offering combined with eEquity’s knowledge and experience from similar companies and journey’s and the very favourable market trends make a great setting for continued success. We look forward to including Sweef in our family of companies and entrepreneurs running global and successful product companies: such as NA-KD, Aim’n, Son of a Tailor and PS of Sweden and know that Sweef and the team can both add to and benefit strongly from all the experience and expertise in the combined portfolio.”
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Founded in 2010, eEquity is a Private Equity firm (digital growth sector fund) that invests in Nordic internet businesses with a special focus on internet retailing. Portfolio companies include PriceRunner, Footway, NA-KD, iDeal of Sweden and Lavendla. eEquity has led investments of over SEK 2.5 billion in 35 companies across four funds. eEquity normally invests in companies with sales between EUR 5-20 million and with an ambition to build them to over EUR +100 million sales with profitability. The companies are normally entrepreneur-led growth companies with potential to become market leaders. The investors behind eEquity are European Investment Fund (EIF), large European family offices and financial institutions. eEquity is led by Patrik Hedelin and Magnus Wiberg, both experienced internet entrepreneurs.
Sweef, founded in 20111 by Ludvig Ungewitter and Jacob Notlöv, is a leading Nordic online furniture brand, selling own-branded affordable luxury furniture with high quality materials and fabrics at a competitive price point. The company is based in Stockholm, Sweden, with a turnover of approximately SEK 95m and has experienced significant growth while maintaining healthy margins and high profitability.