Stockholm-based startup Universal Avenue that specialises on digitalisation of small and medium businesses has raised $6 million through a stock convertible bond from MOOR Capital and acquired the digital agency Varvet. Carl-Johan Kihlbom, partner at Varvet, will join the Universal Avenue board of directors. In addition to that, the startup converted a $1 million bond acquired previously.
Founded in 2014, Universal Avenue offers its Distribution Partner Platform to digitalise businesses and provide an interface for sellers, buyers, and partners. The company claims that “over 25,000 businesses have embarked on their digitalization process thanks to Universal Avenue's platform.”
Varvet, which was founded in 2008 in Gothenburg, is a digital agency that's worked on projects with a wide range of clients, from startups to enterprises. Universal Avenue and Varvet have cooperated during the last year.