Malmö-based inRiver, which specialises in product information management, has raised €10.5 million. The funding comes from existing investors Verdane Capital, Industrifonden, and Zobito, and partially through a loan from the EIB fund the European Fund for Strategic Investments, EFSI.
InRiver develops software to help online merchants and other companies get an overview of their product offerings using a technique called Product Information Management, or PIM. The software collects and customises sales materials such as videos, text, and images about a product or service, and presents the information in a uniform way across all sales channels. The company's current customers include Volvo, L'Oreal, Converse, and Fujifilm.
"Not all companies have access to this type of funding but we have been able to show that we have a product that delivers, that we have a great market potential, and we have good financial results," said inRiver CEO Niclas Mollin, as reported by DiDigital.
The money will primarily be used to strengthen the company's research and development unit. The company currently has 88 employees.
Read more: DiDigital (Swedish)