It's a little odd to be publishing European tech funding news on a Friday around midnight, but here goes: after Swedish wearable camera maker Narrative recently ran into financial trouble, forcing it into a process to 'reorganise' the company, the company has secured capital needed to continue its operations.
The company says its reorganisation was today formally authorised in a Swedish district court, and that it closed a financing round immediately after. Interestingly, Narrative claims the fresh cash will be used to "substantially increase production to satisfy the high demand of the Narrative Clip 2".
The Linkoping, Sweden-based company's new investor is Front Office, and the investment is expected to be followed by a corresponding source of funding from ALMI, the Swedish institute that supports high-growth local companies with investments and loans.
“We are fortunate enough to have a tremendous demand for our products,” says Martin Källström, CEO of Narrative. “With the new investment from Front Office, we are able to seriously ramp up production and leverage this demand.”