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The media company Sprinkle has decided to raise approximately 10 million SEK, with Spintop Ventures as lead investor, in order to establish Sprinkle in more markets.
Sprinkle, launched in Sweden in February 2013, is a platform for recommendations and syndication of article and video content. In just 15 months, more than 100 publishers in Sweden have implemented Sprinkle on their websites. Recently, the company announced the opening of an office in Norway, as a first step in an international roll-out. Now they have decided to pursue a rights issue in order to accelerate the expansion into more countries.
– “The amazing results we have had in Sweden give us the guts to take this overseas. Our platform is scalable and we see that we have a competitive advantage over foreign competitors. Much thanks to the fact that Swedish publishers are at the forefront and set high standards“, says Magnus Hultman, CEO of Sprinkle. He continues:
- “We see that publishers worldwide are struggling with the same challenges: increasing the number of page views per visitor, provide readers with more content and increase digital revenues. Sprinkle provides an automated way to solve this, for which many international media houses have shown interest.”
- “Spintop’s international network and expertise around digital media and their hands-on experience of building global businesses come in very handy now that we want to build a new global digital media company”, says Magnus Hultman.
After a close dialogue in the spring, Spintop Ventures has decided to be lead investor in the new share issue. Mats Johansson, who is a partner and co-founder of Spintop Ventures, said:
- “There are many things we like with Sprinkle: clear customer benefit, target market in rapid change, and people open to new ideas. Both the technology and the business model are clearly scalable. And we like the team which has very relevant experience, and has seen the global opportunity from day one, and understands the importance of keeping a high tempo. Also, the company has shown remarkable growth since its inception in 2013.”
“Both the technology and the business model are clearly scalable” – Mats Johansson, partner and co-founder of Spintop Ventures