Swedish Startup Space

Fyndiq Raises $20 Million from Northzone and Industrifonden

Written by on November 7, 2014

Fyndiq just announced that they have raised a $20M (150M SEK) round of financing from Northzone and Industrifonden. With the new funding, Fyndiq will continue growing in Sweden, as well as launching into new markets, with the goal of globally becoming an “Amazon for bargain products”.

– “I’m proud to announce that we have received funding from top-tier investors Northzone and Industrifonden to support our expansion plans. With their experience from scaling technology companies to game winners, we’re confident in our journey ahead and look forward to continuing our growth both in Sweden and elsewhere. The future looks bright for Fyndiq, our merchants and customers” said Dinesh Nayar, CEO & co-founder.

Previously Fyndiq has raised $5M in funding from private investors such as the business legend and former CEO of SAS, Jan Carlzon. Northzone, investor in companies such as Spotify, Avito.ru, Trustpilot and WideSpace led the new Series A round with participation from Industrifonden.

– “The founders of Fyndiq have quickly established a new world class online shopping experience by offering thousands of great products at very competitive prices, combined with great customer service. We are very excited to be a part of the future expansion of Fyndiq.”” said Hans Otterling, General Partner of Northzone.

To date more than 500 000 unique customers have bought bargain products on the marketplace that currently contains over 220 000 products. The company has about 70 employees at their Stockholm headquarter and was awarded ”Achievement of The Year” at Nordic Ecommerce Summit 2013, the biggest e-commerce fair in the Nordics.

– “We are impressed by what the Fyndiq team has achieved in a very short time in an interesting segment of e-commerce, and look forward to working with them to further strengthen and expand their business”, said Johan Englund, Investment Manager at Industrifonden.

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