Swedish Startup Space

Fyndiq Keeps Growing, Raises Capital From H&M CEO Karl-Johan Persson

Written by on February 22, 2016

The e-commerce company’s revenues exceeded $35 million last year. The company has raised $3 million, from H&M CEO Karl-Johan Person, among others.

Fyndiq has positioned itself as a low budget online retail outlet, and continues to grow. Last year, the company had sales of over $34 million, which is a 60 percent increase from last year.

The company recently closed another venture capital round and raised $3 million. Most of the participants were pre-existing owners, but Karl-Johan Persson has also invested in the company. The company is valued at $27 million dollars in the latest round.

“We want to invest even more in our platform and product when we keep on growing. The new issue of shares gives us resources to take new steps in product development. We get Karl-Johan Persson, who has been interested in our company for a long time, on board”, Dinesh Nayar, co-founder and CEO of Fyndiq, says.

Breakit has previously written about Fyndiqs Tinder-like shopping app Fyndswipen (article in Swedish). Dinesh Nayar says that the company will take a closer look at that concept in the future.

“We have the opportunity now to develop our platform faster with the added resources. This will affect product development both directed towards customers and merchants”, he says.

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