Swedish Startup Space

The Internet Foundation In Sweden Invests $145.000 In Weld

Written by on June 23, 2016
Editors Note: This post is part of a series called Featured posts, presented by Breakit.

“We see ourselves as a catalyst”, Jannike Tilla, communications manager at the Internet Foundation in Sweden (IIS), says.

The purpose of the IIS is to promote the development of the Internet and its use. It is an independent organization responsible for all .se and .nu domains. The foundation is now also starting to invest in Swedish startups.

“We want to give the opportunity to create more ideas and see ourselves as a catalyst for startup companies”, Jannike Tilla, communications manager at the Internet Foundation in Sweden (IIS), says.

What kind of companies are you interested in?

“It’s only Swedish startups.”

It is now clear that the first investment is made in Weld. The startup receives $145.00 (1.2 million SEK). The maximum amount for an IIS investment is 2 million SEK.

“We want to help companies in an early stage when it can be hard to get started and find other investors. The goal is to go into three startups per year, “says Jannike Tilla.

Breakit have previously written about Weld, which creates tools that make it easy to build interactive web sites and web apps.

“The money we receive from IIS will take us to profitability by the end of next year, with a strong focus on growth but also new product features”, Tom Söderlund, CEO of Weld, says.

However, IIS is not the only investor that is expected to bet on the company, Tom Söderlund reveals.

“There are a few angel investors we want to get on board, but it is not done yet and therefore I don’t want to go out with any names. The plan is to close these investments this year”, he says.

Weld has previously raised 1 million in venture capital from Tommy Palm and Alexander Ekvall, who are two of the brains behind the successful mobile game Candy Crush Saga. The round also included private investors Tobias Eidem and Alexander Jamal.

That the company needs to bring in external capital is evident from the company’s latest year end report. Weld’s revenues landed at just $1.700 (14.000 SEK) last year and it operated at a loss of $111.000 (920.000 SEK).

“Sales have started to grow, but we still have work to do on that front, that is, to bring sales up”, Tom Söderlund says.

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