Zound Industries, a Stockholm, Sweden-based electronics company, raised €10m in funding.
French private equity fund Time for Growth provided the capital and became a significant owner in Zound Industries with approximately 10% ownership with the largest shareholders still being the founders Konrad Bergström and Kenneth Schönborg together with Varenne Investment and TeliaSonera.
The company intends to use the funds to launch its first smartphone on July 16th in London and continue to expand internationally.
Led by Pernilla Ekman, CEO, Zound Industries is the parent to audio accessory brands Urbanears, Marshall Headphones, Coloud and Molami. Products from the company are today sold in over 20,000 stores across 95 markets.
The technology investment bank GP Bullhound advised the transaction.