Vaadin, a Turku, Finland-based developer of open source web application development tools, raised €5M in venture capital funding.
Verdane Capital IX made the investment, which was made partly by buying secondary shares from another shareholder and party as a directed new issue.
The company intends to use the funds to further boost its investments into product development and marketing.
Led by CEO Joonas Lehtinen, Vaadin is building components and tools for dynamic and information rich web applications. Its product suite enables businesses to replace desktop applications with standard based web applications that run on all major mobile and desktop browsers.
Earlier investors in Vaadin include Aboa Venture Management, the Nordic private equity company eEquity, and Finnish Industry Investment Ltd (Suomen Teollisuussijoitus).