Universal Avenue, a Stockholm, Sweden-based provider of a digitalization platform, secured an additional US$6m in funding through a stock convertible bond.
Moor Capital made the investment. Simultaneously, one of the previously acquired bonds worth US$1m has been converted.
The company also acquired digital agency Varvet to continue to scale up its product team in a strategic move aimed at boosting the investments in its technical platform. In conjunction with the acquisition, Carl-Johan Kihlbom, a partner at Varvet, will join the Universal Avenue board of directors.
Led by, Johan Lilja, Founder and CEO, Universal Avenue digitalizes small and medium-sized businesses, by providing a platform of digital solutions (used by over 25,000 businesses).
Varvet has teamed with clients to implement change through customized digital solutions, tools and apps since its founding in 2008. The agency has worked with companies ranging from startups to large, well-established corporations such as Electronic Arts and Hemnet.