The round demonstrates Swedish startups will continue raising capital straight through the new year
Stockholm keeps raking them up. Not content to close the year just yet, Sweden added another $4 million (SEK 37 million) in venture funding Friday with eEquity leading a round in cashback startup Refunder.
About $3.2 million will come from eEquity with the rest coming from previous investors, possibly only Bonnier Growth Media if Crunchbase‘s limited data is complete.
“After discussions with different interest groups we found an immediate match with eEquity and their team,” Refunder Co-Founder and CEO Fredrik Ohlsson said in a press release. “They have deep insights in what´s driving the e-commerce forward and has a well reputed network of contacts in Sweden as well as internationally which will be of great benefit for Refunder.”
There are a few players in the cashback game worldwide, including the UK’s Quidco, Ebates in the US, Singapore’s ShopBack, and Indonesia’s Snapcart.
Other investments by eEquity include Vaadin, Swiss Clinic and the lead on investments in KidBrandStore and Swap.com.
“When I co-founded Pricerunner in 1999, price comparison sites soon became the leading source of sales and traffic to e-commerce sites globally,” recalled Magnus Wiberg of eEquity.
“Now when online pricing is more transparent and online prices for e-commerce sites is very similar, consumers have been looking for other ways of getting incentives and discounts when they shop.”
Stockholm has had a strong fourth quarter of the year at €104.8 million raised according to Tech.eu. The biggest rounds include Truecaller at €10.3 million, Springworks at €2.9 million, and materials startup Exeger Sweden at €5.2 million. eEquity also recently participated in Caliroots’ €1.5 million round alongside Verdane Capital.
Refunder was founded in 2013 by CEO Fredrik Ohlsson, former founder of Zoom Vision, and CMO Victor Dahlborg, founder of Trygg E-handel.