Industrifonden along with private investors Richard Båge, Magnus Wilkne, among others, are investing SEK 10m in Swedish online legal services provider Avtal24.
Industrifonden has provided SEK 6m. The funding will be used for expansion in Sweden and internationally. In Sweden, the service will continue to be marketed under the Avtal24 name and internationally under the Agreement24 brand.
This is Industrifonden's fourth new investment of the 2012/13 financial year.
Founded in 2004, the Avtal24 website was launched online in 2007. The company offers online legal services for individuals and businesses, including advice and documents such as wills, gift deeds and stockholder agreements. In addition to documents, Avtal24 offers legal services by phone.
Avtal24 launched version 2.0 of its platform earlier this year. Partners include SEB, Länsförsäkringar and Unionen. Agreement24 was beta launched in the UK in June 2012.
Malin Carlström is investment manager at Industrifonden. Magnus Stein is the founder and CEO of Avtal24.
New combined entity will generate revenues in excess of €300m
Investment marks the fourth round of funding for the UK-based tyre replacement business
Deal marks the fund’s second transaction executed on a stand-alone basis
Backers include existing investors Capnamic Ventures and Iris Capital, as well as business angels