Oxx backs $12m funding round for Apica

Existing investors Nordic VC Industrifonden, SEB Venture Capital and Swedish early-stage investor KTH Chalmers Capital also participated in the round.

Apica intends to use the fresh capital to expand operations and marketing in the US and Europe outside the Nordic region.

The deal marks the first investment of Oxx since it was launched in January 2017 by Richard Anton and Mikael Johnsson, formerly at Amadeus Capital Partners. The minority stake should enable Oxx substantial influence over the company, a source close to the situation told unquote".

Oxx invests in European companies and grows US operations for them. Apica already generates 50% of its sales in the US.

Company
Founded in 2005, Apica is headquartered in Stockholm. However, CEO Carmen Carey will be based in New York. The company provides products to test and monitor the performance of software applications. Customers include Scholastic, Klarna, Q2ebanking, Etihad and Sweden's TV4. The firm has offices in New York, Los Angeles and London. It posted revenues of $9m in 2016 and employs 80 staff.

People
Oxx – Mikael Johnsson (general partner).
Apica – Carmen Carey (CEO).

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• Topics
• Expansion
• Nordics
• Technology
• Amadeus Capital
• Sweden