Dawn leads €40m funding round for iZettle

Existing backer Dawn led the round along with The Fourth Swedish National Pension Fund (AP4).

With the new capital, iZettle intends to continue its growth strategy and product development.

Earlier in September 2017, the firm announced it was to receive debt funding from the European Investment Bank over the next three years.

Previous funding
After iZettle's series-A round in October 2011, in which it raised €8.2m from Index Ventures and Creandum, the company collected €25m in a series-B funding round in June 2012, a €40m series-C in May 2014 (with a follow-on €5m investment in July 2014) and a €60m series-D in August 2015.

In August 2015, Zouk Capital and Intel Capital led the initial €60m series-D for the payment technology company, alongside existing investors. Participants in the round included Dawn, Hasso Plattner Ventures, Greylock Partners, Index, Northzone, Creandum and Nordic financial services group SEB.

The company's latest series-D extension raised €60m in January 2017, and was led by Victory Capital.

The extension included debt funding from US-based Victory Park Capital via its credit fund, VPC Speciality Lending. The debt component accounted for €45m of the total €60m. iZettle is understood to be valued at around $500m.

Company
Founded in 2010 and headquartered in Stockholm, iZettle provides card payment machines linked to mobile devices, as well as payments infrastructure and technology for SMEs. The company operates across Europe, as well as in some South American countries.

According to publicly available information, iZettle posted a net loss of SEK 295m in 2015 from revenues of SEK 300m – against SEK 171m and SEK 78m respectively in 2013.

People
iZettle – Jacob de Geer (co-founder, CEO).
Dawn Capital – Josh Bell (general partner).
The Fourth Swedish National Pension Fund – Per Colleen (head of fundamental equities).

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