Tesi invests in €6.3m round for Nosto

Fellow Helsinki-based VC firm and existing investor OpenOcean also took part in the financing, as well as French PE firm Idinvest, which has also previously backed Nosto.

The fresh capital will be used to invest in Nosto's machine-learning core and to develop omni-channel personalisation, as well as continued international expansion.

Nosto said it had driven a gross merchandise volume (GMV) of more than $10bn through its clients' stores. It claimed Nosto customers are averaging a 22% increase in GMV year-on-year, compared to the industry average of 14%.

Previous funding
Open Ocean led a €2.2m seed round for Nosto in April 2013. SanomaVentures, Veturi Venture Accelerator and other angel investors took part.

Wellington Partners led the $5.5m series-A round just over a year later with participation from existing investors.

In addition to its equity funding, the company secured a €15m debt facility from the European Investment Bank in July 2017.

Nosto has raised a total of more than $25m from its investors, according to a statement.

Company
Founded in 2011, Nosto is headquartered in Helsinki with additional offices in London, Stockholm and Berlin. The company develops e-commerce software, namely a recommendation service that allows businesses to recommend the most relevant products to their consumers in their online stores.

People
Tesi – Keith Bonnici (investment director).
Nosto Solutions – Jim Löfgren (CEO).

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