Bokio raises €7.4m funding; acquires competitor Red Flag

Headquartered in Stockholm and founded in 2016, Red Flag offers digital accounting services that can be managed through a mobile app.

The merged entity will operate under Bokio's name, and now has 80,000 customers, 80 employees and offices in Gothenburg and Stockholm.

The new entity has also raised SEK 80m (€7.4m) in new funding. Investors include Bokio's former backers Creandum and Svea Ekonomi, Red Flag's co-founders Mikael Pawlo and Mattias Söderhielm, and Red Flag investors Anders Ström, Staffan Persson, and the Dinkelspiel family. Mojang's co-founder Carl Manneh also became a new investor.  

Viktor Stensson, managing director of Bokio, will lead the merged company, and said that Red Flag's product portfolio perfectly complements Bokio's current offering.

Swedish daily Dagens Industri reported that its sources believe the new company to be valued at SEK 500m-1bn, including the funding round. The report also noted that Bokio was reportedly valued at around SEK 250m before the merger.

Previous funding
Bokio previously raised SEK 70m from Creandum, Svea Ekonomi and Inbox Capital.

Company
Headquartered in Gothenburg and founded in 2015, Bokio is a financial technology company that provides AI-driven accounting software to SMEs and self-employed people. It has a customer-base in Sweden and the UK. It now employs around 80 staff and has offices in Gothenburg and Stockholm.

People
Bokio – Viktor Stensson (managing director).
Red Flag – Mikael Pawlo (co-founder); Mattias Söderhielm (co-founder).

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