Almi invests in Aqwary

Almi invested alongside the company's CEO Anders Brodin. The latter contacted Almi and initiated a dialogue approximately one year ago. Almi will potentially participate in a second financing round in approximately a year's time.

The fresh capital will be used towards the commercialisation of the company's first products, and for the company's international expansion. The product has been tested in the Red Sea, and is now ready for launch at the beginning of the New Year.

Apps that increase the product's functionality could also be developed. Swedish company incubator Lead is acting as a mentor for the start-up.

The global recreational diving market has an annual estimated turnover of SEK 30m.

Almi backed Swedish biotechnology company Xintela earlier this week. The firm makes early-stage and expansion investments, and has to date invested SEK 1bn in close to 350 growth companies across all sectors.

Company
Founded in 2012 by Anders Brodin and based in Linköping, Aqwary has developed new recreational diving security equipment.

In addition to measuring each individual divers' amount of available air as well as water depth and temperature, the product also shows the values of up to 70 fellow divers, as well as the distance and direction to them.

People
Fredrik Malmström, investment manager at Almi, led the deal. Anders Brodin is the CEO of Aqwary.

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