UNQUOTE

VC investors back Magine

  • Karin Wasteson
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A number of Swedish and international investors have closed a series-A funding round of $19m for Magine, a Swedish cloud-based cable operator.

Investors include Swedish and international private investors and family offices. The investors were brought on board through the company's own networks.

The fresh capital will be used to fund Magine's international expansion. The company plans to grow in Germany and Spain next.

Previous funding
Magine raised €6.5m in March last year. With this round, the company has raised around $30m in total since its inception in 2011.

Company
Founded in September 2011 and based in Stockholm, Magine is a cloud-based TV operator that works with Swedish national and international broadcasters to provide live, recorded and time-shifted television across a range of devices. Magine is currently in beta testing in Sweden.

People
Michael Werner is the chairman of Magine, while co-founders Mattias Hjelmstedt is its CEO and Erik Wikstrom is its head of product and innovations.

Advisers
Company – Carnegie Investment Bank (Corporate finance).

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