SWEDEN - Eqvitec invests $4m in Movimento

Movimento was founded in 2003, but has since experienced rapid growth. Today the company has around 25 employees and achieved a turnover of approximately $2.5m in 2005.

With the additional capital, Movimento now has the resources to take the next step in its growth. Much of the money will be used for product development, which results in a need to recruit approximately 40 employees at the Gothenburg office. It is planned that Movimento will have more than 60 employees and double its turnover within 18 months.

The investment is being made through Eqvitec Technology Fund II and Stefan Lindholm of Eqvitec Partners will join Movimento’s board. 'We have had Movimento in our sights for quite a long time and identified it as a very interesting company for the future,' says Lindholm.

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• Topics
• Expansion
• Nordics
• Technology