Widespace secures €15.8m in funding
Widespace, the Swedish mobile ad tech company, just announced that it secured €15.8m in growth capital, its largest investment sum to date. The company, founded in 2007 by entrepreneurs Henric Ehrenblad and Patrik Fagerlund, secured a first round of funds from Northzone and Industrifonden in 2012. Having successfully branched out into major markets over the last three years, the company now has 10 offices in Europe and 230 employees. It featured among the top ranks in Deloitte’s Technology Fast 500 for the past two years.
Widespace provides mobile advertising solutions for brands
Patrik Fagerlund, CEO and Co-founder, Widespace, says:
“This will enable us to solidify our leading position in Europe as well as expand in existing key markets. We will also invest further in strategic areas of our technology, such as automation and visualisation of data. Our unique technology and solutions have earned us a leading position in all major markets in Europe and we aim to continue our assertive growth during the coming years.”
A majority of the funding was raised through a new share issue to current owners Industrifonden, Northzone and other shareholders. Widespace now has a reach of 230m unique visitors monthly across Europe, the US, Brazil and the MENA region and continues to grow rapidly.
Mårten Vading, General Partner, Kreos, a European provider of growth debt to high-growth companies, who now joins existing investors in this round of financing, adds:
“With an ability to create higher value for brands, users and media houses Widespace has become the leader in data driven brand mobile advertising. It is our belief that this journey has only just begun. We are pleased to have Widespace as one of our first investments from our new €400m fifth fund.”
Fagerlund added that the company was planning to connect mobility with data in order to offer its clients more advanced predictions of user behaviour and take mobile advertising for brands to the next level.