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Industrifonden, Zobito back Swedish social network advertiser Qwaya

22 May 2013

Sweden state-backed investment firm Industrifonden and venture capital firm Zobito have invested SEK20m (€2.34m) in software developer Qwaya.

The company, which is developing a cloud-based tool for advertising on Facebook and other social media, said it will use the capital for continued international expansion.

Qwaya’s clients are companies and ad agencies that use its software to create, publish and measure the effectiveness of advertising campaigns on Facebook, LinkedIn and Twitter.

The tool was developed initially in Keybroker Group, after which it spun off as an independent company.

“Advertisement on social media is increasing rapidly and has shown very good results for the advertisers who learned how to use it properly,” said Hadar Cars, investment manager at Industrifonden. “Qwaya helps the advertisers to become even more successful and we are therefore confident that the company’s rapid global growth will continue.”

The deal marks the first investment for Zobito, a Swedish venture firm focused on the enterprise software space.

“We strongly believe Qwaya,” said Magnus Lindhe, partner at Zobito. “We have had the pleasure of following Qwaya in close proximity from the company’s birth and are impressed by management’s way of creating a strong and close relationship with Facebook, while developing customer base and revenue.”

Industrifonden invests in small and medium-sized Swedish companies with international growth potential. It has assets of SEK3.6bn and investments in 92 companies in technology, cleantech, life sciences and industry.

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