Swedish IT startup Apica has raised SEK29.4m ($4.5m) from three venture capital firms to fund the expansion of its US operations.
The round was backed by Swedish firms Industrifonden, KTH Chalmers Capital and SEB Venture Capital.
Apica said the funds will support the development and launch of its cloud services worldwide with a focus on the US market.
The company specialises in load testing, performance analysis and monitoring of websites, cloud services and mobile applications.
KTH partner Jonas Rahmn said, “The requirement for high performance and secure web is constantly increasing. From its strong base in Sweden, Apica has positioned itself in the demanding US market and won a number of very large customer projects. It will be exciting to move up a gear and continue the expansion.
Industrifonden’s recent deals include an investment in Swedish specialty pharmaceutical company Pharmalink AB as part of its Series C round.
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