Swedish state-backed venture firm Industrifonden has invested SEK6m (€697,000) in online legal company Avtal24. Private investors such as Richard Båge and Magnus Wilkne are joining in the share issue, which totals SEK10m (€1.16m).
The money will be used for expansion in Sweden and internationally, the company said.
“The market for legal services is rapidly developing,” says Malin Carlström, investment manager at Industrifonden. “Customers are placing higher demands on convenience, accuracy and price and are using the Internet as a tool. We believe that Avtal24, with its scalable business model and outstanding technological solution, will help to drive this business.”
Founded in 2004, Avtal24 launched the latest version of its online platform earlier this year. The company is now focused on expansion in Sweden and internationally. In Sweden, the service will continue to be marketed under the Avtal24 name and internationally under the name Agreement24.
Industrifonden is an independent evergreen fund founded by the Swedish government in 1979, focused on providing growth capital to Swedish SMEs. In September it invested €1.05m in Malmö, Sweden-based Anyfi Networks.
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