Mobile ad tech firm Widespace has secured €15.8m in growth capital investment.
Announcing the investment today, Patrik Fagerlund CEO and co-founder of Widespace said: ”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.”
Widespace was founded in 2007 by entrepreneurs Henric Ehrenblad and Patrik Fagerlund and in 2012 received funding from Northzone and Industrifonden.
The last three years have been marked by rapid growth and the company currently employs 230 people in 10 countries. Widespace has received top rankings in Deloitte’s Technology Fast 500 for the past two years.
“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.” says Mårten Vading, General Partner, at Kreos Europe’s largest and leading provider of growth debt to high-growth companies, who now joins existing investors in this round of financing.
The majority of the investment has been raised through a new share issue to current owners Industrifonden, Northzone and other shareholders. Widespace is one of Sweden’s fastest growing technology companies and reaches 230 million unique users across Europe, the US, Brazil and the MENA region every month.
Patrik Fagerlund CEO and co-founder of Widespace concluded: “Widespace is successfully striving to connect the possibilities presented by mobility and big data to the realm of human behaviour and emotions. Our technology for highly advanced predictions of user behaviour is now taking brand mobile advertising to a whole new level.”