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eEquity invests in SEK 30 million in Swedish fintech startup Refunder
eEquity, a leading investor in Nordic Internet and Internet retailing companies, has announced that it has invested SEK 30 million in fintech startup Refunder, together with SEK 7 million from existing shareholders.
Founded in 2013, Refunder Scandinavia AB is the largest social- and cashback shopping site in Sweden. It has grown by 200% yearly with over 90% of the users recommending Refunder to a friend.
“When I Co-Founded Pricerunner in 1999, price comparison sites soon became the leading source of sales and traffic to e-commerce sites globally. Now when online pricing is more transparent and online prices for e-commerce sites is very similar, consumers have been looking for other ways of getting incentives and discounts when they shop. Cashback shopping sites generate almost 10% of total sales in e-commerce in the UK and our ambition with Refunder is to be the market leader in the Nordics once this market grow to similar levels”, Magnus Wiberg, Partner eEquity, said.
According to the official announcement, Refunder now aims to make significant investments in marketing to increase the member database to over 600,000 members that get money back when they shop online. Refunder is also developing a tool for social shopping where social influencers can get rewarded for promoting certain products or e-commerce sites.
“After discussions with different interest groups we found an immediate match with eEquity and their team. They have deep insights in what´s driving the e-commerce forward and has a well reputed network of contacts in Sweden as well as internationally which will be of great benefit for Refunder”, Fredrik Ohlsson, CEO & Co-Founder Refunder said.
Refunder was founded by Fredrik Ohlsson and Victor Dahlborg who both started their carrers within the MTG and Kinnevik Group followed by several startups. Fredrik founded Zoom Vision, later sold to Nasdaq and Victor had a leading position at PriceRunner and is the founder of the certificate Trygg E-handel.
eEquity invests in online related business models, primarily in the Nordics with the ambition to build large market leaders. In September, it invested 20 million SEK in Swiss Clinic, a leading Swedish online brand within skincare and beauty treatments with development and production in Switzerland. More recently, it invested EUR 16 million in Swap.com.