Hubia raises money for working on launching an online pharmacy service in Sweden.
Hubia, a Stockholm, Sweden-based company working to launch a local online pharmacy service, announced raising an undisclosed amount of seed investment. The money comes from Axfood and its investment arm, Novax, and will be used for building and launching the business.
Hubia, founded in 2017 by local entrepreneurs Kim Persson, Johan Bergenheim and Henrik Patzer, aims to provide competition in the SEK 40 billion Swedish pharmacy market dominated by Apotea.
Apotea was valued at SEK 2.4 billion in 2016 and expects a turnover of SEK 1.4 billion for 2017.