Raceone bags SEK 5M for a mobile sports application.

Raceone, a Gothenburg, Sweden-based sportstech company announced raising SEK 5M ($560k) in a fresh equity investment.

The backers include Almi Invest, Chalmers Ventures and Vätterleden Invest, as well as private investors Johan Attby and Rikard Steiber. The money will be used to launch the product in the Nordic market.

Raceone, founded in 2015 by Marlene Sjöberg, has developed a mobile application that makes it easier for participants, family and spectators to connect during race events such as running and biking. The mobile application currently has 475 Swedish and Norwegian races and about 60 000 users. Next year, in 2018, the company plans an expansion to other countries.

Prior to this investment, in 2016, the company raised SEK 2.5M ($290k) in seed money for launching the product,