Avy announced raising SEK 15 million from Stronghold Invest.

Avy, a Stockholm, Sweden-based company developing a SAAS solution for the rental industry, announced raising the capital in a SEK 15M ($1.7M) funding round.

The money was raised from a local real estate investor from Sweden, Stronghold Invest.

The deal is part of a larger partnership involving providing Avy with access to a portfolio of existing management customers in Sweden of approximately 25,000 apartments.

Proceeds will be used for hiring more people, improving the product and business expansion in Sweden and later also Europe.

Avy, founded in 2017 by CEO Joacim Gustafsson and Mikaela Svefors, provides a software solution that connects landlords and tenants via a mobile app. The app is used for communication purposes as well as for better document and admin management between the two parties - paying customers include large and medium-sized real estate companies and managers, involving Avy being used within 50,000 apartments.

Avy previously raised $2.1 million in 2020 from Brunswick Invest.