Bzzt raises SEK 20 million more.

Bzzt, a Stockholm, Sweden-based company providing taxi services, raised SEK 20 million ($2.3M) in an equity raising round.

The money was raised locally from investors from Sweden, including Jonas Nordlander, Filip Engelbert and Sverker Albrektson.

Proceeds will be used as the company pivoted its operations in providing grocery delivery services.

Bzzt, founded in 2014 by CEO Sven Wolf and Örjan Jansson, started as a taxi company operating a fleet of electric vehicles available in Stockholm. The pods are small, electric powered tricycle, which can carry a maximum 2 passengers and which are manufactured and supplied by a Swedish producer, Clean Motion.

Throughout 2020-2021 the company had financial difficulties as the sales halved to SEK 5 million in 2020 - it now switched its model to last mile deliveries as Bzzt acts as a subcontractor to the courier companies.