Codemill secured SEK 30 million in debt and equity.

Sweden Investments 10 February 2020
Share on FacebookShare on Twitter

Codemill, an Umeå, Sweden-based software company announced getting into a afinancing deal totalling SEK 30 million ($3.1M).

The money is part equity - SEK 20M - and part loans backed by Almi Invest and Norrlandsfonden.

The funding will back company's ambitions of expanding its business outside Sweden.

Codemill, founded in 2008 by CEO Johanna Björklund, started as a software consultant for digital video services. The company, supported by 60 employees, also has under development its proprietary products, including Accurate Video, a cloud-based video tool sold as a subscription service.

The company is profitable and had a 2018 turnover of SEK 47 million ($4.9M). Codemill and its CEO also are behind Smart Video, which developed an ad technology for effective video advertising on digital channels in order to increase online sales of their products and services.