DanAds in a $5 million investment round backed by Wellstreet and angel investors from Sweden.

DanAds, a Stockholm, Sweden-based advertising company, announced the completion of a $5 million capital funding round.

The money was raised from existing investors led by Wellstreet, joined by angel investors from Stockholm Hugo Stenbeck, Jonas Sjögren, Johan Andersson and Alexander Hars.

Proceeds will be used for growing the business. At the same time, the company announced appointing existing investor Anders Borg, Sweden’s former Minister for Finance, as Chairman of the Board, while Kristina Schauman and Sophia Spala will join as board members.

DanAds, founded in 2013 by Peo Persson and led by CEO Istvan Beres, provides infrastructure through a fully automated advertising self-service system for publishers and media companies.

The tool is sold as a white label SAAS in order to create advertising platforms for small companies, handling everything from booking, payment and billing to the ad. Customers include The Atlantic, Bloomberg Media Group, and Hearst Magazines.

DanAds previously raised $4.8 million in 2020 out of a total of more than 10 since the start of the company.