DanAds raised SEK 42 million in a convertible loan.

DanAds, a Stockholm, Sweden-based advertising company, completed a funding round of SEK 42M ($4.8M).

The money was provided via a convertible loan from existing investors.

DanAds, founded in 2013 by Peo Persson and led by CEO Istvan Beres, developed a white label software tool provided as a SAAS in order to be used by big companies to create advertising platforms for small companies, handling everything from booking, payment and billing to the ad.

The company is not profitable, as it lost about SEK 21M ($2.4M) at a turnover rate of SEK 18M ($2M) in 2019. Prior to this round, DanAds raised $5.5M from private investors.