Eequity purchases 20% of iDeal of Sweden, also invests in the company.

iDeal of Sweden, a Norrköping, Sweden-based ecommerce company announced that it added a new investor in the company, the Swedish VC firm eEquity.

The transaction totals SEK 21M, out of which SEK 6.3M ($760k) is invested in the company and for the rest eEquity purchases shares from existing investors.

After the investment, eEquity will own 20 percent of the company while its founders control 70 percent. The former investor HS Group owns nearly 7 percent and the remainder is held by private investor Tomas Bennich and Mojave AB.

The money is aimed to be spent for marketing, recruitment and expansion outside Sweden. In the fall of 2016, the company also intends to open a Stockholm office.

iDeal of Sweden, founded in 2013 by Filip Ummer and Joachim Lindström, is an online shop that manufactures and sells fashion and lifestyle brand for mobile accessories. The company had a turnover of SEK 165M in 2015 with a profit of SEK 20M.