inRiver has secured $12 million in further financing.
inRiver, a Malmö, Sweden-based provider of SaaS-based product information management, announced closing in a $12 million further financing investment. The money comes from the European Investment Bank under the European Fund for Strategic Investments (EFSI) and from the existing shareholders, enabling it to more aggressively invest in research, development, and global expansion.
inRiver, founded in 2007 and led by CEO Niclas Mollin, has developed a Product Marketing Cloud solution range, which delivers product information management capabilities to enterprises worldwide, including: Volvo, Intersport, Skullcandy, Ethan Allen, Brother International, Ashley Furniture, Fujifilm, Converse, and more than 900 other brands.
The company has 88 employees, located in Malmö, Chicago, London, Amsterdam, and Stockholm. In 2016, it recorded SEK 65M ($8M) in revenues and in 2017 it expects to reach SEK 100M.
Prior to this announcement, inRiver raised $13M in external investment.