inRiver to raise $32 million in funding led by Lugard Road Capital.

inRiver, a Malmö, Sweden-based developer of a product information management (PIM) solution, announced getting into an investment agreement for raising $32 million in capital.

The money was raised from investors led by the US-based investment company Lugard Road Capital and included participation from existing investors Verdane, Industrifonden, Zobito, and RoosGruppen. The funding will support the rapid growth planned to meet accelerated customer demand, continued product development, and further global expansion of inRiver.

inRiver, founded in 2007 and led by CEO Thomas Zanzinger, developed a product information management solution that integrates smoothly with other technologies in the ecosystem to offer a scalable multitenant SaaS solution. The solution is used by 1,500 brands and 500 customers globally, including branded manufacturers, industrial manufacturers, and retailers.

InRiver is headquartered in Malmö, Sweden, and has offices in Chicago and Amsterdam. It previously raised about $25 million, including a $12 million round announced in 2017.