Meds adds $5.6M from Inbox Capital and CNI.

Meds, a Stockholm, Sweden-based online pharmacy, announced that it completed a new investemnt round totalling SEK 50M ($5.6M).

The money was provided by new and existing investors, including Inbox Capital and CNI, at a SEK 251M ($28M) valuation. The new capital will be used to expanding the company's warehouse space, which currently consists of premises in Västberga in southern Stockholm.

Meds, launched in 2017 by CEO Björn Thorngren, aims to target the local market for prescription drugs which Sweden liberalized in 2009. In 2018, the company started selling online beauty and health care products, as well as non-prescription and prescription drugs with permission from the Swedish Medical Products Agency.

Meds expects to reach SEK 100M in sales by the end of 2019.

In 2018, Meds secured $5M in seed funding from angel investors including Richard Båge, Michael Storåkers, Carl Westin, Gustav Hagman, Robin Rahm and Felix Hagnö.