Meds announced raising SEK 167 million in a round led by M2 Asset Management

Meds, a Stockholm, Sweden-based operator of online pharmacies, announced raising the capital in a SEK 167M ($20M) funding round.

The money was raised from local investors from Sweden, led by M2 Asset Management.

At the same time, the company announced opening new larger premises near Stockholm's city center and more capex allocation to marketing and product development.

Meds, founded in 2017 and led by CEO Björn Thorngren, is an online pharmacy active in Sweden based on a permit from the Medical Products Agency. The company produced sales of about SEK 222M ($27M) in 2020.

Meds has previously raised a little less than $30 million, with investors including CNI, Inbox Capital, Carl Westin and a bunch of local angel investors from Sweden.