Meds secured $5M in seed funding from angel investors for an online pharmacy operating in the Swedish market.
Meds, a Stockholm, Sweden-based online pharmacy, announced securing SEK 44M ($5.3M) in seed investment.
The money will be used to consolidate the business operations and backers include a range of local angel investors such as Richard Båge, Michael Storåkers, Christian W Jansson (through his family company Carl Westin AB), Gustav Hagman, Robin Rahm and Felix Hagnö.
Meds, launched in 2017 by CEO Björn Thorngren, aims to target the local market for prescription drugs which Sweden liberalized in 2009 and which is estimated at SEK 40bn. The online sales account for 7% of it today and Meds expects it to raise at 25%.