Mitigram adds $11M in strategic investment from the Sampo Group.
Mitigram, a Stockholm, Sweden-based company operating a financial platform aggregating international trade transactions among traders and banks, announced the completion of a SEK 100M ($11M) capital investment round.
The funding was led by the Finnish financial group Sampo and included existing investors Kaj Hed via the venture capital fund Moor & Moor AB and Swedish investors Johan Andersson (CEO of Mellby Gård) and Fort Knox.
Sampo is a publicly-listed company, owner of financial services assets, such as traditional banks and insurance companies – the Group owns 21 per cent of Nordea – as well as technology platforms through its investments in Nordax and Saxo Bank.
Mitigram, founded in 2015 and led by CEO Milena Torciano, built a market network for exporters, traders and financial Institutions to access funding and risk coverage arising from cross-border trade activities. The company’s clients are multinational corporations, leading commodity traders and many of the world’s largest banks. These include Ericsson, Maire Tecnimont, Nokia, Olam and Wärtsilä; and the banking institutions Commerzbank, Standard Chartered Bank and Natixis.
Mitigram has facilitated $27 billion of trade finance risks from over 100 countries, covering more than 1,000 local issuing banks in both developed and emerging markets.
Prior to this deal, the company raised about $7M from outside investors.