NORD raises $2.6M, aims to list its shares on Stockholm First North.
NORD, a Stockholm, Sweden-based company managing a retail operation selling consumer products for hunting, sport fishing and outdoor activities, announced raising SEK 21.6M ($2.6M) in a capital investment round.
The money comes from the existing investors of the company and will be used to accelerate its rapid expansion in order to remain an active player in the industry's ongoing consolidation.
In connection with the issue, NORD applies for a listing on Nasdaq First North, which is expected to occur in the second quarter of 2018.
NORD - Nordic Outdoor Retail & Distribution AB - was formed in 2016 as a merger of three companies, ITAB Outdoor, Active Outfit and Jaktlust, which continue to operate under the respective brand. The group, led by CEO Victor Wennerholm, sells products for the outdoor industry, namely in niche segments including hunting, fishing and outdoor gear, under both own and external brands and via e-commerce, physical stores and ambassadors.
In 2017, NORD has a combined turnover of approximately SEK 50M ($6M) and lost SEK 18M.