Outnorth, the Sweden-based fashion online retailer, raises money from Danish media company, Egmont.

Outnorth, a Swedish fashion online shop, raised SEK 40M in a fresh investment round. The money comes from the Danish media group Egmont and will be used for further fueling the growth intentions of the company.

Outnorth, led by CEO Lars Nykvist, is a result of a 2012 merger of two Swedish ecommerce retailers, Outnet and Get Out, financed by an investment round of SEK 24M ($3.7M) led by Verdane Capital.

In 2014, Verdane was part of a new investment round of $3.3M, and became the main shareholder of the company.

With this new investment round, Outnorth's main shareholders remain Verdane, with 55%, and the two founders, Stefan and Per Gustafsson, owning about 20% of the company.

Outnorth expect sales of about SEK 335M ($38M) for 2016.