Parakey adds $1M in capital investment

Parakey, a Gothenburg, Sweden-based company developing a mobile application that turns the smartphone into a key, secured SEK 9M ($1M) in capital investment.

The backing was supported by new and existing investors, including Patrik Mossberg and Louise Ringström Grandinson. In conjuction with the investment, the company also announced adding Johannes Lind-Widestam on the company's board of directors.

Parakey founded in 2014 and led by Jonas Arvidsson, CEO, developed a digital lock accessible via a mobile application. The company has 10 employees and previously raised money from Almi Invest, Chalmers Ventures, Qamcom Technologies and Vinnova.