PinMeTo raised its capital with SEK 20M from investors led by Cloud Capital and Spintop Ventures.

PinMeTo, a Malmö, Sweden-based software developer for digital marketing, announced that it completed a capital raise of SEK 20M ($2.3M).

The money was raised from investors led by Cloud Capital and Spintop Ventures, who were joined by existing shareholders H&M and angel investor Lars Wingefors.

At the same time, Daniel Soussan from Cloud Capital will become the new Chairman of the Board while the current one, Henrik Schmidt, will replace Daniel Melkersson for the CEO position.

The proceeds will be used to improve the company's sales and product development.

PinMeTo, founded in 2013 by Daniel Melkersson, Petter Palander, Michael Nilsson and Marcus Olsson, developed a SAAS platform that manages data on different platforms for marketing purposes. The company has around 300 customers.