Radinn raised more capital.

Radinn, a Malmö, Sweden-based manufacturer of electric water boards, secured a fresh capital invstment round.

The deal, which values the company at around SEK 175 million ($18M), was backed by Danir, a company owned by Dan Olofsson.

Radinn, founded in 2013 by Philip Werner and Alexander Lind and led by CEO Mathias Bergman Werntoft, built G2X, an electric surfboard that can reach 55 kilometers per hour. The company has 35 employees in Sweden and a factory in Poland manufacturing the boards, which are sold directly to consumers or rented out through hotel chains.

Radinn is stll bleeding money as it is an investment phase but estimates to reach sales of SEK 200M ($21M) in 2020. Prior to this round, Radinn raised about $6M.