Radinn secured $3.4M from existing investors.

Radinn, a Malmö, Sweden-based manufacturer of electric water boards, completed a capital investment round totalling SEK 32M ($3.4M).

The funding round was backed by existing investors, including Dan Olofsson and Mikael Lindblom and values the company at SEK 112M ($12M) post money, lower than the previous investment round from 2019, according to the Swedish media.

Radinn was founded in 2013 by Philip Werner and Alexander Lind based on a a project made at Lund University. The company, led by CEO Mathias Bergman Werntoft, manufactures out of a factory in Poland G2X, an electric surfboard that can reach 55 kilometers per hour.

Prior to this round, Radinn raised about $7 million.