Sellforte to raise €4M in funding led by Sonae IM, with Bonnier Ventures and also participating

Sellforte, an Espoo, Finland-based startup developer of marketing optimization SAAS, announced that it completed a €4 million ($4.8M) capital investment round.

The money was raised from investors led by Portugal-based VC Sonae and included contributions of Bonnier Ventures of Sweden and of Icebreaker VC from Finland.

Proceeds will be used to hire people to scale R&D on its product offering and further expand its operations internationally.

Sellforte, founded in 2017 by CEO Juha Nuutinen, Mikko Ervasti and Teppo Luukkonen, developed a SAAS platform that is used to measure the effectiveness of online and offline marketing investments, while providing customized recommendations for growth and improvement.

The company works with customers from 14 countries, including C&A, Elgiganten, and Cloetta, supported by employees in Finland, Sweden, and the Netherlands.

Prior to this round, Sellfort raised €500k, and was initially pre-seeded by Icebreaker in 2017.