Sellpy adds SEK 20M from its investors to grow its marketplace.

Sellpy, a Stockholm, Sweden-based company managing a local marketplace for selling and buying second hand items, secured a capital investment round of SEK 20M ($2.3M).

The backers include existing investors led by H&M's investment arm, H&M CO:LAB.

Sellpy, founded in 2014 by CEO Michael Arnör, developed an online platform that enables people to sell their used items online. The company, which employs about 200 people, did not making profits and registered sales of about SEK 80M ($10,5M) in 2017.

Prior to this deal, Sellpy raised more than $2.2M from investors including H&M and Swedish angel investors Daniel Pilotti, David Frykman, Kristoffer Jeansson and Per Bystedt.