Sitoo raises $7.7M, looks to expand internationally.

Sitoo, a Stockholm, Sweden-based cloud-based cash management provider for retail industry, announced that it raised SEK 70M ($7.7M) in capital investment.

The financing was provided by backers including Swedish private investors Jens von Bahr, Peter Dahlberg and Jonas Engwall. The three of them are also part of the company's board of directors.

The investment is part of Sitoo's efforts to expand its business internationally.

Sitoo, founded in 2015 by CEO Jens Levin (who had founded Emric and sold it to Tieto), developed a cloud-based cashier solution aimed to help physical stores interested to have an online point of sale. The company works with Swedish customers including Lagerhaus, Åhléns, Adlibris, Designtorget, Nudie Jeans, Björn Borg and J.Lindeberg and is used by retail chains in the Nordic countries, Europe, the United States and Australia. The company is profitable and had sales of SEK 22.4M ($2.6M) in 2017.