Splitgrid completed a $800k investment round from Collector, Almi and Innovestor.
Splitgrid, an Örebro, Sweden-based company providing software solutions for securing payments between suppliers and retailers automatically, announced the completion of a SEK 7.5M ($780k) in capital investment round.
Funding will be used to accelerate the company's expansion efforts.
Splitgrid, founded in 2016 by CEO Göran Eriksson and Jonas Forsman, develops a computer system that ensures that the payment for an individual product, for example a garment, is distributed between the store and the supplier directly when a product is registered at the checkout.
The system is integrated into the store cashier and helps the merchant avoid liquidity problems, while ensuring that the supplier actually gets paid for the products being sold. The software also simplifies administration, minimizes risk and creates new business by easing liquidity requirements of the store.
Splitgrid operates throughout the Nordic region and works for both physical stores and e-retailers. They currently have more than 100 affiliated brands, retail chains and independent stores and work with customers from the clothing industry.