Spond raises $6M, aims for profitability

Spond, an Oslo, Norway-based provider of a software solution to organise a sport team as well as any other type of group activities, secured NOK 50M ($6M) in capital investment.

The money will be used to finance the company's expansion in different geographies, and was provided against 30% of the company's shares by a number of new and existing investors, including Devin Wenig, Mats Zuccarello, Johan Brand, Erik Braathen, Bryn Eiendom, Christian Thommessen, Aksel Lund Svindal and Birger Magnus.

Spond, founded in 2013 and led by CEO Per-Otto Wold, developed a software as a service solution that makes it easy to organize groups for either children or adults, and invites management for events. The company estimates that the app will have around 400,000 monthly users by the end of 2018 while in 2017 it lost more than $1M at a turnover of $60k.