Sportway announced raising SEK 55 million from Commercial Sports Media and angel investors.

Sportway, a Stockholm, Sweden-based company building a business from doing live sports events streaming, announced increasing the capital in the company with a SEK 55 million ($6.4M) round.

The money was raised from Commercial Sports Media with co-founder of Sportway Jonas Persson; Aidan Cooney, sports technology entrepreneur, founder of Opta and InCrowd; Tony Johansson, entrepreneur within the betting sector; Jonas Eriksson, former FIFA referee and partner at IEC in Sports, as well as Stefan Glevéns investment company Geltis, and Sportway CEO Daniel Franck.

Sportway, founded in 2014 by CEO Daniel Franck and Jonas Persson, developed a media channel focusing on major youth sports events from Sweden. The company says it has nearly 500 systems installed across their European hockey arenas producing 150 000+ matches across Czech Republic, Denmark, Finland, Norway and Sweden. Clubs, teams, leagues and federations are utilizing the technology to build new business models with subscription and pay-per-view revenue streams.

Sportway is still not a profitable company and previously raised $1.7 million at the beginning of 2021.