Universal Avenue has secured an additional USD 6 million from MOOR
Universal Avenue, a Stockholm, Sweden-based providing digitalisation solutions for small and medium businesses, announced that it completed a $6M investment.
The funding was made through a stock convertible bond from exisiting investor MOOR Capital. Simultaneously, one of the previously acquired bonds worth USD 1 million dollars has been converted.
At the same time, MOOR announced the acquisition of Swedish digital agency Varvet. In conjunction with the acquisition, Carl-Johan Kihlbom will join the Universal Avenue board of directors.
Varvet was founded in 2008 and has 23 employees based in Gothenburg and in Stockholm.
Universal Avenue, founded in 2014 and led by CEO Johan Lilja, digitalizes small and medium-sized businesses, by providing a platform of turnkey digital solutions.
Prior to this round, the company raised more than $17M in capital from Eight Roads Ventures, Northzone and Salesforce Ventures. Northzone and Salesforce didnot participate in the last round from November 2017, and their representatives also left the board of the company.