Universal Avenue raises more money from MOOR and Eight Roads Ventures.

Universal Avenue, a Stockholm, Sweden-based company developing digital marketing packages for small and medium businesses, secured SEK 8.5M ($1M) in venture capital.

The round, which valued the company at SEK 33M, was closed at in NOvemebr 2017 and the money comes from two of its existing investors, namely MOOR Capital and Eight Roads Ventures.

Other proeminent investors in the company, Northzone and Salesforce Ventures, decided not to be part of this round as their representatives also left the board of the company. The board now is headed by Kerstin Cooley from MOOR, and includes CEO Johan Lilja and another MOOR representative, Katja Bergman.

Universal Avenue was founded in 2014 as a provider of global brand ambassador and customer acquisition solution for other businesses. The company later pivoted its business model, by providing an one-stop digital portal that aggregates purchasing access to a number of services including payment solutions and Google My Business.

Universal Avenue is well funded, having raised about $17M in venture money.

In 2016, the company accounted for a turnover of SEK 22M ($2.8M) and a loss of 46.3M.