Virkesbörsen grabs $1.3M from Backing Minds to further develop a digital marketplace for buying and selling wood in Sweden
Virkesbörsen, a Jönköping, Sweden-headquartered company managing a digital marketplace for buying and selling wood, announced securing SEK 10.6M ($1.3M) in capital investment.
The money comes from existing shareholders as well as from local venture firm Backing Minds and will be used to accelerate the business growth and to improve the company's platform.
Virkesbörsen, founded in 2016 by CEO Adam Aljaraidah and Per Hedberg, developed a digital marketplace that makes it easy to buy and sell wood, aiming to both increase efficiency in purchasing raw materials for forest companies and transparency for forest owners in wood sales. The company targets a local market estimated to be approximately SEK 30bn ($3.6bn) and 330,000 forest owners.
Virkesbörsen was part of the Incubator Science Park in Jönköping in 2016 and launched its marketplace in 2017, with clients including Svenska Church - Växjö stift, one of Sweden's largest forest owners.