Fyndiq, a Bargain Superstore, Raises $20 Million from Industrifonden and Northzone
Founded in 2010, Fyndiq has helped thousands of merchants to sell their products to millions of bargain hunters via a hassle-free marketplace. The company has seen incredible traction since its inception, growing from $1M in sales in 2011 to $17M in 2013, and was recently listed as one of Europe’s fastest growing technology startups by The Next Web. With the new funding, Fyndiq will continue growing in Sweden, as well as launching into new markets, with the goal of globally becoming an “Amazon for bargain products”.
“I’m proud to announce that we have received funding from top-tier investors Northzone and Industrifonden to support our expansion plans. With their experience from scaling technology companies to game winners, we’re confident in our journey ahead and look forward to continuing our growth both in Sweden and elsewhere. The future looks bright for Fyndiq, our merchants and customers!” said Dinesh Nayar, CEO & co-founder.
Previously Fyndiq has raised $5M in funding from private investors such as the business legend and former CEO of SAS, Jan Carlzon. Northzone, investor in companies such as Spotify, Avito.ru, Trustpilot and WideSpace led the new Series A round with participation from Industrifonden.
“The founders of Fyndiq have quickly established a new world class online shopping experience by offering thousands of great products at very competitive prices, combined with great customer service. We are very excited to be a part of the future expansion of Fyndiq.” said Hans Otterling, General Partner of Northzone.
To date more than 500 000 unique customers have bought bargain products on the marketplace that currently contains over 220 000 products. The company has about 70 employees at their Stockholm headquarter and was awarded ”Achievement of The Year” at Nordic Ecommerce Summit 2013, the biggest e-commerce fair in the Nordics.
“We are impressed by what the Fyndiq team has achieved in a very short time in an interesting segment of e-commerce, and look forward to working with them to further strengthen and expand their business”, said Johan Englund, Investment Manager at Industrifonden.
Fyndiq (www.fyndiq.se) is a Bargain Superstore, connecting merchants and bargain hunters. Founded in 2010, Fyndiq has helped thousands of merchants to sell their products to millions of bargain hunters via a hassle-free marketplace. For consumers, Fyndiq delivers small moments of joy by providing the greatest range of bargain products
Founded in 1996, Northzone has to date raised seven funds and invested in some 100 technology-enabled companies. The current portfolio includes companies such as Spotify, Avito.ru, Trustpilot, WideSpace and SpaceApe. The company has offices in London, Stockholm, Oslo, Copenhagen and New York. www.northzone.com