For the first time, gadget shop Coolstuff has sought external capital, with Spiltan entering as a 30 percent shareholder, reports ehandel.se. Coolstuff is based in Malmö, and currently generates around 11.5 million Euro (100 million SEK), as Sweden’s ‘gadget mecca’, selling fun and innovative gadgets online, in Sweden, Denmark, Finland, Norway and Germany.
Partnering with Spiltan will give the e-retailer more opportunity to grow, especially following CoolStuffs recent investment in a large warehouse and purchases ahead of the Christmas season.
‘Spiltan gives us access to expertise and capital for our continued international expansion. Meanwhile, we can now more rapidly expand our range,’ said Kajsa Knapp, one of CoolStuffs founders.
Spiltan is an active investment company with total capital of about 27.5 million Euro (240 million SEK). What they had to pay to get the 30 percent share of Sweden’s gadget mecca Coolstuff is not clear.
‘Our model is to buy minority stakes in profitable Swedish companies in growth industries, giving founders a long term partner while being able to retain a majority shareholding in the company’, says Håkan Sjunnesson investment manager at Spiltan.
Founders Kajsa Knapp and Christian Omander retain the 70 percent stake in Coolstuff.