Malmö-based digital marketer Inriver managed to secure a new funding at SEK 100M (ca. € 10M) from the European Fund for Strategic Investments (EFSI), established by the European Investment Bank (EIB), plus a partial funding from current owners, including Verdane Capital, Industrifonden and Zobito.
The company develops software that helps online buyers and other firms to have a detailed view on products, above all those offered online. The whole process means that all information materials relating to an item or service, including films, texts, images etc., will be collected, matched and then presented as a whole unit at different sales channels. This technique is called PIM (product information management) and currently used by well-known firms like Volvo, Intersport, L’Oreal, Lindex, Brother International, Converse and Fujifilm.
“We have got a very good image among the customers. Granting us that loan by the EIB means a clear recognition for service quality offered by Inriver. Not all firms can have an access to this kind of funding. We succeeded to prove that we have a product that delivers a valuable service, that we have a big market potential and that we have reached a good funding outcome“, says Niclas Mollin, executive manager at Inriver, to DiDigital.
The additional funding is supposed to be used mainly by Inriver researchers and development department. Today, Inriver has 88 employees. Niclas Mollin declared that Inriver currently launches a vast recruitment campaign, targeting an essential growth in the market.
“We are going to be a global competitor thanks to the growth recently achieved, and we are getting new customers , which means that we need to station more employees within the coming two years“, Mollin added in an interview with Di Digital.
Mollin also indicated that Inriver plans to acquire new technologies to save time and enrich the company with more functionality.