Founded five years ago in Lund by Mikael Olander (formerly of BHG Group) and a team of experienced entrepreneurs, Wesports has rapidly expanded through acquisitions, including brands like Tretorn, Addnature, Cykelkraft, and most recently, Norwegian fitness chain Sportsmaster. The company reported € 250 million (SEK 2.8 billion) in revenue for the 12 months ending September 30, 2025, up from € 200 million the previous year.

Wesports aims to reach SEK 10 billion in revenue by 2031, driven by a mix of 10% annual organic growth and continued M&A. Rapidus reports that Mikael Olander, the company’s largest individual shareholder, will retain his stake, while some board members and executives may reduce theirs.

Wesports’ upcoming IPO highlights the regions strength in e-commerce and high-growth retail, with both success stories such as Boozt originating from here, as well as early pioneers such as Bygghemma and CDON (now part of Fyndiq) and many more. This region is also home to everything from giants such as IKEA, as well as lots of smaller e-commerce startups around E-commerce Park of Sweden.

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Rapidus reports that WeSports conducted a new share issue in two rounds. The first round on March 26th raised 26 million kronor (€ 2.5 million), valuing the company at 818 million kronor (€ 75 million). Two days later, a larger round of 104 million kronor (€ 9.5 million) was completed, increasing the company’s valuation to 923 million kronor (€ 85 million).

Johan Ryding, Chairman of WeSports, commented on the swift valuation increase: “Interest was greater than supply,” explaining why the valuation process took two days to complete.

WeSports has previously talked about preparing for a potential stock market listing (IPO). When contacted by Rapidus, Ryding clarified the purpose of the new funds:

“We are replenishing our coffers for continued offensive growth, where we want to capitalize on the acquisition opportunities we see. Market conditions for an IPO are what they are, so the new funds give us the freedom to continue with our strategy regardless,”

said Johan Ryding to Rapidus

Ryding also noted that all founders, who are also the main shareholders, participated in the share issue.

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IPO Readiness and Market Conditions

Ted Sporre, who previously served as Vice President and Managing Director for the Nordics at AUTO1 Group, brings extensive experience in executing growth plans, e-commerce, and leadership in international listed environments. He succeeds Martin Appelfeldt, who will continue to work within the company as a Senior Advisor and head of IT infrastructure.

“We are delighted to welcome Ted to WeSports Group. With his drive and experience, he will contribute strongly to our continued growth and development. His leadership style and ability to challenge competitive and established markets, as well as scaling entrepreneurial businesses, make him a perfect fit for the next step in our journey,”

said Johan Ryding, Chairman of WeSports

WeSports is focused on ensuring it meets the requirements for an IPO, aiming to have a robust business model and favorable market conditions. Ryding elaborated on the company’s IPO plans.

“We aim to have a solid business and be ‘IPO ready,’ meeting the stock market’s requirements. We are also looking for a favorable equity market.”

Johan Ryding said to Rapidus about the current strategy

Rapid Growth and Market Consolidation

Founded in 2019 by a quartet with long experience from amongst other BHG Group, including Mikael Olander, Martin Edbladh, Peter Rosvall, and Niklas Hammar, WeSports has rapidly grown its market presence. Already in 2024 WeSports group achieved a total turnover of over € 230 milion (2.5 billion SEK) with an adjusted EBITA of € 12 million (130 million SEK).

“WeSports Group’s development since 2019 has been remarkable, going from a local challenger to an international leader in multiple categories. Now, Ted joins us at an exciting time as we work to further cement and expand our leadership position in key focus areas. Having achieved our goals for the Company’s first five years, we are motivated to take the next step in WeSports Group’s journey. We are glad to welcome Ted to our team”

said Mikael Olander, Principal owner and Board Member at WeSports Group in a statement

WeSports operates by consolidating the sports equipment market, acquiring and developing niche players within the industry. The group comprises a holding company with over 50 e-commerce sites and physical stores, including notable brands like Cykloteket and Outdoorexperten.

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