Just days after announcing a change in leadership, Malmö-based WeSports has successfully raised 130 million Swedish kronor (approximately €12 million), further solidifying its position in the sporting goods market.
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.
