Propel Capital, the investment company recently established by the incubator STING, invests 250 000 SEK in startup company Apprl, as part of a financing round totaling about 2 million SEK. Apprl is a social e-commerce platform that connects online media, e-retailers and consumers through smart digital tools. The venture capital comes from over 20 reputable business angels who have come together to invest in early Internet/media companies.
Last spring, the incubator STING launched a new investment company, Propel Capital, which, starting this fall, invests 250 000 SEK in the startups admitted to the accelerator program STING Fast Forward; eight companies every six months. Propel will also invest in three or four other STING companies in the Internet/media/ICT space, and has now chosen e-commerce platform Apprl as its first investment outside the FastForward companies.
Apprl helps media to make money and online stores to increase sales by enabling the media to integrate e-commerce into its editorial content with a number of clever tools. Apprl now work with Scandinavian media MTG, Elle, Cafe, Aller, Bulletin Board, and others. Now Apprl launches a partnership with Project Runway: All Stars in the US, giving fans of the TV program the opportunity to shop the contestants’ favorite clothes and accessories directly from the Project Runway site.
− Propel Capital consists of a number of Sweden’s most experienced and successful entrepreneurs and investors. We highly value the collective knowledge in our continuing journey to transform e-commerce to how it actually should work on the Internet, says Martin Landen, CEO and co-founder of Apprl.
Apprl has raised about 2 million SEK in funding. The investment round also includes business angels Jonas Meerits and Fredrik Bentlinger, as well as an innovation loan from Almi.
− We in Propel Capital believe that we can contribute both capital and knowledge to help Apprl to create a service and business model that fundamentally changes the way e-commerce is used in various media, says Erik Byrenius, co-founder and former CEO of Online Pizza, and investors in Propel Capital.
Some of the angel investors who invested in Propel Capital:
- Kristofer Arwin, founder of Pricerunner;
- Hampus Jakobsson, co-founder of TAT;
- Magnus Bergman, investors in Prezi and TrueCaller;
- Erik Byrenius, founder of OnlinePizza.se;
- Daniel Laurén, founder of Priming Ventures;
- Carl Palmstierna, one of Sweden’s most active business angels.
In addition to funding, the companies that Propel Capital invests in get access to the 20 angel investors who invested in Propel Capital, which are themselves entrepreneurs with expertise within Internet/media. The angels can make their own direct investments and engage more deeply in the companies where they can make a difference, and help both with their own expertise and through its network. Propel will implement another 10 investments within the next eight months.