Apica, a Sweden-based developer of technology to test the performance of software, obtained $12m in a funding round today that included SEB Venture Capital, the investment arm of financial services firm SEB.
The round was led by investment firm Oxx and also included Sweden’s government venturing firm Industrifonden and KTH Chalmers Capital.
Founded in 2005, Apica has developed on-site, cloud-based and hybrid platforms that enables businesses to gain a real-time insight into the performance of their web, mobile and other software applications.
The money will allow Apica to drive further expansion efforts in Europe and the US.
SEB Venture Capital previously led a $5m series C round in 2012 with participation from Industrifonden, Almi Invest and KTH Chalmers Capital. Industrifonden had supplied $2m in series B capital a year earlier.
Kristina Söderberg, investment manager at SEB Venture Capital, said: “Apica has a great position in a worldwide market and we are very happy to be backing the company and its competent, hard-working team.
“With another strong and experienced investor on board, we very much look forward to continuing to support and grow Apica together.”
Johan Englund, investment manager at Industrifonden, said: “We are glad to welcome Oxx to the Apica team. Apica is at a very exciting stage with its strong team and product offering, and is well positioned for further growth and expansion.”