Mitigram, a Sweden-based operator of a risk coverage platform for cross-border trade activities, has raised SEK100m ($10.7m) in a series B round led by Mandatum Life, the insurance subsidiary of financial services group Sampo.
Venture capital firm Moor Capital, family office Fort Knox and Moor&Moor, the venture capital fund of entrepreneur Kaj Hed, also contributed funding, as did private investor Johan Andersson.
Founded in 2014, Mitigram has developed an online platform that is used by corporations, commodity traders and financier services firms to fund, finance and hedge the risks of trades. The company’s offering also provides data analytics to help users assess market performance.
Customers include financial services firms Commerzbank and Standard Chartered Bank, investment bank Natixis, as well as communications technology producer Nokia and telecoms equipment supplier Ericsson.
Milena Torciano, chief executive at Mitigram, said:“We are very excited to have Sampo Group as a long-term investor and experienced partner in Mitigram. With the Group’s funding and expertise, we have a sound product development roadmap which will benefit our bank and corporate customers”.
In May 2018, the company secured $5.8m in a series A round backed by Moor&Moor, Fort Knox and Andersson. The former had previously backed a seed round valued at more than $1m.