Oxx will be leading a $12m USD funding round in Stockholm-based Apica.
Existing investors including Nordic VC Industrifonden, the venture capital arm of the leading Nordic bank, SEB Venture Capital and Swedish early-stage investor KTH Chalmers Capital also participated in the round.
The investment will help Apica expand its market presence in the US and Europe outside of the Nordics. The team has over 30 people in place in the United States – and growing – with 50% of its bookings already coming from this market. This strong traction in the United States, which is the largest and most demanding market, is a fantastic benchmark and one of the drivers of the Oxx investment.
Oxx is focused on investing in B2B scale-up stage software companies with commercial traction. With offices in London and Stockholm, Oxx was launched earlier this year by Richard Anton and Mikael Johnsson who both departed Amadeus Capital Partners in 2016 to found Oxx.
Mikael Johnsson, Oxx General Partner, said, “Apica is an exciting business with a fantastic team and product offer. The market for performance testing and monitoring software is worth billions of dollars, is well established and going through major disruption. Apica’s products, team and structure put it in an excellent position for growth, particularly given its ambitions in the U.S., where we see the biggest potential. This transaction therefore fits perfectly into our sweet spot and is exactly the sort of deal we intended to execute when we founded Oxx.”
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