Swedish SaaS company Voyado today announces that certain fund entities affiliated with global investment firm Viking Global Investors LP will become its new majority shareholder. The investment will strengthen Voyado’s ability to scale product development with a continued focus on delivering measurable business value to the retail sector.
Voyado has established itself as one of the fastest growing and most trusted retail technology providers in the Nordics. Its platform is deeply embedded in many retailers’ mission-critical infrastructure, helping retailers and brands turn customer and product data into loyalty, optimize e-commerce performance, and personalize the shopping experience across channels.
Voyado is the market leader in the Nordics, with a total customer base of 400+ brands, including H&M, LYKO, Nordic Nest, By Malene Birger, CAIA, and Apohem. In recent years, the company has expanded into the U.K., Benelux, and Germany.
Over the past three years, Voyado has achieved an average annual growth rate of 32% and is now a profitable business. This strong trajectory, combined with continued international expansion and a rapidly growing customer base, has resulted in a company valuation of 3.5 billion SEK.
Viking is a U.S.-based investment firm co-founded by a Norwegian. The deal was signed on June 13, and completion of the transaction is subject to customary regulatory approvals.
Pål Malmros, Partner at Verdane, said: “Working alongside Erica and the Voyado team since our investment in 2021 has been a true pleasure. Voyado has become a market leader for retail technology and we’re confident the company will continue its growth journey in the future.”
“We’ve never tried to be everything to everyone – we build solutions for a sector we know inside out. That focus on retail is exactly what made Viking see the potential in us,” said Johan Bäckarlin, Co-Founder of Voyado.
The Viking funds’ investment is driven by a clear market shift: legacy systems are being replaced by modern, user-friendly, and agile solutions. In customer interviews conducted during the process, Voyado was consistently recognized for its broad functionality and intuitive design while being purpose-built for retail.
The transaction comes at a time when many technology companies have been forced to slow down as the macro investing landscape has encountered headwinds, while retailers face increasing pressure to operate like tech companies: fast, data-driven, and AI-ready. For Voyado, it’s about scaling what already works.
“In challenging times, the value of loyalty and returning customers becomes even more important and that’s where our products come in. We help retailers drive growth in a cost-effective way, and in the Nordics, more than 70% of our customers’ revenue comes from returning customers – a clear sign that more businesses are recognizing the real impact of loyalty. Our job now is to help even more retailers see the same results,” said Erica Sandelin Ekelund, CEO of Voyado.
Voyado’s existing shareholders Novax, Verdane, eEquity, and the H&M Group remain shareholders, alongside the company’s founders.
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About Verdane
Verdane is a specialist growth buyout investment firm that partners with tech-enabled and sustainable businesses that help to digitalise and decarbonise the European economy. Verdane funds have the most flexible mandates in the industry. The firm can invest as a minority or majority investor, replacement or growth capital, in single companies or in portfolios of companies.
Verdane has over €8 billion in assets under management and its funds have made more than 200 investments in fast-growing businesses since 2003. Verdane’s team of over 150 investment professionals and operating experts is based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, and combines deep sector expertise with deep local networks and presence in core European markets.
Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.
Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.
Further information: www.verdane.com
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About Viking Global Investors
Founded in 1999, Viking Global Investors (“Viking”) is a global investment firm with a long-term, fundamental, research-intensive approach to investing. Viking manages over $50 billion of capital across public and private investments. Viking has offices in Stamford, New York, Hong Kong, London, and San Francisco, and is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.vikingglobal.com.
About Voyado
Voyado is the customer experience platform made for retail. We help brands turn every interaction—from first click to repeat purchase—into lasting loyalty. With AI-powered tools for search, personalization, marketing, and loyalty, we make it easy for retailers to grow and connect with customers in smarter ways.
Loved by 400+ brands, Voyado is on a mission to become Europe’s most beloved retail companion.
