New round led by growth capital investment firm Oxx with participation from existing investors will be used to expand Apica’s market presence in the US and Europe
NEW YORK — 4 September 2017 — Performance monitoring and testing solutions provider, Apica, announced today it has raised $12m in a funding round led by Oxx with participation from existing investors Industrifonden, SEB Venture Capital and KTH Chalmers Capital.
The investment will help Apica expand its market presence in the United States and Europe. The company has over 30 people in place in the US – and growing – with 50% of its bookings already coming from the US. Apica’s strong traction in the region is a fantastic benchmark and one of the drivers of the new investment round.
Apica was founded in 2005 in Stockholm, Sweden, and now has offices in New York, Los Angeles and London. With customers including Scholastic, Klarna, Q2ebanking, Etihad and Sweden’s TV4, the firm has strong international market share among the most demanding enterprise customers. Customers choose Apica’s products because they seek to optimize system performance and prevent system failures. According to IDC, application failures cost the average Fortune 1000 company $1.25bn-$2.5bn each year–equating to an astonishing $500,000-$1m per hour.
Carmen Carey, Apica CEO, said: “We are so pleased that Oxx, Industrifonden, SEB Venture Capital and KTH Chalmers Capital have recognized our growth potential and invested in us at this stage. We’re confident not only of achieving our immediate goals thanks to this recent transaction but also exceeding our long-term ambitions.”
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 US, where we see the biggest potential.
Johan Englund, Industrifonden Investment Manager, said: “Apica is at a very exciting stage with its strong team and product offering, and is well positioned for further growth and expansion.”
Kristina Söderberg, SEB Venture Capital Investment Manager, 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.”
Leading enterprises rely on the Apica Web Excellence Suite to test and monitor their mission critical business systems, APIs, web and mobile applications. Apica enables businesses to get detailed real-time performance, uptime and capacity insights, ensuring outstanding end user experience and optimized IT operations. Apica’s suite – available as SaaS, on-premise and hybrid solutions – is trusted by 400+ leading brands globally. Apica has offices in Stockholm, New York, London and Santa Monica. To learn more about Apica, visit www.apica.io