Stockholm-based startup Brick completed $3M seed round led by Christer Fåhreaus and his fund Fåhreaus Startup and Growth. The startup contributes to the age of circular economy by providing a network for power bank sharing via its app. Brick is planing to use the funding to improve its product and expand into new markets. Swedish company is already running its operations in countries including Turkey, Peru, Poland, Panama, Nigeria, Australia, the Us and Canada.
Swedish power bank rental Brick closes $3M round to accelerate growth
Power bank rental provider Brick announces it has finalized the $3M investment seed round led by Swedish entrepreneur Christer Fåhreaus and his fund FSG (Fåhreaus Startup and Growth). The capital will be used to further scale the business in existing and new markets and strengthen the company’s product and tech development.
In a short time Brick has expanded to several markets outside Sweden and today they can be found over all continents, in countries such as Peru, Turkey, Poland, Panama, Nigeria, Australia, The US and Canada. Deals are already in place to expand into places like Germany and Serbia. The quick expansion follows the company’s pivot into becoming a SaaS company, enabling partnerships around the globe.
“Brick going global was the plan from the beginning. Our new business model; where local entrepreneurs around the world can start up operations in new markets, allows us to expand in a much more efficient way. This investment allows us to expand even faster,” says Emil Esselin, CEO and founder of Brick.
Now Brick has closed the round and takes in $3 million. Among the investors are Storytel investor Filip Larsson and Fast Track Malmö, and the round is led by the well-known series entrepreneur Christer Fåhraeus and his fund Fåhraeus Startup and Growth.
“Brick is in a new but incredibly hot market. In China, the mobile charging companies have already gained a foothold and we consider the conditions good for high growth for the rest of the world where Brick operates. We see Brick as the best-positioned European company in the industry with a strong team and a strategically smart business model,” says Christer Fåhraeus from FSG Fåhraeus Startup and Growth.