Swedish business Saltside Technologies has raised $40 million in a Series C funding round led by Hillhouse Capital.
The company was formed in Gothenburg in 2011 and now employs 200 people across offices in five countries. It provides online marketing platforms for developing economies including Bangladesh, Ghana and Sri Lanka.
The latest investment is led by long-term equities investor Hillhouse Capital. Current lead-shareholder AB Kinnevik and Brummer & Partners also supported the deal.
Saltside prides itself on making an economic and social impact on the countries it invests in. CEO Minls Hammer said the company’s mission involves building online presences in “under-served markets and creating sustainable value for the community”.
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“Through our success with [international platforms] Bikroy, Ikman and Tonaton, we have seen the impact providing safe and efficient marketplaces has had on the everyday lives of over 6 million visitors who use our portals every month. The new funds will enable us to further improve this consumer experience,” he explained.
Hillhouse Capital partner David Rhee added that Saltside’s target markets are “set to benefit from rapidly increasing internet penetration”.
“The company is best positioned to benefit from this trend with clear leadership positions in each of its three core countries,” he said. “The focus on localised branding and strong vertical management has created platforms with great engagement so Hillhouse is excited to participate in the next phase of this journey.”
