Mitigram, a Stockholm, Sweden-based digital platform in global trade financing, announced that it secured an additional $11 million in its latest funding round, bringing the total amount raised to $38 million.
The investment will enable Mitigram to move into its next phase of growth, executing its product roadmap, maximizing the Software as a Service opportunity, and driving further competitive advantage through network scaling.
Its advanced and interoperable digital platform is designed for corporations and financial institutions to price check, execute risk cover, and finance transactions in cross-border trade.
As part of the firm’s next chapter, Milena Torciano will be stepping down as CEO to take on a new role as Founding Partner of a new private equity impact fund. Milena will remain a key member of the company board.
Malin Bäcklund, CEO of Moor Holding, will take on the role of CEO on an interim basis. In addition, Kaj Head, an experienced entrepreneur, and investor within the finance sector, joins as Chairman of the Board, providing strategic guidance for the company’s financial objectives.
Malin Bäcklund, Interim CEO of Mitigram, comments: “The lack of connectivity is trade finance’s biggest cost. Around 4 billion paper documents are manually generated, checked, and transported in trade each year, which creates the perfect storm for high operating costs and a spiraling lack of control. At Mitigram, we are passionate about closing the gap that is estimated to cost the industry $4tn in total each year. This new funding round will allow us to continue doing exactly that.”
Company: Mitigram AB
Funding Month: June 2023
Lead Investors: Undisclosed
Company Website: https://www.mitigram.com/
Software Category: Global Trade Financing Platform
About the Company: Mitigram is a digital platform in global trade financing. Already used by over 200 multinational corporations, commodity traders, and financial institutions, Mitigram enables seamless assessment of real-time pricing, risks, and capacity from partner banks, while leveraging SWIFT connectivity, APIs, and artificial intelligence to deliver the best possible financing access and execution. The company offers three main products: MitiSquare, MitiManager, and MitiGateway. Current clients include Louis Dreyfus Company, Bridgestone, Vale, Ericsson, ArcelorMittal, Trafigura, Siemens Healthineers, and over 150 banks.