Voyado Acquisition, Valuation, Funding & Investors

Voyado was acquired by Viking Global Investors for $529M in June 2025, a 5.5x multiple on $96M of revenue.

Voyado acquisition price

$529M

Acquired by Viking Global Investors · Jun 2025

Voyado revenue at acquisition

$96M

Last twelve months · Jun 2025

Voyado revenue multiple at acquisition

5.5x

EV/Revenue · Jun 2025

Cumulative funding Voyado raised

$7M

across 2 funding rounds

Voyado Overview

About Voyado

Voyado is a Stockholm-headquartered customer data platform tailored for e-commerce and retail sectors. The platform integrates data collection from online and offline channels, advanced customer segmentation, churn scoring algorithms, marketing automation workflows, and omnichannel delivery across email, SMS, push notifications, and web personalization. It enables unified commerce functionalities like centralized inventory views and cross-channel order management. Serving retailers throughout Europe, Voyado originated from a 2013 merger of email marketing firms Profiler Online and StrongMail Europe, now supporting over 400 brands with its all-in-one suite.


Founded

2005

HQ

SwedenStockholm

Website

voyado.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$63M (Dec 2024)

Valuation

$273M (Dec 2024)

Voyado Acquisition

Voyado was acquired by Viking Global Investors for $529M on 13 June 2025.

The acquisition price implies a 5.5x revenue multiple on $96M of revenue.

Before the acquisition Voyado had raised $7M across 2 funding rounds.

Voyado, a Stockholm-headquartered Swedish SaaS company, provides an AI-powered customer experience platform for the retail sector, helping retailers turn customer and product data into loyalty programs, optimize e-commerce performance, and personalize shopping across channels. The company has achieved 32% average annual growth over the past three years, reached profitability, and expects close to SEK 1 billion in revenue this year, with deep embedding in Nordic retailers' mission-critical infrastructure. Viking Global Investors LP, a U.S.-based investment firm co-founded by Norwegian billionaire Ole Andreas Halvorsen, acquired a majority stake (70-80%) in Voyado, becoming its new majority shareholder and valuing the company at SEK 3.5 billion (approximately US$370 million or £260 million). The deal, signed on June 13, 2025, involves no new share issuance, with existing shareholders Novax (retaining over 10%), Verdane, eEquity, and H&M Group selling portions but remaining as minorities alongside founders. Completion awaits customary regulatory approvals. Viking's investment supports Voyado's accelerated product development, European expansion, and focus on retail-specific AI solutions amid a market shift from legacy systems to agile, data-driven platforms purpose-built for retailers. Viking selected Voyado for its sector expertise, intuitive design, and broad functionality validated in customer interviews, positioning it to deliver measurable value as retailers adopt AI amid macroeconomic headwinds for tech and pressures to operate like tech companies.

Voyado acquisition details
AcquirerDateTypePriceEV/Revenue
  • Viking Global Investors
13 Jun 2025Strategic M&A$529M5.5x

Voyado Valuation

Voyado is currently valued at $273M, based on its strategic investment round in December 2024.

The $7M round included H&M Group Ventures.

Voyado valuation by funding round

Voyado valuation by funding round
DateStageValuationRevenue Multiple
Dec 2024Strategic investment$273M4.3x

Voyado Revenue

Voyado's latest recorded revenue is $63M, as of its strategic investment round in December 2024. At a $273M valuation, that implies a 4.3x revenue multiple.

Revenue grew from $59M in September 2024 to $63M in December 2024.

Voyado revenue by funding round

Voyado revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2024$63M$273M4.3xStrategic investment
Sep 2024$59M--Secondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Voyado Funding History

Voyado has raised a total of $7M across 2 funding rounds, plus 1 secondary share sale.

Voyado's first fundraising round was a undisclosed-stage round in September 2018. The most recent completed round was a $7M strategic investment round in December 2024.

Voyado funding rounds

Voyado funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2024Strategic investmentH&M Group Ventures$7M$273MVoyado is a Swedish SaaS-based omnichannel customer engagement platform that helps retailers, e-commerce businesses, and brands build long-lasting customer relationships through advanced CRM, AI-driven insights, and personalized customer journey tools. The platform integrates capabilities spanning discovery, engagement, and loyalty across physical and digital channels, and has gained significant traction within the Nordic and Benelux markets with an annual growth rate of 35%. In December 2024, H&M Group Ventures invested SEK 75 million (approximately $6.78 million USD) in Voyado through a new share issuance, acquiring a minority ownership stake. The investment valued Voyado at SEK 3 billion, representing a 5x revenue multiple. This investment marks a deepening of H&M's partnership with Voyado, which has been a customer for several years. While H&M Group representatives will not take a board seat, they will participate in strategic discussions and contribute valuable retail insights and expertise to support Voyado's expansion. Voyado's existing investor base includes Novax, Verdane, and eEquity. The company has demonstrated consistent growth, with revenue rising from €6.6 million in 2018 to €16 million in 2020. The investment is intended to accelerate Voyado's international expansion into key markets including the UK, Germany, and beyond the Nordic region, while enhancing platform capabilities and supporting larger customer deployments. CEO Erica Sandelin Ekelund emphasized the ambition to establish Voyado as Northern Europe's most beloved retail tech companion while maintaining profitability and scalability.
Sep 2024SecondaryeEquity--eEquity acquired a stake in Voyado, the Swedish retail customer experience software company, by buying existing shares rather than subscribing to a new issue. Voyado was already a software supplier to many eEquity portfolio companies, and the firm invested to help it expand beyond the Nordics; partner Jessica Mattsson joined the board. Voyado's turnover had grown by more than 30 percent to SEK 600 million and the company was EBITDA-positive on a monthly basis.
Sep 2018Undisclosed stageNovax--Novax invested in Revide, the Swedish company behind the Voyado marketing automation and CRM platform for retail and e-commerce, providing capital to accelerate its expansion. Revide had grown more than 45 percent a year from 2014 to 2017 and expected revenue above SEK 60 million in 2018, largely from recurring licences. The stated aim was to consolidate its Swedish market lead and scale internationally; the stake and price were not disclosed.

Who has invested in Voyado?

3 investors have backed Voyado across its funding rounds, including H&M Group Ventures, eEquity and Novax.


Voyado Investors

Investors in Voyado by funding rounds participated
InvestorHQRoundsRoleFirst check
H&M Group VenturesSwedenStockholm1ParticipantDec 2024

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Acquisitions by Voyado

Voyado has acquired 3 companies to date.

Last acquisition by Voyado was on December 18th 2025. Voyado acquired WasHere for undisclosed valuation.


Latest Acquisitions by Voyado

WasHere
Voyado
Apptus Technologies
Description
WasHere is a Swedish software company founded in 2023 that puts retailer membership cards into Apple Wallet and Google Wallet. Its product lets shops identify members at the checkout from a digital wallet pass and push loyalty offers and rewards to the phone. Customers at the time of the acquisition included XXL, Gant, Gina Tricot, Granit and ZOO.se.
Voyado is a Stockholm-headquartered customer data platform tailored for e-commerce and retail sectors. The platform integrates data collection from online and offline channels, advanced customer segmentation, churn scoring algorithms, marketing automation workflows, and omnichannel delivery across email, SMS, push notifications, and web personalization. It enables unified commerce functionalities like centralized inventory views and cross-channel order management. Serving retailers throughout Europe, Voyado originated from a 2013 merger of email marketing firms Profiler Online and StrongMail Europe, now supporting over 400 brands with its all-in-one suite.
Apptus Technologies is a Swedish software provider of eCommerce personalization platforms, featuring its eSales suite that integrates big data analytics, predictive modeling, and real-time decision engines. The platform customizes product recommendations, search results, and marketing campaigns across websites, mobile apps, and emails for retailers worldwide. Headquartered in Lund, Sweden, the company serves major clients in Europe and North America, including global brands in fashion and consumer goods. Founded in 2000, Apptus enhances customer engagement by dynamically assembling personalized assortments based on user behavior and context.
HQ CountrySwedenSwedenSweden
HQ City
Stockholm
Stockholm
Lund
Deal Date18 Dec 202510 Dec 20217 Dec 2021
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Voyado Competitors

Voyado competitors include listed companies like Lightspeed Commerce and Shiprocket, and private ones like Swiftly, Odeko, Homebase and Khatabook.

Public and private companies comparable to Voyado
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SwiftlyUnited StatesSeattle, WAPrivate--$1B-
OdekoUnited StatesNew York City, NYPrivate$150M-$262M-
Lightspeed CommerceCanadaCanadaPublicly listed$1.2B($13M)$1.2B0.7x
HomebaseUnited StatesSan Francisco, CAPrivate--$550M-
KhatabookIndiaBangalorePrivate$9M-$600M66.7x
ShiprocketIndiaIndiaPublicly listed$211M($7M)$917M-

Voyado Public Comps

Voyado is no longer listed, but its public comps include Huitongda Network, THG, Vtex, Locaweb, Smaregi, PAR Technology, Pro-Ship, Softcreate Holdings, Auction Technology Group and Turn Cloud Technology.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Huitongda Network$7.8B$112M0.0x0.0x0.3x0.3x
THG$2.3B$133M0.5x0.5x9.2x9.7x
Vtex$241M$22M1.8x1.7x19.2x10.5x
Locaweb$289M($31M)1.4x1.3x(12.8x)5.4x
Smaregi$86M$24M4.4x4.2x15.6x14.2x
PAR Technology$456M($27M)2.2x2.0x(38.0x)24.4x
Pro-Ship$54M$21M5.5x4.9x14.2x13.4x
Softcreate Holdings$221M$52M1.2x1.3x5.3x-

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Common questions about Voyado

When was Voyado founded?Voyado was founded in 2005.
Where is Voyado headquartered?Voyado is headquartered in Stockholm, Sweden.
Is Voyado publicly listed?No, Voyado was acquired by Viking Global Investors in June 2025.
Who acquired Voyado?Voyado was acquired by Viking Global Investors in June 2025.
How much was Voyado acquired for?Voyado was acquired for $529M in June 2025, a 5.5x revenue multiple.
What is Voyado's valuation?Voyado was last valued at $273M in its strategic investment round in December 2024.
How much funding has Voyado raised?Voyado has raised $7M across 2 funding rounds.
What was Voyado's last funding round?Voyado's last funding round was a $7M strategic investment round in December 2024.
Who are Voyado's investors?Voyado's investors include H&M Group Ventures, Novax and eEquity.
What is Voyado's revenue?Voyado's latest recorded revenue is $63M (December 2024).
What is Voyado's revenue multiple?Voyado's latest valuation implies a 4.3x revenue multiple ($273M valuation on $63M of revenue).
Which companies are comparable to Voyado?Companies comparable to Voyado include Swiftly, Odeko, Lightspeed Commerce, Homebase, Khatabook and Shiprocket.
How many companies has Voyado acquired?Voyado has acquired 3 companies, including WasHere, Voyado and Apptus Technologies.

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