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Nosto receives €15 million loan from the European Investment Bank

Helsinki-based ecommerce SaaS startup Nosto has received a €15 million loan from the European Investment Bank for product development and expanding into more markets.

“The funding will help us grow our operations and introduce our cutting-edge patented technology to new markets,” said Matti Rönkkö, CEO of Nosto. “We will use the funding to keep attracting even more talents to our global team as well as investing in our personnel and product development. All of this will fuel our global growth and expansion even further. Our aim is to be the global leader in e-commerce personalisation.”

Nosto’s engineering team is based in Helsinki with sales and marketing in Stockholm, Berlin, London, and New York. The company will be opening a Los Angeles office later this year.

The EIB loan comes via the European Fund for Strategic Investments(EFSI) as part of the European Commission’s Investment Plan for Europe.

“Strengthening Europe’s global competitiveness by supporting high-skilled employment opportunities and enhancing Europe’s position as a major technology supplier is high on the EIB agenda, and this is also promoted strongly within the Investment Plan for Europe,” said Adrian Kamenitzer, EIB director for equity, new products and special transactions.

(Originally published on Tech.eu)

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