Sitoo bags funding from private equity company Verdane as it looks to accelerate global expansion

Swedish firm Sitoo, a provider of could native PoS and unified commerce platform solutions, has announced a €26 million minority investment from Verdane.

This will help the company take advantage of what it calls a “massive opportunity” in the US and global markets while strengthening its foothold in the UK and European regions.

“We have seen Sitoo deliver on its growth ambitions with best-in-class execution by Jens Levin and the team since we first met in 2019. Back then they were a local Swedish player with big ambitions and has now become the clear market leader in the Nordics and we look forward to partner with the team to help build the business into a global category leader” says Pål Malmros, Partner at Verdane. 

“We are thrilled to partner with Verdane, whose extensive experience in scaling tech-enabled businesses aligns perfectly with our vision,” says Jens Levin, CEO and Co-founder at Sitoo.

“Our ability to consistently deliver cutting-edge technology and exceed customer expectations has allowed us to establish ourselves as trusted partners to leading retailers like Mint Velvet, Nudie Jeans, TFG London, and Jigsaw.”

“As a relatively small Nordic player, we’ve proven that it’s possible to take bold steps and challenge the giants in our industry. This collaboration marks the beginning of an exciting new chapter as we accelerate our expansion into the US and North America. With Verdane’s support, we will continue to redefine the retail landscape, empowering retailers with innovative solutions that meet the demands of modern commerce.”

2024 RTIH INNOVATION AWARDS

Sitoo was among the finalists at the sixth edition of the RTIH Innovation Awards.

The awards, sponsored by Vista Technology Support, Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended last week’s gathering.