Oxx Leads $12 Million Funding Round in Apica

Oxx, a growth capital investment firm focused on B2B software companies, announced that it is leading a $12 million funding round in Stockholm-based Apica, a leading software company providing products to test and monitor the performance of software applications. Existing Apica investors, including Nordic VC Industrifonden, the venture capital arm of the leading Nordic bank, SEB Venture Capital, and Swedish early-stage investor KTH Chalmers Capital, also participated in the round.

Apica was founded in 2005 in Stockholm, Sweden, and currently has offices in New York, Los Angeles, and London. With customers including Scholastic, Klarna, Q2ebanking, Etihad, and Sweden’s TV4, Apica provides technology for optimizing the performance of cloud and mobile applications. The Apica web excellence suite offers businesses and developers alike easy-to-use, cloud-based load testing and web performance monitoring tools to test applications for maximum capacity, daily performance, improved load times, and protection from peak load.

According to the company, the investment will help Apica expand its market presence in the U.S. and Europe outside of the Nordic countries. The team has more than 30 people in place in the U.S., with half of its bookings already coming from this market. The company’s traction in the United States is one of the drivers of the Oxx investment.

“The market for performance testing and monitoring software is worth billions of dollars, is well established and going through major disruption,” said Mikael Johnsson, Oxx general partner. “Apica’s products, team and structure put it in an excellent position for growth, particularly given its ambitions in the U.S., where we see the biggest potential.”