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Norwegian reMarkable raises $15M in their series A round


reMarkable

writer icon Lily Olsson     ISB   |   Investment     🕐 06. Nov. 2019


Oslo-based reMarkable, announced the completion of a $15M capital investment round in series A.

The round was backed by the American investment company Spark Capital.

ReMarkable
reMarkable, is a manufacturer of a digital paper tablet and was founded in 2013 by CEO Magnus Haug Wanberg. He wanted to build a digital tablet to replicate the massive paper use.

The tablet costs $500 and is based on a Linux-based operating system optimised for the 10.3″ e-paper display. The company has 98 employees, has sold more than 100 000 of the devices, with total sales estimated to reach almost $60M in 2019.

The Investment Money
The funding from Spark Capital will be used to repay a loan from the DNB bank of $4.4M (NOK 40M) and to accelerate the business growth.

ReMarkable states that now they will focus on sales and marketing, as well as investment into R&D around future products.



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