Finland’s e-commerce platform Nosto raises $16M from Mandatum

Finland-founded e-commerce platform developer Nosto has raised $16 million in its latest funding led by Mandatum Asset Management’s Growth Equity team. Already backed by OpenOcean, Wellington Partners, Eurazeo, and Tesi, the round accelerates Nosto’s mission to make every impression relevant.

• Founded in 2011 by Antti Pöyhönen, Jani Luostarinen, and Juha Valvanne, Nosto develops an e-commerce platform providing product recommendations based on individual behavioral data. The solution can automate marketing activities and increase conversion, customer retention, as well as store revenues.
• Since its founding, Nosto’s technology has cooperated with 2,500 global commerce brands. Thanks to the solution, such brands as Paul Smith, Kylie Cosmetics, Muji, Dermalogica, Centric Brands, and Princess Polly were able to create the ultimate online experience for shoppers.

“Merchants using Nosto are growing quickly, and merchants using Nosto on the Shopify platform are growing quicker still. This investment will help us continue scaling our Commerce Experience Platform (CXP), supporting brands in their own growth ambitions. This fundraise represents a shared vision for the opportunities that lie ahead in the ecommerce space for both Nosto and our merchants,”

Jim Lofgren, CEO at Nosto, comments.

• Mandatum Asset Management Growth Equity provided the majority of funding. It is the asset management arm of Sampo Group that targets Nordic high-growth companies with proven business models and established and ambitious teams. As an active minority owner, Mandatum closely partners with management to enable growth and internationalization.
• In December 2022, Nosto acquired Findologic, an Austrian e-commerce platform, to accelerate the product development roadmap with access to the new talent pool. And earlier that year in January, the company bought Lithuanian search platform SearchNode to strengthen its place in the e-commerce market.
• The fresh capital will be used to scale Nosto’s new personalized site search solution globally, accelerating its mission to make every online impression relevant.