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Swedes Win $2m for Virtual Store Development
Swedish company Simstore International AB has received $2m in venture capital to develop
SIMSTORE360, an Internet based tool for the analysis of consumer decision-making at the point of purchase, using virtual store environments.
SIMSTORE360 has been used on over 300 studies in Sweden, Norway, Denmark, Finland, Holland, the UK, Germany, Spain and France over the last three years, for clients including Coca-Cola, Procter & Gamble and Arla Foods. The methodology was developed in co-operation with Arla and researchers at the Centre for Consumer Marketing, a Stockholm school of economics.
Simstore international is a spin off from consumer research firm NORM (Nordic Market Research AB), founded in 2002 by serial entrepreneurs Andreas Lee and Anders Örbom, who are also responsible for Sweden's largest food portal Tasteline.com.
The funds come from Rite Internet Ventures AB, a venture capital company focusing on Nordic Internet companies at an early stage, and will primarily be used for software development and international expansion.
Simstore is now targeting European growth, opening a local office in London, and is looking for a country manager. Web sites are at www.norm.se and www.riteventures.com.
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