Launched in 2014, Mitigram is on a mission to remove friction from trade financing.

Stockholm-based digital platform Mitigram has raised an additional $11 million in its latest funding round, bringing the total amount raised to $38 million. The funds will be used to scale up the organization and enhance its product capabilities.

Mitigram, which launched the world’s first digital exchange for global trade financing in 2014, provides a digital platform for corporations and financial institutions to execute risk cover and financing transactions in cross-border trade. Its clients include major companies such as Louis Dreyfus Company, Bridgestone, and Siemens Healthineers, as well as over 150 banks. The investment will support Mitigram’s growth plans, including maximizing the Software as a Service opportunity and expanding its network.

As part of the company’s evolution, CEO Milena Torciano will step down and launch a new private equity impact fund while remaining on the board. Moor Holding CEO Malin Bäcklund will serve as interim CEO. Kaj Hed, an experienced entrepreneur and investor in the finance sector, has been appointed as Chairman of the board, providing strategic guidance for the company’s financial objectives.

Mitigram aims to address the lack of connectivity in trade finance, which leads to high operating costs and a lack of control. By digitalizing and streamlining the trade finance process, the company seeks to close the estimated $4 trillion gap in the industry. With the new funding and leadership, Mitigram aims to become the leading network for trade finance professionals worldwide.

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Image by Gerd Altmann from Pixabay