Fortnox International AB announced a private placement of 12,500,000 shares at SEK 0.4 per share for gross proceeds of SEK 5,000,000 on May 4, 2012. The shares will represent 12.4% stake in the company. The transaction will see participation from a Swedish investor. The transaction was approved at the company's annual general meeting. On June 28, 2012, the company received SEK 5,000,000 in funding. On September 28, 2012, the company further issued 2,500,000 shares for gross proceeds of SEK 1,000,000. The new shares represent 2.4% of the total shares of the company.