MWH of Sweden was founded in 2019 by Maria Seraki and Malin Källström. The company has historically shown positive sales growth and ranked 30th on the list "E-commerce Rockets of the Year 2023" before climbing to 19th the following year. In the autumn of 2023, Ehandel.se reported on a breakthrough for the company with a doubled sales rate and expansion into the Netherlands and Denmark.
However, in 2025, the financial development turned. The company's net sales decreased to 5 million SEK with an operating loss of 3 million SEK. This compares to 2024, when net sales amounted to 8.7 million SEK with a loss of 1.3 million SEK. A contributing factor to the decline in sales was the termination of the collaboration with the clothing chain MQ Marqet, which previously accounted for approximately 3 million SEK of revenue per year.
To reverse the trend, the company attempted to raise capital for nearly ten months. However, the goal was not reached.
We wanted to raise between seven and ten million but had only secured up to 2.8 million SEK, therefore our new issue fell through, says co-founder Maria Seraki to Breakit.
According to Seraki, there was confidence in the business model if the financing had been secured.
It is truly sad that we have to shut down. We have thousands of customers who love our product and I believe we could have turned our results around if we had received the capital we were looking for.
When asked if the founders plan to buy back assets from the bankruptcy estate, Maria Seraki replies that it is not current, as there is no own capital and she has already invested everything in the company. Together with co-founder Malin Källström, the plan going forward is now to assist the bankruptcy administrator in the work.