Safestate lands $9.5M convertible loan from Fenja, nine months after last raise
What's the deal? SafestateDealroom has a profile for this one. Try Dealroom →, a Stockholm-listed security firm, has signed a binding US$10.9M convertible loan agreement with Fenja Capital II A/SDealroom has a profile for this one. Try Dealroom →. The facility refinances an existing US$8.46M loan and adds fresh capital for growth.
Why now? The new loan replaces a US$8.46M facility raised on November 13, 2025. It extends maturity to August 21, 2028, and the earlier agreement with Fenja Capital I A/S terminates automatically once repaid.
What's the endgame? Safestate says its underlying business is profitable and that it keeps adding customers through hosting, telecom, and insurance partner channels. The company says the new capital is directed at accelerating expansion rather than funding operations.
By the numbers: The loan carries interest of STIBOR 3M — floored at 2% — plus a 4% margin, paid quarterly. It also includes a US$217.6K arrangement fee and a minimum return to the lender equal to 25% of the loan amount.
What else? Safestate's board intends to issue 1,030,851 warrants and up to US$10.9M in Series 2026/2028 convertible notes to Fenja, both pursuant to authorisation granted at its June 30, 2026 annual general meeting. The warrants carry a subscription price of US$4.27, or 140% of the share's prior closing price on NGM Growth Market, and could raise roughly US$4.4M if fully exercised.
The loan is convertible in full via the notes, priced at US$3.81 per share — 125% of the prior close. The board says the terms were negotiated at arm's length and are in line with market conditions and favourable to the Company and its shareholders.
The signal: Convertible debt paired with warrants gives cash-generative smaller companies capital without an immediate equity dilution hit. Safestate's rapid return to the same lender suggests both continued growth appetite and a working relationship it is willing to deepen.
Read more: Placera
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