Widget: Widget takes stake in Swedish tech distributor

Consumer electronics distributor Widget UK has taken a minority stake in Swedish electronics distributor Sportsbud Sweden AB. As part of the deal, Widget founder Mark Needham has joined the board of Sportsbud.Sportsbud was founded by Max Ellberg, Axel Djurson and Johannes Muellner in 2013 as a distributor of electronic products. It became a customer of Widget UK in 2013, buying Fitbit and other products to sell on to retailers in Scandinavia.It also signed a distribution agreement with Pebble in 2014 which made it exclusive distributor of Pebble smartwatches in the Nordic markets.Mark Needham, Chairman of Widget, said: "This investment increases our reach in Northern Europe, bringing us local presence in these markets."With our home distribution team in Stevenage, and our subsidiary in Eindhoven, Widget can now distribute across a wider swathe of territory than before."