The Nordic investor becomes a hands-on co-owner and places three seasoned operators inside the company.
Stockholm, 21 October 2026
Most retail software is old plumbing with a fresh coat of paint. Heads ripped the plumbing out.
Over two decades, Heads has built every part of its platform itself, right down to the database. Rather than separate systems trading data, the whole business runs on one shared truth: POS, ERP, webshop and back office all working from the same picture, in real time. AI agents see every change the moment it happens and act within rules built into the data itself. No overnight syncs. No systems arguing over whose numbers are right.
Norloy’s partners have spent decades in retail and know exactly where this technology can make the biggest difference. The goal isn’t a faster checkout or a smarter dashboard. It’s a new way of running retail, built around AI from the ground up. And that kind of change can’t be steered from a board seat, which is why Norloy is joining not as a passive investor but as an active co-owner, working side by side with Heads.
The new faces
Peter Fischer joins the Heads board.
Andreas Schäfers becomes CEO of Heads Commerce and takes the retail business forward, while Anton Fagerberg stays at the helm of Heads, the platform company underneath it.
Olof Henriksson takes on strategic sales, opening the doors of Europe's largest retailers and building the partnerships that come with them, working with the existing sales team.
“Every retailer is being told AI will change everything. Very few are running on systems that can actually handle it,” says Peter Fischer, Chairman of Norloy. “Heads is the exception. They didn’t patch the old model, they replaced it. When you find technology like that, you don’t just write a cheque. You show up every day and help shape where retail goes next.”
“We built Heads for where retail is going, not where it’s been,” says Fredrik Uhrström, Chairman of Heads. “Norloy has lived retail. They know how stores really work, day in and day out. Combine that with what we’ve built, and we can give retailers something they’ve never had.”
About Norloy
Norloy invests in promising B2B and retail tech companies, then rolls up its sleeves. Rather than just investing and advising from a distance, its operating partners take real roles inside the business, bringing hands-on industry experience to help companies grow.
About Heads
Heads is a Swedish, AI-first development platform, hosted entirely in the EU. It’s built on its own database technology, which lets businesses run their whole operation in one live system. Heads Commerce is its retail arm, bringing the platform to leading Nordic retailers with checkout, store operations, inventory, ERP and online orders in one system. Retail is step one. The same platform fits any business that runs on transactions, from finance and industry to public administration.