Saturday, February 24, 2024
HomeFunding Copenhagen-based Factbird Secures $16 Million in Funding

[Funding alert] Copenhagen-based Factbird Secures $16 Million in Funding

Copenhagen-based Factbird secures $16 million in funding. The money comes from the English capital fund Expedition Growth Capital and Denmark's Export and Investment Fund, EIFO.

Copenhagen-based Factbird secures $16 million in funding. The money comes from the English capital fund Expedition Growth Capital and Denmark’s Export and Investment Fund, EIFO.

Read also –  Eindhoven-based CityLegends Secures €1Million in Seed Funding

The funds will help Factbird’s international expansion after its 2021 separation from consulting firm Emendo Consulting Group as an independent tech company.

Jesper Lilledal, Partner, Direct Investments at EIFO said, “We have experienced two fantastic years in the ownership circle of Factbird. Together with the owners behind the Emendo Group, we have shown that it is possible to lift a software company out of a consultancy, infuse it with venture DNA, grow at rocket speed, and attract international growth capital. It has been fantastic to see Factbird take shape as an independent company, and we look forward to the future of the company with the new co-investors,”.

David Olsson, Principal at Expedition Growth Capital, states, “One of the biggest problems in manufacturing today is the lack of real-time operational data. Factbird’s manufacturing intelligence solutions solve that problem for both small and large manufacturers. There is also huge potential in combining data from Factbird with the latest machine learning and AI technology, which can be part of the solution to the challenges that manufacturing companies face today and in the future. As an investment company with a focus on fast-growing European software companies, we could not be prouder to collaborate with the team at Factbird and make them our first investment case in Denmark.”

Søren Schønnemann, CCO and Partner at Factbird said, “We have taken the next step and are hungry for more. When we look beyond our key markets, we see historically strong manufacturing countries that rely on digital solutions to stay competitive more than ever. Our ambition is that, through our unique lean technology, we help companies become more efficient without resorting to an outsourcing strategy.”

Despite its massive growth and status as a scaleup, Factbird consciously sticks to its startup DNA. This is expressed, among other things, via a warrants program and employee shares.

Read also – Madrid-based Cüimo Secures €900k in Funding

Peter Savnik, CPO and Partner at Factbird said, “Warrant programs are here to stay. From the beginning, we wanted to share our success with our employees. All full-time employees are involved in the program, and it means we all have a stake in the success of Factbird. When we succeed in this journey, it will affect us all. For some, the value will be the down payment on a house, and for others, it will perhaps be the springboard for a new startup.”

About Factbird

Factbird is a pioneering provider of Manufacturing Intelligence Solutions. With a focus on real-time data collection and analysis, Factbird empowers companies to optimize operations, reduce downtime, and boost productivity.

Read also –  Milan-based Planet Farms Secures $40 Million in Funding

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular