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HomeFunding Utrecht-based Solvimon Secures €9 Million in Seed Funding

[Funding alert] Utrecht-based Solvimon Secures €9 Million in Seed Funding

Utrecht-based Solvimon secures €9 million in seed funding from Northzone and select business angels. The team is going to keep expanding and the seed round will help accelerate their go-to-market.

Previously, Adyen’s internal billing engine had been created in collaboration with Verkooij, the former Vice President of Product, and Gerts, the former Senior Vice President of Technology and an integral part of the founding team.

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As the company grew internationally, the engine had to support their usage-based model, manage the flexibility of customised corporate contracts, and handle massive volume.

When the two discovered that usage-based pricing models were becoming increasingly common due to the rise of new technologies like artificial intelligence (AI), they launched Solvimon. However, they also observed that there was a distinct shortage of billing solutions that supported these new business models.

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Kim Verkooij, co-founder and CEO of Solvimon, commented: “While there has been innovation in pricing and metering solutions, businesses are still underserved. Their options are patching together point solutions or entering the expensive and time-consuming process of building a homegrown billing solution. There is a clear need for a flexible, yet end-to-end billing platform. We’re really happy to be partnering with the Northzone team. They have studied the space deeply and understand the scale and urgency of the problem we’re solving. Their conviction meant that we could close the round in just two weeks and get back to building the business.”

According to research carried out by the venture fund Openview, up to three out of every five software companies currently provide usage-based pricing.

However, one of the primary obstacles to adoption is still the complexity of usage-based pricing at scale using in-house or older systems. Billing mechanisms that are too rigid typically govern how things are monetized.

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Michiel Kotting, a partner at Northzone, added: “Having previously built Adyen’s complex internal billing engine, Kim and Etienne bring a wealth of unique insights and a deep understanding of the complexity of pricing for larger companies which are increasingly adopting hybrid business models. Billing and pricing software are mission-critical, and there is a strong need for a sophisticated end-to-end solution with a breadth of functionality”.

The capacity of Solvimon to handle the complete monetisation process sets it apart from point solutions, which address particular billing process issues (such as metering, pricing, or invoicing).

From the moment when sales teams produce agreement terms to the point where finance teams report on revenue, this is end-to-end. In addition to streamlining organisational operations, having a single source of truth for all revenue and product price information would provide important business insights.

About Solvimon

Co-founded by former Adyen vice presidents Etienne Gerts and Kim Verkooij as CEO and CTO, Solvimon’s platform allows mid-to large-sized enterprises to easily operationalize contemporary pricing strategies.

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Including “usage-based” subscriptions, in which users only pay for the services they use, and “hybrid” models, which blend usage-based and conventional user-based subscriptions.

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