[Funding alert] Xensam Secures $40Million Growth Funding

Friday 9, 2024 | By Startup Rise EU

Xensam secures $40million growth funding. The company wants to grow its operations in the US and Europe and invest the money in the development of AI products.

Xensam secures $40million growth funding. The company wants to grow its operations in the US and Europe and invest the money in the development of AI products.

London-based Expedition Growth Capital is helping Xensam shed the label "bootstrapped." Oskar and Gustav Fösker, brothers, founded the company in 2015 with the goal of giving IT specialists and software asset managers more access to helpful SAM data.

Read also - Copenhagen-based Pluto.markets Secures €2.4 Million in Funding

Despite the fact that SaaS and the ecosystem it supports date back to the turn of the century, the vertical continues to grow. In fact, industry analysts predict that the size of the global SaaS market will increase at a compound annual growth rate (CAGR) of 18.7% from $273.55 billion in 2023 to $908.21 billion by 2030.

Xensam's first-ever onboarding of external capital makes even more sense in light of this and the company's ARR growth of 126% year over year since 2017.

Read also - Vilnius-based Axiology Secures €2 Million in Funding

Armed with a fresh $40 million and having already won the business of Polestar, Northvolt, and F500 supply chain major Jabil, Xensam now plans to go way beyond its customary field of approach, which is to take on the immensely lucrative US market.

Xensam’s future growth, co-founder and CTO Gustav Fösker shared: “By pioneering AI from the start, we’ve transformed SAM for hundreds of companies, making it user-friendly and removing manual work. With the new funding, we can continue to innovate the platform with more advanced features, including a ChatGPT-inspired chatbot that will enhance its accessibility and user experience.”

Expedition Growth Capital’s Oliver Thomas added: “Xensam is one of the most impressive European growth companies we’ve come across. In the nearly eight years they have been operating, they have built a critical solution which is enabling companies with thousands of employees to track, monitor and manage software usage. We’re delighted to be working closely with the company as their first external investor and look forward to being a part of their growth journey.”

About Xensam

The management of software assets is not a science. The answer is Xensam, which unifies all of your SAM tasks on a single platform, automates the manual, and simplifies the complex. Or, to put it another way, they democratise SAM by making superior capabilities available to everyone.

Read also - Stockholm-based MANTLE Raises over €2.8 Million in Funding

Their mission has always been to provide all the requirements of sophisticated software asset management while maintaining straightforward use. Oskar and Gustav Fösker founded their company in 2016.

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