Teamleader raises $22 million in Series-C funding round
Teamleader, known for its SaaS platform for CRM, project management and invoicing, announced today that it has closed a Series C funding round of $ 22 million (18,5M EUR). The company will use the new capital to sustain its international growth and accelerate its product roadmap. This growth will come from increasing the adoption of Teamleader among SMEs, its primary target clientele. An important growth driver will be the Marketplace of the software, which will be further expanded and localized to reach 1.000 integrations.
The Series C round was led by a new investor, London-based Keen Venture Partners. Existing investor Fortino Capital & Sage Capital, which led Teamleaders A and B Series, and new investor PMV also joined the round. Alexander Ribbink, General Partner of Keen Venture Partners: “Teamleader had been on our radar for a while now. Their track record up until now is impressive, and we admire the entire team’s drive. Keen VP will back up its financial support with human capital, providing expertise and access to our network wherever and whenever we can.”
Multiple international investors are a good sign, according to Teamleader CEO Jeroen De Wit: “The fact that we gathered this substantial amount from multiple international venture capitalists is a major vote of confidence for Teamleader as a company, and proof of the international traction this company has been gaining.”
“SMEs are no longer afraid of digitization”
Software scale-up Teamleader was founded 6 years ago. It has since completed Series A and B funding rounds. Across all rounds, a total of €14 million was invested into the software scale-up. Today, Teamleader serves nearly 10,000 customers in 6 countries, mostly small and medium-sized enterprises. They use Teamleader for CRM purposes and digitized project management and invoicing. In 2017, Teamleader users issued 1.4 million invoices for a total amount of almost € 2.5 billion. According to CEO De Wit, the capital raise will allow Teamleader to continue increasing the added value of its software for SMEs: “SMEs are no longer afraid of digitization, and are using more and more business software to their advantage. These tools need to work side by side as one, in integrated systems, for SMEs to get maximum value out of them. That’s why we continue to invest in our Marketplace, which offers integrations with many different tools that can work seamlessly together with Teamleader.”
1,000 apps in the Teamleader Marketplace
Teamleader’s growth is surfing on the rise of SMEs in Europe, over 23 million in Europe. They represent a continuously increasing share of the economy, as SMEs’ value added to the EU economy is expected to rise by 3.8 % in 2018. Generally, European SMEs are predicted to outperform large non-financial corporations. Teamleader is working hard to localize its platform, to meet the needs of their target customers in different geographic markets. This means, among other things, investing in a Marketplace where users can find their favorite cloud applications, that they can use in combination with Teamleader. The Teamleader Marketplace includes ‘local’ apps that are popular in specific European markets. Last May, Teamleader launched an ‘Integration Fund’ of 1M EUR for developers to integrate with the platform – to which already 80 developers applied and the marketing place has currently close to 200 integrations.
Accelerating the product roadmap
Teamleader’s product & engineering teams are expected to double in size by next year to accelerate the product roadmap. Teamleader will double down on multi-local approach, and will finetune the product for country-specific needs. Duco Sickinghe, Chairman of Teamleader and managing partner, Fortino Capital: “Fortino likes to invest in exceptional leadership teams that have the ambition to transform entire industries. With Teamleader, we saw the potential very early on, and we strongly believe in it. We look forward to see Teamleader continue its impressive growth trajectory – and ultimately, to see it transform the way European SMEs work.”