Oslo-based SaaS startup Cardboard has announced a significant milestone with its recent seed funding round, securing €1.9 million to enhance its subscription management solutions across Europe. The investment was spearheaded by Skyfall Ventures, with additional support from RunwayFBU and Sondo. This infusion of capital will enable Cardboard to expand its presence into the Swedish and UK markets, further advancing its mission to streamline SaaS management for startups, scaleups, and SMEs.
Cardboard offers a transformative approach to managing SaaS subscriptions by eliminating the need for company card sharing, reducing operational risks associated with personal payments, and curbing shadow IT through centralized data management. The platform’s innovative solution aims to optimize the efficiency of SaaS investments, which are increasingly significant for businesses navigating the B2B software landscape.
The backing for Cardboard’s visionary endeavor comes from a team with a robust track record in engineering, product management, marketing, and sales. The co-founders include CEO Stein Magnus Jodal, Andreas Røyrvik, who oversees product development, Vidhi Kumar, who drives growth initiatives, Jakob G. Martinussen, a data science specialist, and Lars Syse Christiansen, serving as chairman. Their collective experience spans successful ventures such as Otovo and Oda, as well as major corporations like Cisco, L’Oréal, and Circle K Europe.
Preben Songe-Møller, Partner at Skyfall Ventures, expressed enthusiasm for the investment, stating, “We are thrilled to back the remarkable team at Cardboard, who bring a wealth of experience from successful scale-ups. Cardboard’s innovative approach addresses the critical challenges faced by businesses managing their SaaS portfolios, and we are excited to support their expansion across Europe.”
Peder Hjermann, Investment Manager at RunwayFBU, highlighted the potential of Cardboard’s offering, noting, “The market for tailored SaaS spend management solutions is ripe for disruption. Cardboard’s solution addresses a significant pain point for businesses, and we are confident in their ability to capitalize on this untapped opportunity.”
Henrik Hatlebrekke, Partner at Sondo, praised Cardboard’s rapid development and user-centric approach, adding, “From day one, the Cardboard team has delivered exceptional results at an impressive pace. As enthusiastic users ourselves, we are excited about the product’s potential.”
Editorial Opinion:
Cardboard‘s strategic focus on revolutionizing SaaS subscription management aligns perfectly with the growing demands of today’s digital economy. As businesses increasingly rely on a diverse array of SaaS applications, managing these subscriptions efficiently becomes crucial. Cardboard’s innovative approach addresses this need by providing a streamlined, secure solution that mitigates common challenges such as shadow IT and payment risks. This not only enhances operational efficiency but also ensures that companies can fully leverage their software investments.
The company’s entry into the Swedish and UK markets represents a significant step forward, positioning Cardboard to capture a larger share of the European SaaS management space. With a robust leadership team and a clear value proposition, Cardboard is well-equipped to drive meaningful change in the industry. The focus on reducing operational inefficiencies and maximizing the value of SaaS investments highlights a strong understanding of market needs and positions the company as a leader in this burgeoning field.
As the SaaS market continues to grow, reaching an estimated $374.50 billion by 2028, Cardboard’s innovative solutions will likely play a pivotal role in shaping the future of subscription management. Their commitment to addressing critical pain points and their rapid execution make them a company to watch in the coming years.
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