Umeå-based audit-tech startup Senseworks has secured €2.6 million (SEK 30 million) in a funding round led by Industrifonden, joined by Kaknäs Invest, Curitas Ventures, and Partnerinvest Norr. The company develops a SaaS platform that integrates data from multiple systems in real-time, aiming to replace manual processes in auditing and accounting. The funding will be used to expand product development, strengthen customer support, and launch Senseworks Audit, a tool designed to centralize the audit process.
Senseworks launched its platform in 2022 and currently has more than 60 customers, including international audit and accounting firms. The platform requires minimal customer implementation and auditors and accounting consultants can work in a modern and collaborative user interface. The ambition is to improve the industry’s often heavy and manual processes. The outcome shows a major streamlining of customers’ work in parallel with reduced administrative burden and increased quality. By automating data, transactions and information, the need to work in isolation in different Excel templates and other tools is eliminated.
“We are grateful for the trust our investors have shown us. The new capital enables us to accelerate the development of our digital platform and continue to improve the industry. Our vision is to create better conditions for auditors and accounting professionals, so that they can focus on value-driving and meaningful work tasks,” says Alexander Ögren, CEO of Senseworks.
The investment round was led by Industrifonden, with participation from Kaknäs Invest and previous investors Curitas Ventures and Partnerinvest Norr. Early investors include industry profiles such as Sara Uhlén, former board member and partner at Grant Thornton, and Helene Willberg, former CEO of KPMG Sweden.
“Senseworks has in a short time demonstrated its ability to build a strong, competitive product that meets a significant need in the industry. They have impressed us with both their team and their rapid growth rate. We have looked at the competitors, talked to companies in the industry and believe that Senseworks will win the global audit and analysis market. Therefore, we look forward to supporting their continued journey,” says Caroline Wadstein from Industrifonden.
The new capital will be used to further accelerate growth. To meet demand, Senseworks is also strengthening the Customer Success and Product teams, with the goal of maintaining a high level of service and further developing the platform. Senseworks is also launching Senseworks Audit, which allows audit firms to manage the entire audit process in a single application from data collection, analysis, documentation, reporting and follow-up.“We are pleased to be able to support Senseworks in their exciting company building. Their ability to develop a platform that creates clear value for customers in a short time has impressed us and all the customers we have spoken to confirm the platform’s strength and relevance. We look forward to being part of their continued journey and supporting their development and expansion, both in Sweden and internationally,” says Patrik Hamilton, Partner at Kaknäs Invest.
The industry is struggling with an annual staff turnover rate of 20% due to repetitive tasks, stress and the majority of accountants working overtime every month during peak season. Senseworks works to improve working conditions in the industry by making it easier for accountants and accounting staff to reduce seasonality and focus on more strategic tasks. The goal is a better work-life balance, which is especially important during peak season in the accounting industry.
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Read the orginal article: https://arcticstartup.com/senseworks-raises-e2-6m/
