Oslo-based Cardboard has announced a successful seed funding round, raising €1.9 million to transform how businesses manage and pay for their Software as a Service (SaaS) subscriptions across Europe. The round was led by Skyfall Ventures, with additional backing from RunwayFBU and Sondo. The investment aims to streamline subscription management for startups, scaleups, and SMEs that often grapple with multiple software subscriptions and associated challenges.
Revolutionizing SaaS management
Cardboard is on a mission to make SaaS subscription management smarter and more efficient for businesses. The platform enables companies to purchase software securely without sharing company cards, reduces operational risks from personal payments, and combats shadow IT by centralising critical data management. These innovations promise to reduce the time, cost, and hassle typically associated with managing multiple software subscriptions.
The startup is supported by a leadership team with a wealth of experience in engineering, product management, marketing, and sales. The co-founders have previously worked at successful startups such as Otovo and Oda, as well as established corporations like Cisco, L’Oréal, and Circle K Europe. The leadership team includes CEO Stein Magnus Jodal, Product Lead Andreas Røyrvik, Growth Lead Vidhi Kumar, Data Science Expert Jakob G. Martinussen, and Chairman Lars Syse Christiansen.
Preben Songe-Møller, Partner at Skyfall Ventures, said: “We are thrilled to back the remarkable team at Cardboard, who know what greatness looks like from their experiences at successful scale-ups like Otovo and Oda. Cardboard brings a fresh approach to addressing the significant challenges of the B2B SaaS boom at almost every company. We look forward to working with them as they scale across Europe.
Proven Value
Cardboard’s value proposition is already resonating with early adopters. Norwegian scaleup Strise, one of Cardboard’s first customers, has reported significant improvements in managing its third-party services. “Cardboard has turned the chore of managing third-party services into something almost enjoyable – allowing us to focus on what’s really important: building Strise,” said Patrick Skjennum, Co-founder and CTO at Strise.
Eirik Langsether, Director of Financial Operations at SalesScreen, echoed this sentiment: “The time, and therefore money, we have saved after moving our subscriptions to Cardboard from a regular credit card has been immense.” Hans Christensen, Co-founder of Testflow, also praised the platform: “Before Cardboard? Endless searching for receipts, banging my head on the desk, and those mildly panicked emails from our accountant. Now? Smooth sailing through month-end and more time for the real work.”
Addressing a growing market need
The global SaaS market is projected to reach $374.50 billion by 2028, with Europe contributing $95 billion and Norway $1.94 billion. However, nearly 50% of this investment risks being underutilised or wasted. Cardboard is positioned to address this inefficiency by offering a comprehensive solution that simplifies SaaS management, helping companies maximise the value of their software investments.
“These businesses face significant challenges in managing their SaaS payments, which represent a critical and growing portion of their cost base. The market for tailored SaaS spend management solutions is largely untapped and underserved, providing a vast opportunity,” said Peder Hjermann, Investment Manager at RunwayFBU.
Henrik Hatlebrekke, Partner at Sondo, added: “Since day one, the Cardboard team has consistently delivered at lightning speed – we are superusers and customers ourselves and just love the product!”
Read the orginal article: https://www.eu-startups.com/2024/08/oslo-based-cardboard-secures-e1-9-million-aiming-to-revolutionise-saas-subscription-management-for-businesses/
