Estonian business management software Scoro raises €4.4 million

Scoro's Team / Photo: tech.eu (http://tech.eu/brief/scoro-seed-round/)

Estonian business software platform Scoro raised €4.4 million in Series A founding local media reported. The round was lead by Livonia Partners, with Tera Ventures and the old Socro’s investor, Inventure, also taking part in the investment round. Reportedly, the funds will be used for Scoro to further expand its offices in New York and London, but also to develop software integration and mass learning opportunities.

Founded in 2013 by Fred Krieger with headquarters in London, Scoro is an end-to-end business management solution that allows professional and creative services to control their entire workflow from one place. Their platform helps to streamline work and eliminate routine tasks to ensure a business runs as smoothly and efficiently as possible – from sales right through to billing. Scoro’s features include calendaring, task and project management, quoting and billing, enterprise-level reporting and a real-time dashboard. To date, Scoro has offices in Tallinn, New York, London, Riga and Vilnius and customer in more than 50 countries.

Fred Krieger, Founder & CEO at Scoro / Photo: Krieger’s LinkedIn Profile

“Scoro solves this problem [data fragmentation] by bringing all the tools needed to work together into one system. As a result, teams will become more productive, managers will have a better overview of resources and can make well-informed decisions,” says Krieger and added:

“Scoro will soon be able to automatically prioritize the entire work, regardless of the channel. Clever filtering helps Scoro, for example, to recommend which actions and projects to give priority and to predict which meetings could be productive or which one of them should be not considered at all,” Krieger explains, ITuudised.ee reported.

“The achievements of Fredi and his team are very impressive. The Scoro platform transforms the software industry to a fundamental level, and their rapidly growing and profitable model fits well with the profile of the companies supported by Livonia,” commented Kaido Veske, co-founder at Livonia Partners.

According to Tuomas Kosonen, a partner at Inventure who are Scoro investors since 2016, this additional funding will accelerate Scoro’s growth and provide even more efficient service to its current and future users.

Livonia Partners, the VC that lead this investment is the only privately-owned investment company in the Baltic States, currently managing the €83M fund. As a pan-regional private equity fund, Livonia Partners are focused on buyout and growth capital investments in small to mid-sized companies in the Baltics.

Tera Ventures, on the other hand, is an international investment firm founded in 2016 in Estonia. Tera helps some of Europe’s most disruptive technology companies scale and become global leaders.

Last but not least, Scoro’s old investor, Inventure, is a Nordic technology fund backing early-stage entrepreneurs since 2005. Having their roots in Finland, they are interested in domains many don’t feel comfortable with, and make big bets on deep tech. The strong capital base allows them to lead investments starting from initial seed-stage all the way through the expansion.

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