Zervant secured €6M in funding in a round led by Tesi, and including Northzone, NFT Ventures and Conor Venture Partners.

Sweden Finland Norway 13 February 2018

Zervant, an Espoo, Finland-based company providing online invoicing software for small business owners, announced securing €6M ($7.4M) in a new capital investment round.

The backers were led by Finnish Tesi and included Scandinavian venture firms Northzone, NFT Ventures and Conor Venture Partners.

As a part of the financing round, Niklas Savander, venture partner at Conor, will also join Zervant’s board.

Northzone and Conor had also invested in a €4M round back in August 2016.

Zervant, founded in 2010 by CEO Mattias Hansson and Tuukka Koskinen, developed a SAAS platform for online invoicing for small businesses and freelancers. The company has 40 employees and clients from Finland, Sweden, the UK, France, Germany, Belgium and Austria. In 2016, it lost money at a sales figure of almost EUR 1.2M.

The company plans to use the investment to grow the use of electronic invoicing among its core demographic – micro businesses. It will also look to introduce a range of premium features for users, designed to ease the financial pressures that come with running your own business.

Zervant is also one of the companies we anticipated it was going to raise money to further grow.

Total investments received (USD): 15.9M