Holstebro, Denmark-based Creative Force, an end-to-end creative operations workflow platform, announced that it has raised $8.9M (approximately €8.4M) in a Series A round of funding, bringing the company’s total funding to $17.9M (approximately €16.9M). 

The investment comes from the Export and Investment Fund of Denmark (EIFO) and Hearst Ventures, the global venture capital division of Hearst. 

Creative Force says it will use the funding to scale its Danish headquarters and new US office in Boston.

Elaborating on the expansion plan to Silicon Canals, Thomas Kragelund, CEO and co-founder of Creative Force, says, “Specifically, we’re targeting strategic growth in key markets like the UK, DACH, the Nordics, France and Spain. Each market presents unique opportunities, and we’re excited to deepen our collaborations with brands and retailers there.”

The company also aims to integrate generative artificial intelligence (AI) into its platform to enable retailers and brands to leverage the capabilities of AI in their creative workflows. 

What does Creative Force solve?

Historically, brands have outsourced content production to multiple vendors or struggled to handle it internally. 

The workflow to produce creative content includes everything from conducting numerous photo shoots, producing videos, scanning product sample barcodes, creating 3D models, copywriting, internal and external coordination, booking models, art direction, editorial oversight, file management, post-production, retailer or channel signoff, and more.

Here’s where Creative Forces comes into play.

Creative Force: Workflow platform for eCommerce content production 

Founded in 2019, Creative Force is a cloud-based workflow platform that helps large brands and studios create new content quickly, launch products faster, and avoid errors, manual data entry, and reshoots. 

The company claims the platform improves communication and collaboration throughout the entire content production process, maintains high quality and consistency, and increases efficiency by at least 30 per cent.  

The Creative Force platform also easily integrates with popular creative software, including Capture One, Adobe Creative Cloud, and Adobe Workfront. 

On working with European clients, Kragelund says, “Being a Danish company, we already have some great relationships with European customers, and 45 per cent of our sales are in Europe. Current customers include European retailers and brands like boohoo (UK), Debenhams (UK), OTTO (Germany), Breuninger (Germany), PVH (Netherlands), Scotch and Soda (Netherlands), J.Lindeberg (Sweden), Marc O’Polo (Sweden/Germany).” 

Creative Force handled more than 10M creative assets through its platform in the past year alone and has been quietly building its technology and working with some of the world’s biggest brands.

“We’ve been actively growing our European sales and customer success teams to support our growth and provide the best service possible to our European clients. I believe having team members in the regions we support is important. That way, our team understands the local needs and challenges (and sometimes even speaks the local language). This allows us to add genuine value for our customers,” adds Kragelund. 

What the investors say

Hearst Ventures makes strategic investments in companies operating at the intersection of media, information, and technology. It is a global investment group with offices in NYC, London, Beijing, and Tel Aviv.

The VC’s notable investments include Via Transportation, Buzzfeed, Roku, Sling Media, HootSuite, Brightcove, E Ink, Pandora, and XM Satellite Radio.

“Creative Force is poised to reshape the landscape of e-commerce content creation. The company’s goal of empowering creative teams to transition from cost centers to value-add contributors within their enterprises, amplified by AI innovation that is mindful of the rights of IP holders, promises an exciting future where brands and retailers can drive sales increases and enhance customer experiences in an increasingly digital world,” says Megumi Ikeda, managing director at Hearst Ventures. 

The Export and Investment Fund of Denmark (EIFO) provides a single point of access for Danish companies as well as for their foreign and domestic business partners who need risk-tolerant government capital

“EIFO is expanding investment to growth-stage tech companies. We have a longstanding relationship with the seasoned entrepreneurs at Creative Force, and this fuels our confidence in the company’s growth potential,” says Jacob Bratting Pedersen, partner at EIFO.

Stockholm-headquartered Mediatool, a media management platform that assists global brands and advertisers, announced that it has raised 80M SEK (€7M) in a fresh round of funding.

The company says the funds will support its upcoming US expansion and meet the growing demand for its platform in the American market. As part of this expansion, Mediatool will open a new office in New York in the first quarter of 2024.

“This investment is of great significance to Mediatool, and we look forward to collaborating with Fairpoint Capital and eEquity,” says Alexander Högman, CEO of Mediatool.

“Mediatool has already made a significant impact on the industry. Currently, 40 per cent of Mediatool’s revenue comes from the USA, and now is the perfect time to take the company to the next level and establish a stronger presence in the United States,” adds Högman.

Two new investors, B2B technology Venture Capital investor Fairpoint Capital and growth investor eEquity, joined Mediatool in this funding round. Previously, Newion, J12, Almi Invest, and Twig invested in the company.

“We have followed the company for several years and are extremely impressed by what Alexander and his team have built,” says Hadar Cars, investment director at Fairpoint.

“With experience from many other SaaS companies that have managed to scale quickly, we believe that Mediatool has all the important components in place,” adds Cars.

How Mediatool’s platform works

Mediatool is a media management platform that helps advertisers streamline their media planning, activation, and monitoring workflows. It provides a central hub for managing all media campaigns across channels, campaigns, and business units. 

As a SaaS platform, Mediatool aggregates all media data, including investment data, audience metrics, and campaign results, in one place. This enables advertisers to act promptly on their data and optimise their strategies across multiple markets, campaigns, and brands to increase ROMI. It is also highly scalable, making it suitable for businesses of all sizes.

There are two options: “mediatool for brands,” which provides clarity and centralised data management for marketing campaigns, and “mediatool for agencies,” which enhances delivery across client portfolios, benefiting advertising agencies.

Global clients

Traditionally, ERP systems efficiently handle payroll, supply chain, and sales costs. However, media spending, even for large global advertisers with robust IT systems, is often managed using spreadsheets despite being one of the most cost-heavy items in the P&L. 

This is where Mediatool comes as a solution for global companies with complex marketing departments and major media agencies. 

“During our due diligence, we conducted interviews with several US-based retail giants, only to discover that they manage billions of dollars in media spend using primarily spreadsheets. Mediatool’s innovative solution addresses this glaring need,” says Jessica Mattson, deal partner for eEquity’s investment.

“The market for a modern, flexible, and reliable SaaS Media Management solution is essentially uncharted territory, and we are excited to have found Mediatool to tap into this blue ocean,” Mattson adds.

The firm successfully onboarded several of Europe’s most prominent advertisers in 2023, solidifying its position as an industry leader. It also works closely with some of the world’s largest advertisers and leading media agency networks to help them manage their clients’ campaigns effectively.

Mediatool currently manages over $6B (€5.675B) in media budgets for over 70 major advertisers.

Berlin-based Circadian Technologies announced that it has  raised €1.25M in a funding round led by BayWa r.e. Energy Ventures alongside Rockstart, Persistent Energy Capital, Great Stuff Ventures, Tofino Capital, and Ralicap Climate.

Circadian has developed an Energy Management System (EMS) Hardware- and Software-as-a-Service (SaaS) solution for solar developers and asset owners, particularly in African grid-challenged emerging market countries. 

The startup says it will use the funding to expand its SaaS data platform functionality and scale operations to immediate demand.

“We want to empower renewable energy installers and strive to be the catalyst for the mass adoption of decentralised energy in growth markets. Circadian is currently scaling across Africa, where we want to extend the team, build out the platform’s functionalities, and drive further growth. The backing of our investors will be a tremendous help for this,” says CEO Mike Rosenberg.

Driving sustainable growth in emerging market

Circadian Technologies is a digital solutions provider that empowers solar developers and Independent Power Producers (IPPs) to excel in the design, sales, financing, operation, and maintenance of solar and storage systems. They aim to accelerate the energy transition from fossil fuels to renewables for emerging markets’ commercial and industrial (C&I) sectors.

Due to unreliable electrical grids in emerging markets like Africa, businesses often rely on diesel generators for power generation. However, diesel is expensive and polluting. Despite abundant sunshine, solar energy and storage solutions remain niche because they are complex and challenging to implement.

Circadian Cortex EMS hardware and Circadian One Cloud Platform significantly simplify rural Africa’s implementation of renewable energy systems.

“With their innovative technology, Circadian facilitates solar micro grids for companies in emerging markets, making an important contribution towards decarbonisation,” BayWa r.e. Energy Ventures managing director Greg Zavorotniy says.

“This is our first investment on the African continent, and we are excited to see more opportunities from companies looking to accelerate energy transition in the region,” adds Zavorotniy.

Circadian’s EMS and SaaS solutions for frontier markets

Circadian has partnered with Nigeria’s Royal Power & Energy (RPE) to provide solar and storage installations to 50 bank branches in the country. This expansion is part of Circadian’s mission to help businesses in frontier markets adopt renewable energy.

RPE’s target market is the C&I sector, where clients are eager to reduce their reliance on increasingly expensive diesel. Circadian’s technology helps RPE optimise the performance of its solar and storage systems, ensuring they have access to reliable and affordable energy.

Circadian provides its Cortex Remote Intelligence Hub on RPE’s site to connect to all energy assets. The platform’s built-in LTE modem ensures connectivity in areas where Wi-Fi is unreliable or non-existent. The software subscription includes GSM data in 190 countries and 600 carriers to support even the most remote deployments.

Data from the devices is aggregated locally and pushed to the Circadian One Cloud Platform to be processed and displayed in a user-friendly format. RPE also uploads local grid and diesel prices to clearly show the savings that customers can achieve by installing PV and battery systems.

With Circadian, RPE demonstrated its solutions’ power production and consumption to potential customers. This helps RPE to build trust and accelerate the sales cycle.

“Telecom tower companies and C&I customers in emerging and established markets want to reduce their diesel generator consumption by implementing renewable-powered microgrids. Circadian supports them with a hardware and SaaS platform that turns complex projects into plug-and-play solutions,” comments Max ter Horst, managing partner at Rockstar Energy,.

“In this way, the company greatly enables the scaling of renewable energy use among customers. We are thrilled to participate in this funding round, led by BayWa r.e. Energy Ventures, which will enable Circadian to expand its business even further,” ter Horst adds.

Brussels-based CheckHub, a leading Software-as-a-Service (SaaS) provider in document management, announced on Tuesday that it has raised €1M in a fresh round of funding. The round was led by existing shareholder Cofinpar, with participation from the majority of existing shareholders and three new investors.

CheckHub is a cloud-based platform that automates manual tasks related to the constitution of files during employees, customers, or users’ onboarding. With the funding, the company says it will expand its presence in international markets and invest in technological innovation.

“We are thrilled with the success of this round and the trust of our existing investors. This funding allows us to continue our mission to help companies and organisations worldwide simplify and improve their document management and administrative processes,” says Peter Van Heeke, co-founder and CEO of CheckHub.

“Together with my two co-founders Laurent Parmentier and Edouard d’Ursel, we are looking forward to further developing our services and expanding our international reach to serve even more customers,” Van Heeke adds.

The importance of document management

Document management is the process of organising, storing, and securing documents. It is an essential part of any business, regardless of size or industry. Good document management can help companies avoid financial loss from the cost of printing, the value of time lost searching, and the risk of fines and penalties for non-compliance.

Companies who organise their documents well will improve their efficiency. Well-organised records are easier to find and use, saving employees time and allowing them to be more productive. It can also reduce the risk of data breaches, fraud, and other legal problems.

Document management can improve a company’s legal and regulation compliance. As many businesses must comply with various laws and regulations, document management can help ensure that companies meet these requirements.

One solution for document management is using technology for document automation. It is a straightforward process that can be implemented quickly and easily. It can help businesses save time and money, reduce errors, and improve the customer experience.

CheckHub’s solution for document management

CheckHub offers advanced solutions to businesses and institutions to optimise the exchange of documents with employees, clients, and citizens while creating files. 

With CheckHub, companies can collect, complete, sign, and validate documents from any device and location. The solution ensures that these time-consuming tasks are no longer sources of errors and wasted time.

Nearly 70 per cent of employees claim that the most significant opportunity for automation lies in reducing time wasted on repetitive tasks, and CheckHub’s solution directly addresses this need. The complete automation of this process results in significant savings of 60 to 80 per cent in costs and time and increases productivity by up to 35 per cent.

“I have been following CheckHub for three years. They take a really smart approach. They concentrate on building a robust SaaS product that has a very strong added value for their customers. I have a lot of confidence in their future,” says François Van Uffelen, CheckHub board member and CEO of Babelway.

CheckHub has experienced significant growth since the beginning of the pandemic and has established itself as a reference in the industry. Among its clients are staffing companies such as Randstad, Trixxo, and ASAP, as well as hospitals such as Cliniques de L’Europe, CHIREC, UZ Antwerp, and Erasmus Hospital. 

On average, between 10,000 and 50,000 monthly documents are exchanged and processed automatically through the CheckHub platform for each client.

Swedish Vertical Market Software provider Vitec Software Group announced on Thursday, October 12, that it has acquired Picturae ICT, a Dutch software company. After the acquisition, Picturae ICT has been renamed Vitec Memorix (Memorix).

Vitec says it sealed the acquisition through cash as it is expected to boost Vitec’s earnings per share immediately. However, the amount has not been disclosed. 

The move is expected to bolster Vitec’s presence in the vertical market software sector.  The acquisition also brings around 30 new employees from Picturae ICT. 

“Memorix is a profitable and well-managed company with an operation that is a good fit with our business model and corporate culture,” says Vitec Company Group CEO Olle Backman. 

Memorix’s financial performance solidifies its profitability and indicates its potential for continued growth and synergy within the Vitec group. In FY 2022, Memorix achieved sales amounting to €4M. 

What is Picturae ICT

Picturae ICT, or now Memorix, is a subsidiary of Picturae, a global leader in digitising, managing, preserving, enriching, and making accessible large-scale digital cultural heritage and natural history collections.

The company was founded in 1997 and is based in Heerhugowaard, the Netherlands, and is a leading player in its vertical in the Benelux region. It operates in Europe, the U.S., Australia, and Asia, digitising herbaria, insects, documents, photos, books, and many more, for archives, museums and libraries. 

Two of their key products, Memorix Maior and the recently launched Memorix Nexus, are essential tools for organising and storing digitised data and managing archives.

By transferring its software branch, Picturae can now direct its full attention towards sustainable global expansion. At the same time, Vitec’s acquisition of Picturae ICT marks its entry into the cultural and natural history heritage industry. 

“We are convinced that together we will continue to develop Memorix for the benefit of our customers today and in the future,” says Bas Bloekpoel, management of Memorix.

Latest acquisitions

Vitec is a prominent Vertical Software supplier from Umeå, Sweden, established in 1985. The company’s product portfolio caters to distinct requirements in diverse niche sectors, from pharmacies, car workshops, and real estate to healthcare and education.

Vitec has 1,400 employees and is listed on Nasdaq Stockholm. The company generated SEK 1,978M (€171M) in net sales in 2022. Its headquarters and most of its Group Management Team are located in Umeå. 

Vitec is dedicated to creating sustainable development, positive societal impact, and risk reduction through its products, responsible business practices, and the team’s expertise. Its focus is on meeting present needs while safeguarding the future, guided by the Paris Agreement, European Green Deal, UN Agenda 2030, and Global Goals.

Memorix is the latest addition to the list of company Vitec acquired in 2023. Earlier this year, Vitec acquired Dutch software company Enova, Swedish software company DL Systems AB, Entry Event Sweden AB, Finnish software company Neagen Oy, Codea Oy, and Navicode Oy.

These companies develop and deliver programmes and innovations in various sectors, from energy management, travel and hospitality services booking systems, emergency vehicles management, and more. With the acquisitions, the company can now provide over 30 consumer programmes.

Germany-based Lanes & Planes, a leading provider of software-as-a-service (SaaS) solutions for corporate travel in Europe, announced on Monday, October 16, that it has raised  €33M in a Series B round of funding. 

The round was led by U.S.-based Smash Capital. Existing investors Battery Ventures, coparion, DN Capital, and AllIron also participated in the funding round.

The Munich-based company delivers innovative solutions for corporate travel experience while focusing on growth and efficiency. With this Series B backing, the company is set to expand its reach and further enhance its innovative solutions for corporate travel needs during rapidly increasing business travel.

“We constantly get feedback, especially from our new customers, on how Lanes & Planes has made them more efficient, in terms of money saved, but also in the time they save from making internal administrative tasks less painful and smoother,” says Daniel Nolte, CTO and co-founder of Lanes & Planes. 

“We have built a compelling product that has resulted in incredible customer loyalty, and now, we are in an excellent position to scale rapidly and efficiently in the European corporate travel market,” Nolte adds.

Streamlining corporate travel

Lanes & Planes provides an all-in-one approach in its corporate travel services. The company handles travel booking, approvals, and expense management in an easy-to-use digital platform that offers integrations into all existing company systems. 

Additionally, the company features a Germany-based, in-house support team available 24/7 to answer any user questions, issues, or emergencies. The company has earned strong revenue growth since the beginning of 2022, making it a standout player in the European corporate travel industry.

“Spending on business travel will top pre-pandemic levels in 2024, but the actual management and booking of business travel continues to be largely dysfunctional and inefficient,” says Bradley Twohig, managing partner at Smash Capital. 

“The team at Lanes & Planes has built an experience that focuses on making life easier for the customer, with a seamless, transparent, and thoughtful way to book and manage business travel. Investing in Lanes & Planes was a no brainer for us, and we are excited to partner with them as they expand,” adds Twohig.

“We are thrilled to have Smash Capital on board as a strategic partner. The firm’s strong track record backing tech-market leaders, as well as its laser-focused growth mindset aligns perfectly with our vision for Lanes & Planes,” says Lanes & Planes CEO Veit Blumschein.

Business travel is here to stay

Despite the rise of video conferencing during the coronavirus pandemic, business travel is still essential for many industries, according to Blumeschein. 

In an interview with Wirtschaftsforum, Blumeschein said that by the beginning of 2023, 95 per cent as many business trips had taken place as before the pandemic. He attributed this to the fact that many tasks simply cannot be done remotely.

“In addition, many people from white-collar fields will continue to travel for professional reasons in the future because the human factor cannot be taken into account digitally alone. We notice that many companies that rely primarily on remote work concepts in their employee structure are now increasingly holding on-site retreats and workshops, which is why we are also seeing an increase in group trips,” Blumeschein adds.

Last June, Lanes & Planes partnered strategically with All for One Group, a German IT and consulting group. The partnership will enable medium-sized customers to implement tailor-made travel and receipt management solutions. This is especially important for medium-sized companies with complex IT infrastructures and existing SAP system landscapes.

“We have been using the Lanes & Planes solution since 2022 and are very convinced of this digital end-to-end approach from travel planning to billing,” says Stefan Land, CFO of the All for One Group. 

“An equity investment in an impressive young company in conjunction with a strategic collaboration is also an important step for us in our own transformation process into a holistic digitalisation partner for medium-sized companies. The market is huge and will continue to digitise quickly,” Land adds.

London-based ALT21, a hedging technology company, announced on Thursday, October 12, that it has raised $21M (approximately €19.4M ) in a pre-series A round million funding round. 

The UK company will use the funds to sustain its growth trajectory and broaden the base of strategic partners to reach a larger demographic of SMEs. 

ALT21  plans to expand overseas and license its software to a broader range of fintechs and banks, enabling them to provide lower-cost FX services to their customers within their regulated businesses.

The company plans to invest in artificial intelligence and machine learning to bridge the gap between human interaction and trading apps for SMEs, strengthening products like its hedgucation suite of education modules.

Richard Hayes, Chairman says, “This latest funding round serves as an important external validation of ALT21’s strategy, execution and market opportunity. The last 12 months have been difficult for fintech businesses in a rising interest rate environment, but the team at ALT21 has continued to execute strongly, strengthening the robustness of its platform and operations and adding world-class new talent.”

ALT21: Digital hedging platform

Led by Pritesh Ruparel, ALT21 operates an end-to-end digital hedging platform. 

The platform, offered as a SaaS and managed service, allows financial and non-financial institutions to provide hedging services that are simple to understand, low-cost, and self-service, significantly increasing adoption among SMEs.

In 2022, the company claims to have generated €8M in operating income, a five-fold increase over the year before.

In the last 12 months, ALT21 says it has invested heavily in its platform, improving automation and user experience, its operating infrastructure and processes, and its team, nearly doubling its R&D headcount over the same timeframe to 37 people, bringing total headcount to 68.

Pritesh Ruparel, ALT21, CEO, says, “Our mission is to make things simple. We use technology to scale where others have added human capital, providing a highly automated service that cuts cost and complexity, and gives value back to small businesses at a time when they need it most.”

“When fintechs experience high demand, it’s tempting to push for growth at all costs without strengthening the foundations to scale. Making the decision last year to invest in our foundations and build scalable architecture amid rapid growth was a brave one, and one that I believe will pay off for us in the long run. We are extremely focused on creating sustainable success for our customers and believe this is exemplified by the infrastructure investments we have made, which allow us to support customer growth while rapidly gaining market share,” adds Ruparel.

Collaboration has become the cornerstone of success in the Dutch tech ecosystem. Two areas where collaboration is taking prominence are recruitment and product development. By collaborating with an external partner for recruitment or product development, tech founders are able to focus on building and scaling their company.

When to outsource

We have seen founders handle recruitment directly in the past, but now many have seen this as either distracting or time-consuming.

By outsourcing their tech recruitment needs to a specialist tech recruiter, founders are freed to focus on growth and scaling their business.

How do you decide on when to outsource your tech recruitment needs? Lebinh Luc, CEO and co-founder of LevelUp Ventures, says, “It really depends on the company’s growth stage.”

A talent expert, Amsterdam-based LevelUp Ventures helps startups and scaleups “find, attract, and hire the best tech talent.”

Accelerate hiring

Luc says outsourcing tech recruitment can help with expertise and accelerate hiring.

She explains, “Specialist tech recruiters can predictably fill a pipeline with candidates, drive a proper selection process and ensure the right hires are made on time and according to the hiring plan.”

As a tech recruitment specialist, Luc says LevelUp Ventures also improves the existing recruiting operations and turns access to talent into a strategic asset.

“Our recruiters can transfer their knowledge to the team, streamline processes, and leverage data and tooling for greater efficiency and accuracy, quickly optimising the hiring machine to run smoothly and effectively,” she adds.

Focus on core business

Tapptitude CEO Gabriel Dombri sees partnering with a product development agency is an excellent solution for businesses where technology is not the core offering.

He says this will free up founders’ time to focus on core business activities even though building an in-house team for product development can seem like the natural choice.

“It [an in-house team] offers the allure of having your product team just a few steps away, fully immersed in your company culture, and working exclusively on your project.”

Challenging decision

The decision whether to set up an in-house team or work with an external firm is always challenging.

Many startups are increasingly outsourcing their product development as the benefits far outweigh the efforts of having an in-house team.

Jeroen van der Horst, Proshore Co-founder & Accounts Director, says a studio for product development is “perfect for leaders who prefer to assess solutions instead of problems.”

Cultural match

LevelUp Ventures’ Luc says when it comes to recruitment partners, startups should first determine what they need per vacancy.

She recommends choosing a partner that suits those needs, whether that’s a no-cure-no-pay agency (suitable for easy-to-find profiles) or end-to-end outsourcing of some vacancies (focused on culture fit, next to the required competencies).

She says startups should decide which vacancies to outsource and which to keep in-house.

Levi9’s sales director Pauline Vogelzang wants startups and their founding team to focus on people and see if the partner is a “cultural match.”

Collaboration fails

Proshore’s Van der Horst says most outsourcing companies fail at freeing your time.

He says, “The more tasks you outsource with them, the more managing you have to do.”

Proshore solves this problem by offering self-managed teams of three or more people, and a Scrum Master.

“They’re accountable for execution and managing your devs, while communicating with you regularly”.

Tapptitude’s Dombri says startups fail to make working with an external product partner successful when they don’t do proper due diligence about the team’s competencies and delivery track record.

“Take your time and research. A good fit between you and your product partner is crucial,” he says.

The “size and velocity of the team” working on your product should also be clear to you.

Moving forward together

Dombri firmly believes that “a reliable partner can support your journey; a bad fit will undoubtedly set you back.”

He says startups should not settle for a partner who “won’t challenge you and only tell you what you want to hear.”

Organisations like LevelUp Ventures, Levi9, Tapptitude and Proshore aim to help their partners move forward together.

Adaptability

When it began operations in 2015, Amsterdam-based LevelUp Ventures was one of the first startup specialists on the market.

“Our versatile team of recruiter resources allows us to easily scale up or down depending on your specific recruitment needs,” says Luc.

The great resignation and the recent mass layoffs in the tech industry have shown adaptability is key to meeting recruitment needs.

LevelUp Ventures is all about adaptability, and Luc explains that this attribute makes them “capable of catering to startups and scaleups in various growth stages”.

Tough questions

While Tapptitude takes an inquisitive approach, asking “tough questions investors might ask” to founders it chooses to work with.

Dombri says, “This is to ensure the foundation is there for a better partnership, and we don’t embark on one doomed to fail at some point.”

For many startups, the first few years are essentially about survival; having a product development partner that speaks the same language can be the difference between day and night.

Every project a success

The mission of Levi9 Technology Services is to make an impact on business with technology.

“Digital technology has the potential to realise multiplying effects wherever it’s applied well,” Vogelzang says.

Eindhoven-based Proshore calls its ability to work on strategies, business development, and customer / stake-holder management its USP.

Co-founder Jeroen van der Horst says its pool of over 3,000 vetted developers allows startups to “get a self-managed team that can operate on their own”.

He adds that such a self-managed team incentivises the startup’s core team to stay, while a dedicated scrum master ensures every project is a success.

In summary

To succeed, startups need to get out of their comfort zone and embrace new ways to build products and recruit team members. By collaborating with a capable and proven leader in outsourcing, startups can optimise operational costs, focus on their core business, and dedicate more time and energy to their vision.

1. Time to Market: Outsourcing product development to a trusted partner can expedite time to market. Their established methods and readily available resources are often able to deliver products faster than an in-house team starting from scratch.
2. Cost efficiency: Partnering with a company is a more affordable option than building an in-house team. Startups only pay for the necessary services and avoid extra costs like recruiting and training. Local talent is currently scarce, expensive, and can pose a threat to a startup’s runway.
3. Diverse expertise: Tech recruiters can hire diverse talent and ensure the right hires are made on time. Outsourcing specialised service companies offers expertise in product definition, market fit validation, strategy, design, and development.
4. Focus on core competencies: Outsourcing product development to a partner or studio is advantageous for startups as it frees up time for them to focus on core competencies like networking, fundraising, and strategic planning. Similarly, partnering for tech recruitment allows the core team to concentrate on their strengths while the partner handles flexible scaling of recruitment needs.

Optimise your startup

Learn more about optimising your startup with our community partners below:

• LevelUp Ventures
• Levi9 Technology Services
• Proshore
• Tapptitude

London-based Kennek, a fintech that specialises in developing an operating system for lenders, announced on Tuesday that it has secured $12.5M (€11.8M) in a seed round of funding led by HV Capital.

Dutch Founders Fund, ff Venture Capital, and Plug & Play Ventures also joined the round after participating in the startup’s pre-seed funding round last February. The pre-seed round managed to raise €4.1M.

The seed round was oversubscribed and closed after 10 weeks of opening. Dutch Founders Fund doubled its investment in the latest fundraising.

The UK startup says it will use the additional funds to fuel growth, especially in its home market, and enhance the platform’s functionalities. Kennek is also looking to expand to Europe after signing a new client there.

“We’ve received some fantastic client feedback to date – my personal favourite was a lender saying that ‘the Kennek platform is life changing.’ We are excited to use this fundraise to further develop our offering, broaden our reach and get feedback like that from hundreds more lenders. This is just the beginning,” says Thibault Lancksweert, co-founder of Kennek.

Enhancing efficiency with SaaS offering

Established in 2021, Kennek aims to reduce the complexity and inefficiency in the operations of non-bank lenders. Despite the continuously evolving technology, many lenders still rely on unconnected data and tools. 

This situation leads to soaring operating costs and lengthy service time. Kennek provides solutions to tackle this problem via its SaaS offering.

“Lenders are really just at the start of the digitalisation journey. Kennek is here to help accelerate that journey and provide them with the tools to capitalise on the growth of the non-bank lending space,” says Xavier De Pauw, co-founder of Kennek.

“Until Kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built Kennek to make them a thing of the past,” De Pauw adds.

Kennek says its ingenious platform provides a “single point of truth” for lending firms, borrowers and investors. The platform covers various aspects of lender operations, from loan underwriting to monitoring. It also helps lenders generate reports for their investors.

“One of the unique things about the Kennek platform is that it can cater for all different types of B2B loans: bridge & development loans, SME term loans, R&D and grant advances… to name just a few. And we’re seeing strong demand across the board,” says Lancksweert.

Rapid growth of private credit market

Kennek’s successful fundraising happened amid the rapidly growing private credit sector, with the global market hitting the $1.5T (€1.4T) mark by the end of last year. This rapid development is enhanced by tighter regulatory capital requirements for banks. 

However, at the same time, the high-interest rate environment has led to more debt defaults. In Europe, authorities have tightened regulations for lenders in the private credit market to maintain the region’s financial stability. 

It creates a more challenging situation for alternative lending firms, prompting them to boost operational efficiency to roll out credit programmes to customers more easily. Solutions provided by startups like Kennek are necessary to navigate this environment.

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space,” says Barbod Namini, partner at HV Capital.

“It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole,” he adds.

YES!Delft, a Netherlands-based startup incubator, recently announced the six selected startups for their Rotterdam Startup Programme.

The YES!Delft Rotterdam Startup Programme is a part-time and cost-free initiative that requires participants to attend only three times monthly. It features workshops led by startup experts, access to the YES!Delft Ecosystem, peer-to-peer sessions, and personalised coaching.

Over the next four months, these startups will develop their business ideas with guidance from experts and mentors to launch their products/services.

Here are the startups selected for the Rotterdam Startup Programme this year.

Emissa

Emissa specialises in sustainable fashion retailing. It is the first sustainability platform to facilitate carbon-neutral fashion shopping now and a net-zero approach in the future. 

Emissa strives to expedite the shift towards carbon-neutral fashion shopping by offering a platform that empowers customers to make climate-friendly fashion purchases. 

On its official website, the startup shares its sustainability goals, focusing on engaging fashion brands, enthusiasts, pioneers, activists and nature lovers.

TeachBuddy

TeachBuddy is an innovative peer-tutoring platform that facilitates valuable student interactions to enhance academic performance and community building. It features TeachBuddy.ai, an AI assistant employed to strengthen teaching resources tailored to students’ needs. 

TeachBuddy is accessible as an app on the Google Play Store and free signups are currently available for a limited time. The startup also maintains an Instagram presence, providing updates on its peer-tutoring community. 

Deep Light

Standing at the forefront of agricultural innovation, Deep Light presents a solution to curb soaring electricity costs associated with indoor agricultural lighting. The system harnesses clean energy sources, paving the way for vertical farms and greenhouses to achieve remarkable energy efficiency.

Deep Light’s system tackles the challenges addressed by Dutch Topsector’s Energy and Agri & Food and contributes to the international competitiveness of these sectors. By optimising energy consumption in food production and ultimately improving access to food worldwide, Deep Light is helping to make indoor agriculture more sustainable and affordable.

Octopus OS

Octopus OS is the first company in the Netherlands that serves as a unique online intermediary connecting customers with partner stores. The startup pioneers local grocery and lifestyle product delivery in the country. 

The distinguishing feature of Octopus OS is its commitment to offering customers an extensive array of products, including groceries, bakeries, party supplies, confectioneries, cosmetics, and lifestyle items. 

The items are also available from diverse regions like the Netherlands, Suriname, India, Syria, China, Turkey, Afghanistan, and many more, all within a single platform.

Leafy

Leafy, a Netherlands-based startup, specialises in sustainable vertical greening. The company has created a vertical farm powered by renewable energy sources to cultivate leafy greens. 

This innovative farm operates independently of the grid, relying entirely on 100 per cent renewable energy. Leafy’s commitment to vertical farming aligns with the broader trend in the Netherlands, where technology plays a pivotal role in the development of sustainable farming practices.

BigPot

Rotterdam-based BigPot offers catering solutions for businesses and events, with a focus on enhancing efficiency and reducing waste in its catering services. The startup provides a variety of catering options suitable for one-time events or daily gatherings and can accommodate diverse dietary requirements. 

In addition to its catering services, BigPot has initiated an affordable meal venture, making budget-friendly meals accessible to its customers. To launch this service, the company organised a complimentary tasting event.

What is YES!Delft?

YES!Delft, based in the city of Delft in the Netherlands, fosters startups with an ecosystem of experts, mentors, corporate partners, and investors. It offers comprehensive support throughout the startup lifecycle, facilitating connections with corporate partners and granting access to essential resources.

As a non-profit organisation, YES!Delft prides itself on its startups, mentors, Entrepreneurs in Residence, corporate and service partners, experts, and methodology. The organisation supports tech entrepreneurs at all stages of their journey, from ideation to scaling up, all while taking zero equity from startups.

YES!Delft also conducts entrepreneurship courses at TU Delft, which allows students to explore entrepreneurship and potentially embark on their entrepreneurial journey while pursuing their studies. YES!Delft Students stands as Europe’s largest tech incubator for student entrepreneurs.