Viking Venture invests NOK 87 million in Swedish software company Flowbox AB. The investment is aimed at speeding up European expansion in the market for User Generated Content (UGC).
Flowbox, founded in 2016, has created a platform which allows companies to use their customers’ social media content in their own marketing channels, also known as User Generated Content (UGC). The company, which has been self-funded up until this point, has around 400 customers across Europe – one third of which is from the Nordic region. Annual recurring revenue (ARR) has reached NOK 40 million.
Viking Venture, the Nordic software investor, has invested NOK 87 million into the company.
This capital injection will allow Flowbox to continue its fast growth in Europe and to further develop its products. Flowbox currently has 42 employees spread across offices in Stockholm, Amsterdam, Zurich and Antwerp.
– We see very good momentum in the market. This is the main reasons why we have raised external capital. We chose Viking Venture since they are an active investors with deep expertise from a number of previous investments in Nordic cloud companies which have made the same journey we are about to embark on, says Marcus Carloni, founder and CEO of Flowbox.
– Flowbox is a very exciting company which has succeeded in building a strong position in a rapidly growing market, says Eivind Bergsmyr, Partner at Viking Venture and incoming Chairman of Flowbox. In just four years, they have gone from zero to over NOK 40 million in ARR, without external capital. In addition, we see a true visionary and driven entrepreneur in Marcus. During our due diligence we spoke to many of Flowbox’s customers and everyone is very pleased with the team and the product. Given all of this, we see large growth potential in Flowbox.
As a result of this investment, Flowbox joins Viking Venture’s community of Nordic software companies sharing expertise and best practice. Viking’s Talent Manager will assist Flowbox with their extensive recruitment plans, an important part of the company’s growth strategy going forward.
Flowbox’s customers include NA-KD, Ideal of Sweden, Hermine Hold, Footway, Tom Dixon, G-Star and Scotch and Soda.