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Norwegian Documaster secures $3.3M from Summa Equity


Norwegian Documaster

writer icon Tormod Birch     ISB   |   Tech     🕐 16. Oct. 2019


The Norwegian and Oslo based startup Documaster secured a $3.3 million investment in their recent investment round.

The money was raised from Documasters existing investors; Swedish Summa Equity and Norwegian NorseLAB. Originally created by NorseLAB, Documaster AS was, however, cut loose as an individual company in January 2014.

Prior to this most recent round, Documaster secured roughly $12 million, in a round in which Summa Equity acquired the controlling share package, now with 55 percent of the shares.

Documaster
Documaster has developed a software solution, which simplifies archiving through automation and helps businesses harness the complete potential of knowledge that is stored in archives. It is a product development company with a predictable subscription model that is free from hidden costs.

The company have 200 customers, including Telia, Bama, Berentsen, Østfold Energi and Knutsen OAS Shipping, and expects to generate revenue of $35 million for 2019.

Business Model
They use a business model called ‘Software as a Service’ (SaaS) also commonly referred to as "on-demand software".

The official description is that “SaaS is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted”.

This type of business model occurs frequently in the ‘tech world’ and it has even been a commodity provided by Microsoft, who themselves referred to it as "software plus services".



Facts


  • Founders: Christian Lundvang, Yngve Tvedt

  • Valuation: €41 million to €62 million

  • Founded year: 2014




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