The Ghent-based scale-up Teamleader just announced that it has secured €10 million of additional funding in a Series B round led by Fortino Capital.
Teamleader was launched in 2012 as an integrated solution for CRM, quotation management, project management, time recording and invoicing for SMEs. By focusing on a user-friendly and integrated tool which allows SMEs to digitalise quickly and without major investments, Teamleader soon developed into one of the fastest-growing scale-ups in Belgium and Europe. The fresh capital will allow Teamleader to further develop its product into a fully-fledged platform for SMEs and to focus on European market leadership in the SME segment.
Jeroen De Wit, CEO of Teamleader: “This investment will allow us to quickly seek out new markets. Of course, we will also continue to invest in the product and in providing our existing clients with support. After all, our strategy of staying close to our clients is what makes us successful, and that’s something we will never lose sight of.”
The young company has already opened offices in Western Europe, the German-speaking countries of the DACH region, and Southern Europe. The new investment of €10 million will enable Teamleader to further expand in the countries in which the company is already present, while tapping into new markets.
Jeroen De Wit added: “We plan to open offices in France and Italy in the near future. In addition, we are continuing to work on the evolution of Teamleader itself: we intend to grow from a product into a fully-fledged platform which helps SME clients to work smarter thanks to integrations with other tools.”
One of Teamleader’s strengths is probably the company’s use of a multilocal strategy. By developing local teams in the countries in which it is present, Teamleader ensures that clients are supported by people who understand their context. According to Teamleader’s CEO, the company plans to not only apply this local approach by using local teams, but also by making the local apect of the Teamleader product more tangible by means of integrations with local software tools.
Teamleader tripled its growth rate in one year, went from 15 to 100 employees and opened offices in Amsterdam, Berlin and Madrid. But Jeroen De Wit still sees huge growth potential for the company. He stated: “As far as we are concerned, this is just the start. The SME market in Europe is very large. According to estimates by the European Commission, there are no less than 23 million SMEs in Europe. Many of these SMEs are currently looking for solutions which will allow them to increase their productivity and competitiveness: they realise that digitalisation will become a necessity. This refuelling round, as it were, puts us in an excellent position to go for market leadership in the SME segment.”
By the way: Teamleader also offers an awesome startup program, which enables you to test their software 6 months for free. More info can be found here.