Danish startup Oveo lands €1 million to help companies manage their SaaS tools

Copenhague-based SaaS startup Oveo.io has just raised €1 million in pre-seed funding from PreSeed Ventures, angel investor Ole Andersen and the Danish state’s investment fund, Vaekstfonden.

Founded in 2019, Oveo.io is an intelligent SaaS platform that gives a complete, automated overview of all the company’s additional SaaS platforms. A lot of companies use endless SaaS programmes in their everyday work life in order to automate work processes, but still uses a simple Excel sheet to manually keep track of them all – including information on terms, payment, functionality, admin rights, activity among employees, and more. Oveo.io offers a smarter and automated alternative to this.

In other words, Oveo.io is a SaaS tool that helps companies manage all their other SaaS tools.

“Oveo.io is basically one big declaration of love for SaaS. At its core, Oveo.io is about making companies optimize their processes and management of SaaS so they can let their employees roll out new innovative SaaS tools without worry”, said co-founder Michael Fornander. “It’s no secret that SaaS has become the most dominant form of IT and tech there is. Therefore, it’s critical for companies to manage and structure their SaaS programs effectively so they can gain as much value as possible from them as they expand their software portfolio”.

“The use of subscription-based software products internally in companies has been on the rise for a long time, and it’s a trend we expect to continue. Companies, however, are missing a tool to create structure and overview so they can optimize the use, safety and costs of the products. Oveo.io is exactly that, and that’s why we have invested”, said Helle Uth, co-founder and General Partner at PreSeed Ventures.

The fresh funds will be spent on product optimization and marketing. Oveo.io has just launched a free version which they will roll out in all Danish companies in 2021 before expanding to the rest of Europe. Besides that, the team of 13 expects to increase its headcount with 30-50 new employees from 2021 to 2023.