Teemyco, the Swedish online office provider, announced today that they raised around €2.6 million from German seed fund 42CAP, who led the round. Previous investors also participated, such as Antler and Luminar Ventures, as well as numerous high profile angel investors like Mehdi Ghissassi (Head of Product, DeepMind) and Sameer Singh (Creator of Breadcrumb.vc), who are investing via the 2021 Atomico Angel Programme, and Keith Richman (Co-Founder of Voi & Partner at 31 Atlantic).
The company was founded in late 2019 and has created a customizable virtual space, where co-workers co-exist in rooms or sit by the same virtual table, using voice and video technology to interact with each other. Due to the pandemic, Teemyco has experienced a spike in demand for their service. Today, Teemyco is released to companies with teams of 250 people. With this wide release, the company is launching a new version which allows companies to build, furnish and brand their online office to their own liking.
“During our closed Beta in 2020, users told us they love the seamlessness, seeing what is going on, the ease to co-work in the same virtual room and the fact that no links are needed to talk ad hoc. With this new design we add further customization opportunities. Users want it to be their branded office, not the Teemyco software,” said co-founder and CEO Charlotte Ekelund.
The funds will be used to double the size of the team, focus on further product development and also scaling the sales and marketing efforts.
“We see Teemyco as the natural player in the hybrid work from anywhere future that awaits companies once the pandemic calms down. The team saw this trend coming already before Covid-19 hit. We agree that personal flexibility is a key component in the future of work, and Teemyco enables this future,” said Thomas Wilke, Partner at 42CAP.
To date, Teemyco has primarily focused on onboarding tech companies as early adopters, and has users across 70 countries. Customers include Greenely, Upstreet, Hack your Closet, eHealthApp, and Mr Lee’s noodles. The service has seen a rapid growth of active users spending on average 7.5 hours per day on the service during weekdays. Also, enterprises are showing increasing interest and can currently sign up on the enterprise waiting list.