Norwegian startup raises $7.1M Series A to help companies profit from a downturn
Summary
Oslo-based spending analysis software Ignite Procurement collects $7.1 million in a Series A round led by Norwegian early stage VC company Arkwright X which brings $2.1M to the table. This brings the companys valuation to $28.4 million.When the world economy was thrown into uncertainty, with the war in Europe and rising inflation, Ignite Procurement knew it had to act fast because it could make a difference.Initially, they had envisioned acquiring a larger portion of the round from new investors. It was not a wishful thinking situation that the market turned so radically just when they were about to start raising capital, but Nome denies that they were particularly stressed.And its no wonder why: Ignite Procurement offers a solution that can actually profit from a downturn in which companies have to cut costs.Our product is about optimizing costs, so we are not as affected as others. New investors contributing to this round are Skagerak Maturo and MP Pensjon, with $1.05 million and $526K, respectively.Ignite Procurement has continued to grow and now has 60 employees. Hospital procurement and the Norwegian Environment Agency are among those who have used the tool, in addition to a number of municipalities.Click here to read more funding news.
Funding
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