Viio secures €3.3M funding for its software management platform
The investment in the Copenhagen-based firm, who were founded in 2020, come after a strong couple of years as they aim to grow across Europe.
Published on 28th June 2024
Spend management platform Viio has raised over €3.3 million in funding.
Viio compares data about software providers, providers’ licence models, and how much employees actually use the various solutions. It helps keep track of what is paid and when subscriptions can be cancelled or reduced.
Michael Fornander, CEO and founder of Viio, said:
During COVID-19 and the period of zero interest rates and "free" capital, ZIRP SaaS consumption ran wild in many companies.
Everyone needed Zoom and/or Teams for remote work and online meetings. Now, the economy is tighter, and many are rigorously cutting unnecessary expenses.
Viio meets a significant, unsolved need. AI and automation can help with 90 per cent, but getting the job done and creating real value only comes when people take action and decide which licences and vendors to keep and which to cancel."
Fornander asserts that we are at the beginning of “another technological revolution”, where all software assets will need to be re-assessed, and enterprise architecture needs to be redesigned from the ground up, where proprietary data and intelligent automated actions will play a vital role.
“SaaS and cloud spend are the two largest and fastest-growing areas of IT expense for businesses worldwide, and still up to 30 per cent of software spend is wasted."
North Ventures led the investment, which included Christian Kromann, CEO of SimCorp, Klaus Holse, Chairman of the Board at Danish Industry; Susanne Bechmann Holse, Ulrik Bo Larsen, former CEO of Brandwatch, and Ole Andersen, former Nordic Director of Apple.
Mikkel Rørvig, partner at North Ventures, said:
"The digital transformation has meant that employees buy a software subscription with the company credit card today. Previously, the IT department handled all software, so the overview of software licences has been lost in recent years.
Viio is firmly positioned for all companies below the significant enterprise level, as Viio's growth and excellent customer feedback also show.”
