Xensam, the Swedish software asset management platform founded in 2016, has announced the onboarding of its first-ever external capital in a $40 million growth funding round. The company aims to use the capital to invest in AI product development and expand operations in the US and Europe.

Helping Xensam leave the title ‘bootstrapped’ behind it is London-based Expedition Growth Capital.

With origins dating back to 2015, brothers Oskar and Gustav Fösker set out to provide software asset managers and IT professionals with greater access to useful SAM data.

While SaaS and its associated ecosystem can be traced back to the turn of the century, the vertical shows no signs of slowing. In fact, according to industry analysts, the global SaaS market size is projected to grow from $273.55 billion in 2023 to $908.21 billion by 2030, at a CAGR of 18.7 per cent.

With this in mind and considering Xensam’s growth of ARR by 126 per cent year-on-year since 2017, the company’s first-ever onboarding of external capital makes all the more sense.

Already having garnered the business of Polestar, Northvolt and F500 supply chain giant Jabil, and armed with a fresh $40 million, Xensam now intends to expand well beyond its traditional field of approach, namely that of taking on the ever-lucrative US market.

On the Xensam’s future growth, co-founder and CTO Gustav Fösker shared: