Keen Venture leads $22m series-C for Teamleader

Nicole Tovstiga
06 August 2018

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London-based Keen Venture Partners has led a $22m series-C funding round for Teamleader, a Belgium-based provider of software-as-a-service for client relationship management (CRM), project management and invoicing.

The series-C round was led by the new investor, Keen Venture. Existing investor Fortino Capital, along with new investor PMV, also joined the round.

Fortino had previously led Teamleader's series-A and B rounds. Across all rounds, a total of €14m has been invested in the scale-up of the firm's software.

The company will use the new capital to sustain its international growth and accelerate its product development. Teamleader expects its growth to come from increasing the adoption of Teamleader among SMEs, its primary target customer.

Previous funding
Fortino, via Fortino Capital I fund, structured a series-A funding round for Teamleader in May 2014. The funding amounted to €1m and was used to accelerate the company's international growth.

Fortino returned to invest in the series-B funding round in May 2015. The funding amounted to €2.5m and was used for software development, professionalising the organisation and supporting its European expansion.

Company
Established in 2012 and headquartered in Ghent, Teamleader is a provider of invoicing and project planning software. According to the company, it serves around 10,000 customers in six countries, mostly small and medium-sized enterprises. They use Teamleader for CRM purposes and digitising project management and invoicing processes.

People
Keen Venture Partners – Alexander Ribbink (general partner).
Teamleader – Jeroen De Wit (CEO).