Tesi leads €6m funding round for Zervant

Additional backers in the round include existing investors Northzone, NFT Ventures and Conor Venture Partners.

The company plans to use the investment to grow the use of electronic invoicing among micro-businesses, which are its core client demographic. It will also look to introduce a range of additional features for users, designed to ease the financial constraints that come with running a business.

The company expects to grow due to regulatory changes in the financial space, most notably an EU directive that aims to make electronic invoicing the main form of invoicing in Europe by 2020, coming into force in 2018.

As part of the funding round, Finnish private equity adviser Niklas Savander will join Zervant's management board.

Tesi, formerly known as Finnish Industry Investment, is currently investing from its KRR III fund (Kasvurahastojen Rahasto III), which held a final close on €150m in October 2017.

Previous funding
Conor Venture and previous backers provided a €1.5m round of early-stage funding in March 2015.

Northzone and Conor Venture led a €4m series-A round for Zervant in August 2016. The fresh funding was used to boost international expansion for the Espoo-based company, as well as adding features to its product. 

Company
Headquartered in Espoo and founded in 2010, Zervant is an electronic invoicing startup. The company claims to have 20,000 business customers across seven countries, with 85% of current growth coming from France, Germany and the UK.

To date, the firm has raised €14m in angel and venture capital funding. It employs a staff of 23.

People
Tesi – Jussi Sainiemi (investment director).
Zervant – Mattias Hansson (CEO).

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