VC firms in $25m funding round for Quinyx

The financing was led by existing investors, Swedish GP Alfvén & Didrikson (A&D), US-based VC Battery Ventures and Swedish VC Zobito. The fresh capital will be used to accelerate the company's roll-out of features and AI technology meant to automate and streamline workforce management processes.

Maria Åhr, CEO of A&D – who has acted as chair for the company since 2014 when the GP first invested in Quinyx – has reaffirmed A&D's active involvement in Quinyx's future. A&D founder Måns Alfvén will continue as a board member in addition to Michael Brown, general partner at Battery Ventures, and Magnus Lindhe, managing partner at Zobito.

Previous funding
Mint Capital bought a 25% stake in Quinyx from UCMS in 2007 for several million dollars. In 2014, A&D invested $14m in the company, combined with a private placement and secondary share purchase that saw Mint sell its stake in the company. Angel investor and former Google engineer Magnus Sandberg was a co-investor alongside A&D.

At that time, the company had turned a profit of $350,000 for 2013, from revenues of more than $4.52m, having grown from profits of just $11,678 in 2011.

In 2017, Battery Ventures invested $12m in a round for further scaling.

Company
Founded in 2005 by Erik Fjellborg, the company now has 150 people employed in offices in the UK, Sweden, Norway, Demark, Finland and Germany. The web-based system provides support for scheduling, time reporting, communication, task management, budgeting and forecasting. It claims to have 500,000 users and counts McDonald's, Odeon Cinemas Group, Debenhams and London City Airport as clients.

People
Quinyx – Erik Fjellborg (founder, CEO).
Alfvén & Didriksson – Maria Åhr (CEO).
Battery Ventures – Michael Brown (general partner).

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• Topics
• Expansion
• Nordics
• Technology
• Venture
• Sweden
• Battery Ventures