TCV invests $200m in Relex

This is the first investment from the growth equity investor’s $3bn TCV X fund, which held a final close in January 2019. The vehicle makes investments between $30-300m in technology companies globally. 

The company’s three founders, Mikko Kärkkäinen, Johanna Småros and Michael Falck, will remain in their management positions and retain a significant stake in the business.

Existing investor Summit Partners will retain an equity stake in the business and keep its seat on the board of directors.

The fresh capital will be used to accelerate product development, hire more tech talent and further invest in the organisation.

Previous funding
Summit Partners injected €20m into Relex in 2015, at which point it employed 150 people and had operations in five European countries.

Summit returned in September 2017, by which time the number of employees had doubled to 300 and it had eight European offices as well as a US base.

The company currently employs 550 people, has recorded 50% annual revenue growth since inception and has 10 offices globally.

Company
Relex was founded in 2005 and is headquartered in Helsinki. The company uses in-memory computing – a computing method that boasts quicker processing speeds – to develop its software, used for supply chain management. It operates offices in Finland, the US, the UK, Germany, Italy, France, Spain, Sweden, Norway and Denmark. It employs around 550 staff.

People
Technology Crossover Ventures – John Doran (general partner).
Summit Partners – Han Sikkens (managing director).
Relex – Mikko Kärkkäinen, Johanna Småros, Michael Falck (founders).

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• Topics
• Expansion
• Technology
• Nordics
• Finland
• Venture
• Summit Partners