Great Hill invests $55m in software company Eloomi

Eliza Punshi
08 June 2021

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US-based venture capital firm Great Hill Partners has backed Danish software company Eloomi with $55m in a series-B funding round.

Existing investors, including founder Claus Johansen, Kennet Partners, and VF Ventures, also invested DKK 45m (€7m) in the company.

According to Borsen, the GP acquired a third of the company in a deal that valued Eloomi at more than DKK 1bn (€163.6m).

The valuation is more than double its previous valuation of €67m from October 2020, when it raised additional capital of €6m from Kennet Partners and Vaekstfonden.

Great Hill will help the company accelerate its growth in the US and support further expansion of its go-to-market and product development efforts.

The company said it had experienced "significant growth… with uninterrupted revenue increases since it was founded in 2015".

Previous funding
In 2017, Vaekstfonden's venture arm, VF Venture, invested an undisclosed amount in Eloomi. Two years later, Kennet Partners led a $12m series-A round for Eloomi, with VF Venture also taking part in the round.

In October last year, Eloomi raised additional funding of €6m from Kennet and Vaekstfonden. The round gave the company a valuation of €67m.

Company
Founded in 2015, Eloomi is a software-as-a-service company that offers a corporate learning and performance management platform to companies. It has 500 customers in 25 countries.

The company is headquartered in Copenhagen and has additional offices in London, Orlando and Florida. It employs 100 staff.

People
Great Hill Partners – Chris Busby (partner).
Eloomi – Claus Johansen (founder, CEO).

Advisers
Company – Nielsen Nørager (legal);
Equity – Kirkland & Ellis (legal); Moalem Weitemeyer (legal).