Today, we’re excited to announce that Scoro has closed a $16.4 million Series B round led by Kennet Partners, a leading international growth equity firm that invests in high-growth companies. Additional investors include Columbia Lake Partners, which provides investment for growing technology companies, as well as previous investors Inventure, Livonia Partners and Tera Ventures.
What will we use the investment for? We’ll continue to enable creative and professional service businesses to increase their productivity and profitability, as well as minimize the distractions caused by overly complicated tech stacks. We call these ‘weapons of mass distraction’.
“Even before Covid-19 hit, many professional service businesses were using up to a dozen different platforms daily,” says Scoro’s Founder and CEO, Fred Krieger. “Covid-19 accelerated this trend, but business leaders now recognize that requiring teams to constantly switch between tools harms productivity, creates distractions, and results in duplicated work. We’re proud to help businesses remove these weapons of mass distraction with the support of Kennet Partners and our other investors.”
The latest feature we’ve launched towards this goal is a modernization of the Gantt chart, which hasn’t otherwise evolved since it was invented by Henry Gantt at the turn of the 19th Century. Scoro’s Gantt chart centralizes information into a single, holistic and real-time view – eliminating chaos, enabling proactive decision-making and making overbooking a thing of the past. With Scoro’s Gantt chart, teams stay focused and on the same page even as plans evolve.
This year we’ll develop even more features to help professional service businesses remove weapons of mass distraction. Our 2021 product roadmap includes features such as a new customer portal, which will enable Scoro users to create guest profiles for their customers. Customers can then view projects, comment on tasks and download information such as quotes and invoices themselves, without assistance.
An additional benefit of our new Series B funding is the appointment of Dave Kellogg, a highly experienced SaaS advisor, to Scoro’s Board of Directors.
“The dramatic disruption to working practices caused by Covid-19 should give us all pause for thought and encourage us to think about what the new normal should be,” said Dave Kellogg, who brings over 30 years of C-suite experience to Scoro’s Board.
“The evolution of the workplace will be supported by platforms such as Scoro which enable staff to communicate and collaborate effectively, flexibly and without distraction.” – Dave Kellogg, SaaS advisor
Kennet Partners’ Managing Director Hillel Zidel has also joined our Board of Directors, which continues to be led by our existing Chairman of the Board, Martin Fincham.
“Scoro is a great example of the type of high-growth, founder-led B2B SaaS company we love to invest in at Kennet,” said Hillel Zidel. “Clients get a lot of value out of Scoro, and I’m very excited to support the company in its international expansion at a time when so many businesses are looking for productivity gains.”
This new funding also moves Scoro, which was founded in Estonia, into an elite group of Estonian start-ups which have raised over $20 million in venture capital, such as Skype, Wise, and Bolt. Estonia continues to be a world leader in creating successful tech businesses and we’re delighted to be part of that story!
About Scoro
Scoro is an award-winning work management software for collaborative teams. Thousands of businesses in 60+ countries trust Scoro as a scalable solution for increasing margins and data-driven decision-making across all areas of work – from projects and sales to billing and reporting.
Want to find out more about how Scoro’s end-to-end work management software can help you eliminate weapons of mass distraction? Try Scoro for free now!
