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SaaS startup Ardoq closes one of the 5 largest private funding rounds in the Norwegian tech business

Oslo-based Enterprise Architecture SaaS startup Ardoq has closed the Series D round at 125 million dollars which brings them the title of one of the largest-ever by Norwegian tech business. Series D was a success for the company because this was one of the biggest ever achieved by a Norwegian tech company. The funding round was led by EQT Growth, the company that explores investments in companies at the scale-up stage. London-based growth investor One Peak has also invested in the round.

Ardoq is the developer of an enterprise architecture software intended to optimize the application portfolio ecosystem. Ardoq has around 250 customers worldwide and recorded approximately 80% YoY ARR growth in 2021. With the capital, the SaaS company will be able to expand more on a global level.  The team will be enlarged accordingly. The funding will help the company work on platform development as well. Victor Englesson, Partner within EQT Growth’s Advisory Team, will join Ardoq’s Board of Directors.

Ardoq announces $125 million Series D led by EQT Growth

Oslo, Norway, March 9, 2022 – Ardoq, a SaaS company reinventing Enterprise Architecture for today’s digital enterprise, has today announced a $125 million funding round. The round is led by EQT Growth, the growth equity strategy of the global investment organization EQT, which invests in and partners with Europe’s most innovative tech companies at the point they are beginning to scale. The Series D will fund Ardoq’s continued global expansion as it invests further in its commercial platform, best-in-class product offering, and growing its team.

Founded in 2013 by Magnulf Pilskog and Erik Bakstad and headquartered in Oslo, Norway, the company has grown to a team of around 170 professionals with further offices in Copenhagen, London, and New York. Driven by this passionate and market-leading team,

Ardoq
Magnulf Pilskog and Erik Bakstad, Founders of Ardoq

Ardoq is one of the world’s leading vendors of cloud-native Enterprise Architecture software, with a truly global customer base and top-tier clients such as Carlsberg, Condé Nast, and the United States’ Federal Communications Commission.

The software platform is the engine for driving digital business execution, which supports how customers’ business can transform in a world of increasing IT complexity, cloud migration, and the proliferation of applications.

The company will partner with EQT Growth as it embarks on the next stage of its growth journey. EQT Growth will bring its vast experience of investing along the technology value chain to support Ardoq for the long term. Victor Englesson, Partner within EQT Growth’s Advisory Team, will join Ardoq’s Board of Directors. London-based growth investor One Peak has also invested in the round.

Erik Bakstad, Co-Founder and CEO of Ardoq, commented: “Thanks to the fantastic work of our team and our dynamic, data-driven Enterprise Architecture platform, in 2021 we continued our trajectory of 80% year-on-year ARR growth. Now we are in the perfect position to supercharge our global expansion in 2022 and beyond. We will expand the team, continue to invest in our technology platform, and double-down on commercial excellence, all whilst continuing to support the digital business execution of organizations and enterprises all across the world.”

Ardoq, EQT Growth, Victor EnglessonVictor Englesson said: “EQT Growth seeks to partner with passionate founders and management teams of innovative tech companies that are supported by the big megatrends in our society and are primed for global success. Ardoq ticks all those boxes:

Erik and his team have built Ardoq into one of the world’s top Enterprise Architecture SaaS companies. Today, it is excellently positioned within the cloud-native Enterprise Architecture domain, a fast-growing market that is already over €3 billion in size globally. We’re delighted to be joining Ardoq as its first international institutional investor and look forward to releasing the full potential of Ardoq together with Erik and his team.”


Ardoq, Firda, Geir Forre“We have worked closely with Ardoq and its founders since 2015, leading several investment rounds since. Throughout we have been extremely impressed with the team. They are relentless in their ambition, systematic and data-driven, and always warm and full of humor. We are particularly proud to see how Erik has grown into the CEO role, accelerating Ardoq’s growth and now bringing world-leading growth investors on board,” says Geir Førre, Managing Partner at Firda, a leading Norwegian technology investor.


Ardoq, Haakon H. JensenHaakon H. Jensen, Chairperson of Ardoq, commented: “Supported by some of the leading Norwegian angel investors, VCs and family offices, Erik and the team have delivered beyond our high ambitions for Ardoq. We are delighted to be welcoming EQT Growth and One Peak as partners for the next chapter in Ardoq’s growth journey.” Jensen, who led the transaction process on behalf of Ardoq, will remain as Chairperson.

The transaction is subject to customary conditions and approvals. It is expected to close in March 2022.

About Ardoq

It is a SaaS company reinventing Enterprise Architecture for today’s digital enterprise. The company’s dynamic, data-driven EA platform is designed to plan and execute major change initiatives. The tool provides a digital twin of an organization’s people, processes, systems, data, and infrastructure. With Ardoq, CIOs can confidently deliver digital transformations, and IT leaders can make better technology decisions based on real-time information. With Ardoq, EAs can serve as change agents, supporting business and IT collaboration for better outcomes.

About EQT Growth

EQT Growth is the growth equity strategy of the purpose-driven global investment organization EQT, which is dedicated to unleashing growth in Europe’s technology champions. The team explores thematic growth opportunities at the point companies are ready to scale, investing in a range of technology and technology-enabled businesses.

About One Peak

One Peak is a leading growth equity firm investing in technology companies in the scale-up phase. One Peak provides growth capital, operating expertise and access to its extensive network to exceptional entrepreneurs, with a view to help transform innovative and rapidly growing businesses into lasting, category-defining leaders. In addition to Ardoq, One Peak’s investments include Neo4j, DocPlanner, Spryker Systems, PandaDoc, Keepit, Cymulate, Paysend, HighQ, Quentic, DataGuard, EMnify, Infermedica and many more.

About Firda

Firda is an investment company founded by serial entrepreneur Geir Førre, after his 3 successful exits with Energy Micro, Chipcon and Prox Dynamics. Since 2015 Firda has been an active technology investor with a focused portfolio of Norwegian technology companies that are highly scalable and have a positive impact on the world. Firda’s current portfolio includes Airthings, Ardoq, Disruptive Technologies, Hystar and Zivid.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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