CBIT, Danish startup that helps customers to book appointments and keep track of them, has received a 1,3 million euro investment to expand its European market, reports TrendsOnline.
The company was founded by Thomas Björk, Jesper Lazarotti and Morten Weber in 2003. CBIT bootstrapped themselves to their success today and reached cash breakeven of nearly 2,7 euro million. Ever since founded CBIT has been growing organically. Currently they have 600 regular customers in Denmark, Sweden, Norway and Germany.
CBIT came a long way. Ever since Jesper Knudsen took a seat on the board, the company has developed a new scalable approach , changed management and attracted large angel investment, all of which made CBIT ready to penetrate new markets and potentially acquire other players. But of course, there was a lot of experimentation as well.
“They were classic entrepreneurs with mixed approach to the business and as I always say to them with a smile, they had made almost all the mistakes that one can do as a startup. This as well as a super comfortable founder team was what I found incredibly specious about CBIT and decided to join the start up as a chairman of the board,” says Jesper Knudsen.
The money that came from a group of active angels and other investors will allow CBIT to speed up its development and expand more. When they have clear evidence that their model works in other markets, they will go for a Series A round of investments in 2014.
“We expect to double sales next year and triple the number of customers. If our plans work out we will become even more attractive to larger investors and possibly VCs globally,” said Jesper Knudsen to Trendsonline.dk.
This article is in collaboration with Øresund Startups, originally by Iryna Velykokhatko. Øresund Startups is a news site focusing on startups in Copenhagen and the other cities around the Øresund strait; Malmö, Helsingborg and Lund. It was initiated by Karsten Deppert and covers news about startups and events from the startup scene. You can follow them at @Oresundstartups.