Uppsala-based startup Favro‘s online project management tool has received 300 thousand euros in a seed round led by pan-Baltic venture capital fund Practica Capital with the participation of many investors and Capitalia, the financier and financial advisor with its focus on small and medium-sized companies in the Baltic sea region. It is a collaborative planning app for fast-growing SaaS companies to automate their workflow, save time, and increase productivity.
The Swedish startup will be able to work on its marketing activities. Favro last December announced that it has raised $4.3M Seed from Practica Capital, Scale Capital, Creandum, Inbox Capital, and angel investors including Christopher Beselin. To date, the startup managed to raise almost €5M in total.
Capitalia invests in Swedish start-up Favro
Favro was founded in 2016 by experienced game and software developers Hans Dalstroms, Eric Olofson, and Patrick Palm. It is a collaborative scheduling platform tailored for SaaS (software-as-a-service) businesses and game developers. The platform allows you to plan work more efficiently between different departments of the company. The platform also helps management set and plan various goals and track project progress. Favro has more than 1,500 customers. It is headquartered in Sweden, but also has an office in Lithuania. Practica, Creandum, Inbox Capital, Scale Capital, and many business angels have also invested in the company.
“Today’s managers understand that their role is to facilitate teamwork rather than dictate tasks for maximum results. But the tools available today are not yet adapted to the modern management style. Until now, companies have been able to choose between large, centralized platforms where all tasks are incompletely in one pile, or newer tools that are more visually appealing but still better suited to project management practices in 1910. Progressive leaders are beginning to understand the connection between planning tools and corporate culture, and that’s what we created Favro for,” says Favro CEO and founder Patrick Palm.
“Although investing in start-ups in the Baltics is the main focus of our fund, we can invest outside the Baltics in cooperation with other well-known venture capital funds such as Practica,” comments Juris Grišins, CEO of Capitalia.