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Tuesday, June 18, 2024

Sweden’s NOQX secures first round of funding from prominent investors to expand global reach in goal management SaaS

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NOQX, a Stockholm-based SaaS company founded in May 2023, has secured its first round of funding from an impressive group of investors, including Phillip Chambers, Giles Whiting, Maria Hedengren, Niklas de Besche, Aref Abedi, and Louise Markgren. The funding amount has not been disclosed. NOQX specializes in goal management and OKRs, aiming to make goal management enjoyable and successful for employees. With the funding, NOQX plans to continue improving and developing its platform to sell it internationally, with a long-term goal of establishing itself as a global SaaS company, particularly focusing on North America.

The SaaS company NOQX was founded in May 2023 by Sophie Hedestad, Robert Zetterqvist, and Matilda Lundsten. In a short time, NOQX has become one of the leading SaaS companies in goal management and OKRs, with a clear focus on making goal management enjoyable and successful for employees.

Of note is Phillip Chambers, founder Peakon, which sold to Workday for $700 million USD in 2021. Chambers comments:

“I connected with the founding team at an early stage and had the opportunity to review their product prototype. It was immediately apparent to me that they were addressing a pressing issue that business leaders have long struggled with: effective communication of goals, tracking progress, fostering alignment, all while maintaining an enjoyable work environment. NOQX’s robust vision assures me that they are prepared to emerge as a frontrunner among SaaS companies in their field on a global scale.”

U.S.-based Giles Whiting, is a long-time SaaS operator and software investor currently serving as the President at parcelLab and an advisor at Verdane. Previously he served as the COO at Forsta (sold to Press Ganey, 2022), led the Operating Group at SoftBank, and was the General Manager of Medalia (IPO, 2019). Whiting comments:

“Clarity and focus are two of the toughest on-going challenges for fast moving companies – and without both of these you’re not likely to get much accomplished. NOQX equips companies and managers with tools to simplify, increase focus, and keep individuals and teams aligned! It’s a recipe for execution!”

Additionally, Maria Hedengren and Niklas de Besche are investing. Hedengren has a solid background in the tech industry and has previously been the CFO of iZettle and the CEO of Readly. Currently, she is a Venture Partner at Eight Roads, a global venture capital fund managing assets of $11 billion USD, among other roles. Maria says:

“As an operational leader for many years, I always placed great emphasis on goal management as a tool to increase the organization’s ability to execute strategy and overarching goals, providing direction and feedback to teams and employees. It’s difficult to establish consistent workflows and accountability that are simple and inspiring enough to become a self-playing piano; that’s often where goal management fails. NOQX has the potential to solve this incredibly important puzzle piece, and I believe NOQX is the solution that many business leaders are seeking.”

Niklas de Besche, former CEO of Meltwater and co-founder of the venture studio Mother, is also an investor and adds:

“I seek founders with strong business skills, who can build a strong culture and gather the best team to achieve the company’s goals. Sophie and I have worked together for many years, and she definitely meets all those categories!”

Among the investors is also Aref Abedi, CEO of the SaaS company Jobylon, with operations across Europe:

“For me, it was an easy decision to invest in NOQX; you not only need a great platform but also a strong commercial engine, and I know that the team at NOQX has that.”

In addition to the new investors, NOQX’s cap table includes Louise Markgren. Louise is the General Counsel at the growth rocket Mentimeter and shares NOQX’s vision of changing the way companies work with goal management.

The team behind NOQX has long felt frustrated with the lack of effective goal management in companies. With this conviction, they are driving NOQX’s mission to provide employees worldwide with clarity about their goals. With the recently obtained funding, they look forward to continuing to improve and develop their platform to sell it internationally. The company’s long-term goal has always been to establish itself as a global SaaS company with a focus on North America.

“We are winning new customers every week, and we’re onto something big! I’m proud of the product we’ve built, and now we’re ready to roll it out internationally,” concludes Sophie Hedestad, CEO of NOQX.

Click to read more funding news.

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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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