The living documentation platform closes $1.3 million seed round.
The co-founders of Ardoq (in front), Magnulf Pilskog (on the left) and Erik Bakstad, have grown their team in the past six months from three to eight employees.
Ardoq, the Norwegian documentation platform provider, announces the closing of their second seed round with an investment of $1.3 million led by serial entrepreneurs Geir Førre and Gunnar Evensen.
“As an early-stage investor I am engaging with Norway-based technology companies with ambitions and capabilities to become global leaders within their fields. Ardoq has those ingredients on top of a strong founder team”, says Geir Førre, who has more than 20 years of experience from the global semiconductor industry.
Ardoq’s earlier investors and employees are also contributing to the round, in addition to angel investor Magnus Nordseth. The company also has the Norwegian Founders Fund, the Norwegian Research Council and Innovation Norway as their investors.
Big references – Great market opportunities
Ardoq aims to democratize the way organizations document and visualize requirements, business processes and their dependencies on IT-systems. As many companies are moving their documentation to the cloud, the combined global market size is estimated to be $7.8 billion, and Ardoq – founded in 2013 – is bridging the gap between product segments in the market.
During the past year, the company has already worked with some of Norway’s largest companies including Statoil and TeliaSonera.
As the company has succeeded locally in Norway, the closed seed round will be used for securing the short-term growth of the company. Next Ardoq is gearing up for international launch with their new documentation platform.