Viio, a Copenhagen-based platform focused on managing software spending, has raised over €3.3 million to support its expansion plans. The funding was led by North Ventures and included investments from industry leaders like Christian Kromann, Dorrit Kromann, Klaus Holse, Ole Andersen, Ulrik Bo Larsen, Lasse Schou Holbøll, Michael Koefoed Steensborg Drejer and more. Viio, headed by CEO Michael Fornander, uses a combination of AI and expert guidance to help companies optimize their software subscriptions. The new funds will help Viio grow its operations in the UK and Europe, addressing the need for better management of SaaS and cloud expenditures in a more cost-conscious business environment.
Viio is focused on transforming how businesses manage and optimize their software investments. The platform provides tools for vendor and app discovery, usage tracking, and optimization insights, along with expert negotiation services. This allows companies to gain a comprehensive view of their SaaS and cloud vendors, make informed decisions about their software licenses and contracts, and potentially reduce their annual software expenditures by up to 30%.
Michael Fornander, CEO and founder of Viio, said: “During COVID-19 and the period of zero interest rates and “free” capital, ZIRP SaaS consumption ran wild in many companies. Everyone needed Zoom and/or Teams for remote work and online meetings. Now, the economy is tighter, and many are rigorously cutting unnecessary expenses. Companies have been trying to solve the problem for a couple of years, but it has become very complex. Viio meets a significant, unsolved need. AI and automation can help with 90%, but getting the job done and creating real value only comes when people take action and decide which licenses and vendors to keep and which to cancel.
Michael Fornander noted that companies are highly interested in their spend optimization platform but also seek the expertise to fully realize its value. He explained that customers became much more engaged when Viio offered both the software and the necessary expertise. Optimizing software spend is complex due to the dynamic use of solutions by employees, fluctuating license prices, and potential overlaps with other tools. While Viio uses AI to monitor these factors, their staff assists customers in making and executing informed decisions.
“Viio’s long-term mission is far more ambitious than just reducing customers’ costs. We are at the beginning of another technological revolution, where all software assets will need to be re-assessed and enterprise architecture needs to be redesigned from the ground up where proprietary data and intelligent automated actions will play a vital role. SaaS and cloud spend are the two largest and fastest-growing areas of IT expense for businesses worldwide and still up to 30% of software spend is wasted according to Gartner.”
Mikkel Rørvig, partner at North Ventures, said: “The digital transformation has meant that employees today just buy a software subscription with the company credit card. Previously, the IT department handled all software, and therefore the overview of software licences has been lost in recent years. The SaaS market is estimated at €230 billion in 2024, has doubled in four years, and continues to grow, so there is a huge need for solutions to manage these expenses. Viio solves this problem and is at the forefront of the market. The solution is strongly positioned for all companies below the large enterprise level, as Viio’s growth and excellent customer feedback also show. I believe that Viio has one of the sharpest SaaS management teams, which was crucial for us in the investment. We look forward to being actively involved in the company and contributing to its growth.”
“This investment comes after a strong couple of years for Viio, we aim to grow significantly by the end of the year and this investment will help us achieve this. We want to make sure we continue to hold a strong presence in the UK, where we’ve got a range of clients including Convex Insurance and Populous, as well as maintaining our presence across Europe. We are delighted to have the support from North Ventures along with the other incredible investors to accelerate our strategy and ambitions”, concluded Fornander.
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