Verdane partners with multichannel marketing software platform Voyado to back its international growth and the enhancement of customer experiences
Verdane, the Northern European specialist growth equity investor, has announced it has invested in Voyado, a Sweden-based SaaS company offering a multichannel marketing and Customer Experience Platform aimed at mid-market digital consumer businesses and retailers. Verdane will support the Company’s established position in Sweden and Norway, as well as support its expansion outside of the Nordics, drawing on Verdane’s experience from over 40 investments in software businesses. Voyado’s continued growth will be supported by Verdane together with co-owner Novax, which invested in the Company in 2018. Financial terms for the transaction are not being disclosed.
Founded in 2005 by Chief Executive Johan Bäckarlin, Voyado offers a Customer Experience Platform for mid-market digital consumer businesses and retailers, enabling them to effectively manage, engage, reward, and retain their customers through multiple channels. The Company has shown rapid growth in recent years, increasing its turnover from EUR 6.6 million in 2018 to EUR 16 million in 2020. Voyado has also established itself as a Nordic regional leader in the mid-market retail niche, working with strong international brands including Malene Birger, Daniel Wellington, Björn Borg and Agent Provocateur, as well as a number of Verdane’s digital consumer companies. As the Company consolidates its position in the Nordics, Verdane seeks to support its expansion in Western and Northern Europe, where Voyado is well-placed to capture the opportunity set in a fast-growing and fragmented market.
Pål Malmros, Partner, at Verdane commented: “We’ve had the opportunity to evaluate the business impact of Voyado’s Customer Experience Platform up close, as several of our innovative e-commerce companies, including CAIA Cosmetics and Desenio, use the platform. Voyado is perfectly positioned to capitalise on the need for customer experience and personalisation amongst e-commerce and retail brands. With 30 software businesses and 25 digital consumer businesses in our portfolio, the Verdane team is optimally suited to help Voyado continue to scale its operations across Northern and Western Europe, and we are looking forward to collaborating with Johan, his team and Novax team on this journey.”
Johan Bäckarlin, CEO at Voyado, commented: “By partnering up with Verdane we’ll be able to scale our business internationally at a faster pace, continuing to offer global e-commerce and retail brands the high-quality experience for which our platform has become known. We are pleased to bring on board an investor with such a strong track record in supporting digital consumer companies, and one that has helped other SaaS companies grow internationally. I look forward to working closely with the Verdane and Novax teams as we embark on this next exciting phase of growth for Voyado.”
Verdane has a strong record investing in tech and software, with investments in the sector dating back to 2003. Verdane was named the most active financial investor in Nordic software growth companies 2016-2020 in 2020 by PwC, and declared a Top 4 most active GP acquirer of Nordic-based companies by deal count 2015-2021 by Pitchbook in 2021. Its current portfolio of 30 software businesses includes Brightpearl, Forsta, Freespee, inRiver, Penetrace, Searchmetrics and Storm Commerce. Verdane is currently investing across the Nordics and Germany from Verdane Edda II, which closed earlier this year at its EUR 540 million hard cap, and its 6 billion SEK Verdane Capital X fund.
The investment in Voyado was made by Verdane Edda II.