Verdane, the European specialist growth investment firm, has made a significant minority investment in Sitoo, the leading Unified Commerce Platform (UCP) software vendor in Scandinavia. The partnership is aimed at accelerating Sitoo’s ambitious global expansion plans, while reinforcing its leadership position in the Nordics and UK.
Sitoo offers a digital operating platform for mid-market and enterprise retailers with a significant physical store footprint and complex operations across multiple channels and countries. Its flagship product operates as a system of records for its customers, taking over workflows traditionally fulfilled by Enterprise Resource Planning systems, as well as enabling new use-cases that improve the in-store experience. Sitoo has achieved a remarkable 100% growth in Annual Recurring Revenue (ARR) over the past two years to SEK 125 million SEK in 2024F. With leading global brands like Levi’s, Skechers, Nudie Jeans, and RAINS, as well as global compliance capabilities in over 40 countries, Sitoo is well-positioned to expand its operations and be a trusted partner to retailers globally.
“We have seen Sitoo deliver on its growth ambitions with best-in-class execution by Jens and the team since we first met in 2019. Back then they were a local Swedish player with big ambitions and has now become the clear market leader in the Nordics and we look forward to partnering with the team to help build the business into a global category leader,” said Pål Malmros, Partner at Verdane.
“Partnering with Verdane marks a significant milestone in the Sitoo journey to becoming a global leader in retail technology, having established ourselves as a trusted partner to leading brands,” said Jens Levin, CEO & Co-founder at Sitoo. “Their deep expertise in scaling software businesses and their belief in our vision make them the perfect partner for our next growth phase. Together, we will accelerate our global expansion plans, empowering retailers worldwide to transform how they operate and serve their customers in an ever-evolving market.”
Verdane Partner and Head of Software Pål Malmros with Sitoo founder Jens Levin
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About Sitoo
Founded in Sweden, Sitoo is a Unified Commerce Platform anchored by Point of Sale, trusted by over 300 retailers with stores in Europe, Asia, Australia, and North America. Since launching its best-in-class SaaS platform in 2015, Sitoo has emerged as the market leader in the Nordics and is consistently expanding its global presence. For more information, visit www.sitoo.com
About Verdane
Verdane is an independent specialist growth investment firm that partners with tech-enabled and sustainable European businesses. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to invest inside two core growth themes; digitalisation and decarbonisation.
Verdane has more than €8 billion in assets under management and its funds have made over 400 investments in fast-growing businesses since 2003. Verdane’s team of over 150 investment professionals and operating experts, based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe.
Verdane is a UN PRI signatory and also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy. Additionally, the Verdane Foundation which is managed by the group, focuses on supporting sustainability globally and inclusion locally.
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