Swedish Startup Space

Billogram competitor Zervant raises $4.4 millon from Northzone

Written by on August 16, 2016
Editors Note: This post is part of a series called Featured posts, presented by Breakit.

The Finnish invoice service Zervant is cashing checks. “Our sales will at least triple this year,” says co-founder Mattias Hansson.

A competitor to Sweden’s Billogram, Zervant, has been gaining traction on the Swedish market, and in several other European countries.

Mattias Hansson, Tuukka Koskinen and Patrik Ekman founded Zervant in 2010. The following year they launched the service in Finland, offering digital billing and bookkeeping for businesses. Today Zervant has about 120,000 registered users in 160 countries.

So far, the Finnish tech firm has raised venture capital in stages, the largest round to-date coming last year, with $1.7 million from Conor Venture Partners.

Now Breakit reports that Zervant has closed another round – with venture capital firm Northzone pumping in almost $4.5 million.

With the investments from Conor Venture and Northzone, Zervant has now raised nearly $9 million since its founding.

“It feels great to be in such impressive company,” says Mattias Hansson of Northzone’s investment. “This should open some doors. As we focus on growing internationally and aggressively, it is important to bring in capital.”

The money will be used mainly to gain more customers. In addition to Sweden and Finland, Zervant is also in France, Germany, Belgium, Austria and England. With 33,000 users, the Swedish market continues to be the strongest.

“We intend to continue developing new products, including a solution to speed up the payment of invoices,” said Hansson.

He also shared that Zervant has begun a collaboration with the banking giant ING in Belgium.

“They began to re-sell our services in June. We hope this project captures the attention of several potential partners,” said Mattias Hansson.

In 2015 Zervant had sales of $470,000.

Mattias Hansson is optimistic, stating: “we will at least triple sales this year.”

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