Sam Nurmi’s accounting startup Dooer raises $4.6 million.
Accounting start up Dooer has quickly made an big impression in Sweden, in large part thanks to founder Sam Nurmi, who previously founded, then and sold Pingdom for $60 million. To help make that impression, Nurmi aquired an entire IT-consulting firm to get ten new developers working on Dooer.
Dooer has sought to compete with big Swedish accounting services, like Visma, by automating large parts of the accounting job.
“We at Dooer are entrepreneurs oursleves, and over the years we have wondered why bookkeeping records must be so complicated, and why the accounting industry has not developed more,” said Sam Nurmi to Breakit last spring.
Doer’s innovation is that all digital information is be read by a computer, instead of a bookkeeper entering receipts manually.
Now, Breakit can report that the company closed a financing round of $4.6 million. From the information available in public documents.
According to the documents, the company is valued at $7.9 million. The relevance of the valuation can be questioned because all the money comes from pre-existing investors, which means that negotiations probably have not been that tough.
The documents do not reveal exactly how much each individual owner invests. However, considering that there are only three minor investors other than Sam Nurmi and the rather substantial size of Mr. Nurmi’s wallet, it is reasonable to expect that he has put in most of the money – if not all of it.
Before the recent emission of shares Mr. Nurmi held 90,5 percent of the shares. The remaining 9,5 percent were held buy the company CPO, Daniel Mauno Pettersson, it’s CTO Mladen Stojanovic and Johan Steffner, one of the developers at Dooer.
How the money will be used is however uncertain. Given that the company has 35 employees, they may have a lot of capital going towards developing payroll.
Sam Nurmi has not responded to Breakit’s multiple requests for a comment.