London-based Scoro raises $16 million funding to grow its work management software for professional services and creative industries
Scoro, a London, England-based SaaS startup that provides end-to-end work management software for creative and professional services, today announced it has closed a $16.4 million Series B funding to fuel continued global expansion and is supported by new French and Spanish versions of the software. The round was led by Kennet Partners, with participation from additional investors including Columbia Lake Partners, Inventure, Livonia Partners, and Tera Ventures.
Founded in 2013 by Fred Krieger, Kristina Lilleõis, and Priit Matiisen, Scoro helps to streamline work and eliminate routine tasks to ensure business runs as smoothly and efficiently as possible – from sales right through to billing. According to its website, Score also helps professional service businesses streamline projects, automate quoting and billing, optimize utilization, and much more.
“Even before Covid-19 hit, most professional service businesses used as many as a dozen different platforms daily,” said Scoro’s Founder and CEO, Fred Krieger. “However, teams now realize that constantly switching between tools harms productivity and results in lost data and duplicated work. In many ways, these tools became weapons of mass distraction. We’re proud to have the support of Kennet Partners and other investors as we help businesses identify and remove these weapons of mass distraction with our end-to-end work management software.”
Scoro’s most recent product launch has been a modernization of the Gantt chart, which had not evolved since its creation at the turn of the 19th Century. With the new funding, Scoro will continue to create innovative tools which enable professional service businesses to improve their productivity and profitability.
“The dramatic disruption to working practices caused by Covid-19 should give us pause for thought, challenge our assumptions, and encourage us to think about what the new normal should be,” said Dave Kellogg, a highly experienced SaaS advisor and a new addition to Scoro’s Board of Directors. “The evolution of the workplace will be supported by platforms such as Scoro which enable staff to communicate and collaborate effectively, flexibly and without distraction.”
Kennet Partners’ Managing Director Hillel Zidel also joins the Board of Directors, alongside Dave Kellogg. Martin Fincham continues to lead the Board of Directors as Scoro’s Chairman.
“It is a privilege to chair such a high caliber Board and very reassuring to be supported on our scale-up journey by some of Europe’s top B2B SaaS investors,” added Martin Fincham.
“Scoro is a great example of the type of high-growth, founder-led B2B SaaS company we love to invest in at Kennet,” said Hillel Zidel. “Clients get a lot of value out of Scoro and I’m very excited to support the company in its international expansion at a time when so many businesses are looking for productivity gains.”
Scoro now joins an elite group of start-ups founded in Estonia that have raised more than $20 million in venture capital. Estonia is the world leader in creating technology unicorns per capita, with successes including Skype, Transferwise, Bolt, and Pipedrive.