Teamleader has raised an investment of EUR10 million in a funding round led by Fortino Capital.
The funds will be used by Teamleader to further develop its product into a fully-fledged platform for SMEs.
Jeroen De Wit, CEO of Teamleader, says: “This investment will allow us to quickly seek out new markets. Of course, we will also continue to invest in the product and in providing our existing clients with support. After all, our strategy of staying close to our clients is what makes us successful, and that’s something we will never lose sight of.”
Teamleader was launched in 2012 as an integrated solution for CRM, quotation management, project management, time recording and invoicing for SMEs. Teamleader is one of the fastest-growing scale-ups in Belgium and Europe.
The company has since opened offices in Western Europe, the German-speaking countries of the DACH region, and Southern Europe.
The new investment of EUR10 million will allow Teamleader to take things to an even higher level, says De Wit.
“This new round of investment will allow us to expand still further in the countries in which we are already present, not to mention tapping into new markets,” he says. “We plan to open offices in France and Italy in the near future. In addition, we are continuing to work on the evolution of Teamleader itself: we intend to grow from a product into a fully-fledged platform which helps SME clients to work smarter thanks to integrations with other tools.”
Teamleader employs a ‘multilocal’ strategy. By developing local teams in the countries in which it is present, Teamleader ensures that clients are supported by people who understand their context.
“This multilocal approach works,” says De Wit. “In the future, not only do we wish to apply this local approach by using local teams, but we also want to make the local aspect of our product more tangible by means of integrations with local software tools. This will make it even easier for SMEs to digitalise.”
Fortino Capital is now investing in Teamleader for the third time, after a seed round and a Series A in 2015.
Duco Sickinghe from Fortino Capital says: “We have been involved in the Teamleader project for the past two years and are delighted to form part of the company's further growth story. Fortino Capital likes investing in leaders. From the start, we saw that Teamleader has everything it takes to become the leading European reference in the SME market. We were convinced of the potential of the product, and equally convinced by Jeroen and his team. We certainly made the right decision and are looking forward to seeing what Jeroen and Teamleader will achieve in the years ahead.”
