Danish SaaS startup Oveo raises €1 million in pre-seed funding

Copenhagen, Denmark-based SaaS startup Oveo.io raised € 1 million in pre-seed funding on 27 January 2021.

Investors: Oveo raised funds from PreSeed Ventures, angel investor Ole Andersen and the Danish state’s investment fund, Vaekstfonden.

Purpose of funding: The fresh funds will be utilized for product optimization and marketing. Oveo.io recently launched a free version which will be rolled out in all Danish companies in 2021 before expanding to the rest of Europe. The Oveo team of 13 is looking to increase its team to 30-50 employees from 2021 to 2023.

About Oveo

Oveo.io

Founded in 2019 by Michael Fornander and Morten Kruse Søndergaard, Oveo’s cloud-based software enables any company in any industry to easily discover, manage, optimise and secure all SaaS usage from one platform. It is an intelligent SaaS platform that gives a complete, automated overview of all the company’s additional SaaS platforms. Many companies use different SaaS programmes in their everyday work life to automate work processes, but many still use a simple Excel sheet to manually keep track of all processes including information on terms, payment, functionality, admin rights, activity among employees among others. Oveo.io aims to offer a smarter and automated alternative to this.

Oveo believes that employees should be able to enjoy work, be agile, work faster and become more creative. Oveo makes SaaS usage more transparent, manageable and secure.

What the founder has to say: “Oveo.io is basically one big declaration of love for SaaS. At its core, Oveo.io is about making companies optimize their processes and management of SaaS so they can let their employees roll out new innovative SaaS tools without worry. It’s no secret that SaaS has become the most dominant form of IT and tech there is. Therefore, it’s critical for companies to manage and structure their SaaS programs effectively so they can gain as much value as possible from them as they expand their software portfolio”, said co-founder Michael Fornander. 

What investors have to say: “The use of subscription-based software products internally in companies has been on the rise for a long time, and it’s a trend we expect to continue. Companies, however, are missing a tool to create structure and overview so they can optimize the use, safety and costs of the products. Oveo.io is exactly that, and that’s why we have invested”, said Helle Uth, co-founder and General Partner at PreSeed Ventures.

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