Copenhagen, Denmark-based tech company providing manufacturing intelligence solutions, Factbird, raised USD 16 million in funding. The company announced the investment on November 24, 2023. Expedition Growth Capital and EIFO led the financing for the company.
Purpose of financing for Factbird
With the latest financing, Factbird seeks to fund international expansion. Earlier in 2021, the company separated from the consulting firm Emendo Consulting Group and became an independent tech company.
What the investors have to comment
Jesper Lilledal, Partner, Direct Investments at EIFO, said, “We have experienced two fantastic years in the ownership circle of Factbird. Together with the owners behind the Emendo Group, we have shown that it is possible to lift a software company out of a consultancy, infuse it with venture DNA, grow at rocket speed, and attract international growth capital. It has been fantastic to see Factbird take shape as an independent company, and we look forward to the future of the company with the new co-investors.”
In addition, David Olsson, Principal at Expedition Growth Capital, said, “One of the biggest problems in manufacturing today is the lack of real-time operational data. Factbird’s manufacturing intelligence solutions solve that problem for both small and large manufacturers. There is also huge potential in combining data from Factbird with the latest machine learning and AI technology, which can be part of the solution to the challenges that manufacturing companies face today and in the future. As an investment company with a focus on fast-growing European software companies, we could not be prouder to collaborate with the team at Factbird and make them our first investment case in Denmark.”
What the company’s official has to add
Søren Schønnemann, CCO and Partner at Factbird, further said, “We have taken the next step and are hungry for more. When we look beyond our key markets, we see historically strong manufacturing countries that rely on digital solutions to stay competitive more than ever. Our ambition is that, through our unique lean technology, we help companies become more efficient without resorting to an outsourcing strategy.
Meanwhile, Peter Savnik, CPO and Partner at Factbird said, “Warrant programs are here to stay. From the beginning, we wanted to share our success with our employees. All full-time employees are involved in the program, and it means we all have a stake in the success of Factbird. When we succeed in this journey, it will affect us all. For some, the value will be the down payment on a house, and for others, it will perhaps be the springboard for a new startup.”
About Factbird
In 2015, Founders Anders Arnum Jensen and Finn Hunneche launched the company. Factbird is the leading provider of Manufacturing Intelligence Solutions. The company focuses on real-time data collection and analysis to further empower companies to optimize operations, reduce downtime, as well as boost productivity.
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