Belgian startup Teamleader, a CRM, project management, and invoicing platform, has closed a Series C funding round of $22 million. The round was led by London-based Keen Venture Partner, with participation from existing investors Fortino Capital and Sage Capital, and new investor PMV.
Founded in 2012, nearly 10,000 customers in six countries are now using Teamleader, mostly SMEs. They use the startup's software for CRM purposes, digitized project management, and invoicing. The company's platform was used to issue 1.4 million invoices in 2017, worth almost €2.5 billion.
“SMEs are no longer afraid of digitization, and are using more and more business software to their advantage," said Teamleader CEO Jeroen De Wit.
Teamleader's growth has been bolstered by the rise of SMEs in Europe, of which there are now over 23 million, and is working to localize its platform to meet the needs of SMEs in different geographic markets. The startup has invested in a marketplace where users can find their favorite cloud applications to use with Teamleader's software, and launched an 'Integration Fund' to help developers integrate with its platform.
The company will use the investment to drive its international growth and accelerate its product roadmap. It also plans to double its product and engineering teams by next year.
“Fortino likes to invest in exceptional leadership teams that have the ambition to transform entire industries," said Duco Sickinghe, chairman of Teamleader and managing partner at Fortino Capital: "With Teamleader, we saw the potential very early on, and we have not been disappointed. We look forward to see Teamleader continue its impressive growth trajectory - and ultimately, to see it transform the way European SMEs work.”