German SaaS company Coredinate has raised €1.9 million from High-Tech Gründerfonds, Bayern Kapital, and new investor MWN Equity Investment.
Coredinate has developed a smartphone-first SaaS-based employee task management solution with GPS-enabled monitoring and automatic report generating.
The new funds will be invested in further product development as well as sales and marketing with a view to expanding into more countries.
“With our new investor MWN Equity Investment on board and with the support of our existing investors, we will be able to advance product development and add functions, for instance,” said Michael Kulig, cofounder of Coredinate. “In addition, we’ll also benefit greatly from our investors’ expertise when establishing sales networks across a range of countries. This will enable us to raise the profile of our software beyond German-speaking countries.”
High-Tech Gründerfonds previously invested in the company at the seed stage. Chiara Sommer, senior investment manager, described Coredinate as an “ideal example of digitalization in action in traditional industries” on the firm’s decision to back the SaaS company again.