Norwegian SaaS company reinventing Enterprise Architecture for today’s digital enterprise, Ardoq has announced a $125 million funding round. The round was led by EQT Growth and saw the participation of One Peak.
The Series D will fund the startup’s continued global expansion as it invests further in its commercial platform, product offering and growing its team.
Founded in 2013 by Magnulf Pilskog and Erik Bakstad, the company is on a mission to enable IT leaders make better technology decisions based on real-time information. With data-driven EA platform, its tool provides a digital twin of an organisation’s people, processes, systems, data, and infrastructure.
Erik Bakstad, co-founder and CEO of Ardoq, said: “In 2021, we continued our trajectory of 80% year-on-year ARR growth. Now we are in the perfect position to supercharge our global expansion in 2022 and beyond. We will expand the team, continue to invest in our technology platform, and double-down on commercial excellence, all whilst continuing to support the digital business execution of organizations and enterprises all across the world.”
Victor Englesson, partner, EQT Growth’s advisory team, will join Ardoq’s board of directors. He added: “The platform is excellently positioned within the cloud-native Enterprise Architecture domain, a fast-growing market that is already over €3 billion in size globally. We are joining Ardoq as its first international institutional investor and look forward to releasing the full potential of the startup together with Erik and his team.”
With customer base including the likes of Carlsberg, Condé Nast and the United States’ Federal Communications Commission, the company’s software platform is the engine for driving digital business execution, which supports how customers’ business can transform in a world of increasing IT complexity, cloud migration, and the proliferation of applications.