Xensam, a Swedish software asset management platform founded in 2016, has today announced the onboarding of its first-ever external capital in a $40 million growth funding round. The company aims to use the capital to invest in AI product development and expand operations in the US and Europe.
Helping Xensam leave the title ‘bootstrapped’ behind it is London-based Expedition Growth Capital.
With origins dating back to 2015, brothers Oskar and Gustav Fösker set out to provide software asset managers and IT professionals with greater access to useful SAM data.
While SaaS and its associated ecosystem can be traced back to the turn of the century, the vertical shows no signs of slowing. In fact, according to industry analysts, the global SaaS market size is projected to grow from $273.55 billion in 2023 to $908.21 billion by 2030, at a CAGR of 18.7 per cent.
With this in mind and considering Xensam’s growth of ARR by 126 per cent year-on-year since 2017, the company’s first-ever onboarding of external capital makes all the more sense.
Already having garnered the business of Polestar, Northvolt and F500 supply chain giant Jabil, and armed with a fresh $40 million, Xensam now intends to expand well beyond its traditional field of approach, namely that of taking on the ever-lucrative US market.
On the Xensam’s future growth, co-founder and CTO Gustav Fösker shared:
“By pioneering AI from the start, we’ve transformed SAM for hundreds of companies, making it user-friendly and removing manual work.
“With the new funding, we can continue to innovate the platform with more advanced features, including a ChatGPT-inspired chatbot that will enhance its accessibility and user experience.”
On the investment, Expedition Growth Capital’s Oliver Thomas added:
“Xensam is one of the most impressive European growth companies we’ve come across. In the nearly eight years they have been operating, they have built a critical solution which is enabling companies with thousands of employees to track, monitor and manage software usage.
“We’re delighted to be working closely with the company as their first external investor and look forward to being a part of their growth journey.”