Cardboard raises €1.9M for SaaS subscription management

Oslo-based startup Cardboard has secured a seed investment of €1.9M to assist management of SaaS subscriptions across Europe. The funding round was led by Skyfall Ventures, with participation from co-investors including
RunwayFBU and Sondo. The primary target customers are startups, scaleups, and SMEs.

Cardboard empowers secure purchasing without the need to share company cards, reduces operational risks from personal payments, and mitigates shadow IT by centralizing critical data management.

Backing Cardboard’s bold vision is a leadership team with deep expertise in engineering, product management, marketing, and sales. Their experience spans successful startups like Otovo and Oda, as well as established giants like Cisco, L'Oréal, and Circle K Europe.

The co-founding team includes CEO Stein Magnus Jodal, Andreas Røyrvik focused on product, Vidhi Kumar leading growth, Jakob G. Martinussen, an expert in data science, and Lars Syse Christiansen, chairman.

"We are thrilled to back the remarkable team at Cardboard, who know what greatness looks like from their experiences at successful scale-ups like Otovo and Oda. Cardboard brings a fresh approach to addressing the significant challenges of the B2B SaaS boom at almost every company. We look forward to working with them as they scale across Europe,” said
Preben Songe-Møller, Partner at Skyfall Ventures.

The global Software as a Service (SaaS) market is projected to reach $374.50 billion by 2028, with Europe contributing $95 billion and Norway US$1.94 billion. Cardboard aims to address inefficiencies by offering a comprehensive solution that simplifies SaaS management, helping companies maximize the value of their software investments.

“These businesses face significant challenges in managing their SaaS payments, which represent a critical and growing portion of their cost base. The market for tailored SaaS spend management solutions is largely untapped and underserved, providing a vast opportunity,” says Peder Hjermann, Investment Manager at RunwayFBU.

“Since day zero, the Cardboard team has consistently shipped at lightning speed – we are superusers and customers ourselves and just love the product!” added Henrik Hatlebrekke, Partner at Sondo.

Image: Angélique Culvin