Estonian-founded, London-based Scoro raises $16.4 million in Series B round

dan@tech.eu

Work management software provider Scoro has closed a $16.4 million Series B funding round and plans expansion into US, APAC, and more French and Spanish speaking markets.

The round was led by Kennet Partners and includes investments from Columbia Lake Partners, Inventure, Livonia Partners and Tera Ventures.

As part of the deal London-based Kennet Partners’ Managing Director Hillel Zidel now joins the Board of Directors, alongside Dave Kellogg who chairs from the San Francisco Bay area. Martin Fincham, Partner at The Gorilla Factory continues to lead the Board of Directors as Scoro’s Chairman.

“Even before Covid-19 hit, most professional service businesses used as many as a dozen different platforms daily,” comments Scoro’s Founder and CEO, Fred Krieger. “However, teams now realise that constantly switching between tools harms productivity and results in lost data and duplicated work. In many ways, these tools became weapons of mass distraction.”

Scoro’s most recent product launch saw an innovative take on the business classic Gantt chart, providing businesses with real-time data. The reasoning behind this development is simple, why put so much time and effort into a detailed project timeline, if teams can’t benefit from it over the course of the entire project?

It’s this type of thinking and development that has clearly attracted the attention of investors, and one that puts Scoro on a business-positive path.

Scoro was original established in 2013 in Estonia (population 1.3 million), a country that has the highest percentage of unicorns per capita (Skype, Transferwise, Bolt, and Pipedrive).With this round of funding, Scoro joins the ranks of Estonian startups that have raised $20 million or more.

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