Copenhagen-based startup Oveo.io has raised €1 million in pre-seed funding to continue developing its SaaS tool for managing other SaaS tools. The investment was led by angel investor Ole Andersen and joined by PreSeed Ventures and the Danish state’s investment fund, Vaekstfonden. 

The Oveo.io platform monitors the other software subscriptions at play and collects information on terms, payment, functionality, admin rights, employee activity and more.

“Oveo.io is basically one big declaration of love for SaaS. At its core, Oveo.io is about making companies optimize their processes and management of SaaS so they can let their employees roll out new innovative SaaS tools without worry,” said Michael Fornander, co-founder and CEO.

The startup has just launched a free version, which they will roll out to all Danish companies this year before expanding to the rest of Europe. They’ll have to compete with a similar product out of the UK, Cledara, which just raised a $3.4 million seed round in December.

To that end, Oveo.io will use the fresh funding for product optimisation, marketing and recruiting. The team of 13 expects to increase its headcount with 30-50 new employees over the next two years.

Photo: Co-founders Morten Søndergaard (CIO) and Michael Fornander (CEO)

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