Queue-it, a Danish startup creating virtual waiting rooms to preserve website performance, has raised a strategic investment from GRO Capital, a VC that typically invests in Northern European software companies. GRO, now a new majority shareholder, has agreed to invest further capital as the tech company grows.
The SaaS platform provides online queueing services to enterprises, so that during surges in traffic, websites don’t slow down or crash. Typical Queue-it customers are online ticket vendors, e-commerce companies (think about Black Friday), educational institutions, and public sector services.
The service offloads extra visitors to an online queue, then lets them access the website on a first-in-first-out principle. Furthermore, Queue-it claims its security framework helps combat bots and abuse so that real users end up getting any high-demand tickets or products that are on sale.
Founded in 2010 and based in Copenhagen, the company now has 85 employees across its Denmark headquarters, Minneapolis, and Sydney. According to a press release, revenues have grown at a compounded annual growth rate of about 40 percent for the last four years, and business is strongest in North America. With the new funding, the Danish startup wants to strengthen its presence in Europe and Asia.
Commenting on the choice of GRO Capital as a new strategic investor, Queue-it CEO and co-founder Niels Henrik Sodemann said: “Throughout Queue-it’s journey we have felt strongly about proving that it is indeed possible to grow a company with a Danish foundation, so this was also important in our evaluation of potential investment partners and we are very happy that we are able to partner with such a strong local fund to boost our future growth.”
Hampleton Partners advised the investment, the full amount of which was not disclosed.