We’re very excited to welcome the Pento team to the Seedcamp Nation as we invest in their $2.8M seed round led by Point Nine Capital with support from Hustle Fund, the former Atomico partner, Mattias Ljungman, and existing investors including Futuristic.vc and Preseed Ventures.
Since 2017 the founders, Jonas Bøgh Larsen and Emil Hagbarth Rasmussen have been on a mission to radically improve the payroll experience for both companies and employees. The Danish-based startup allows companies to cut 50-80% off the time they spend on payroll by automating everything from tax reporting to payments, and, for the first time ever, providing payroll managers with a seamless and real-time payroll experience.
Jonas comments: “At previous companies, I was responsible for figuring out payroll. I would quickly realise there was no simple and user-friendly product available – only complex, old payroll software. Because of that we ended up with an inflexible and manual process where we would send spreadsheets back and forth to our accountant, making it all feel like we were sent back to a previous decade. Later we realised how bigger companies had the exact same problem, just at a much larger scale. That’s when we decided to go after the opportunity and build a better payroll experience for companies and their employees. Now, 2 years later, it’s becoming clear that the demand for something better is far bigger than we had imagined.”
With hundreds of companies already using Pento to run their payroll process in Denmark, the newly raised funds will support their ambition to further expand in the UK market where over a hundred companies have signed up to Pento’s waitlist in less than 2 months time. Besides expansion, the team plans to improve and build out new features in the product and support the growing demand from bigger companies and new industries.
Sia Houchangnia, our Investment Partner, adds: “We’ve been tracking the Pento team for months – they are a delight to work with and we’ve been highly impressed by their execution so far. Running payroll is a massive headache for lot of businesses including many of our portfolio companies and Pento makes the all process extremely smooth. We are also excited by Pento’s huge potential to empower employees by offering them a much more transparent and dynamic payroll experience.”
As the company taps into new markets, Jonas and Emil are keen to grow the team and will announce the open positions very soon. The founders are confident that the right team is the key to their success to make payroll more efficient for companies and more transparent, flexible, and user-friendly for employees.
We’ve seen great success with companies founded out of Copenhagen and are excited to add another pioneering startup from the region to the Seedcamp Nation with our investment in Dreamdata as part of their $535,000 round. We’re excited to invest alongside leading early-stage Nordic investors including The Nordic Web Ventures, Futuristic VC, Preseed Ventures and David Helgason – co-founder of Unity.
Founded by experienced operators Ole Dallerup, Lars Grønnegaard and Steffen Hedebrandt, Dreamdata is out to holistically mirror every digital touchpoint of the B2B buyer’s journey and lifetime value through their revenue data platform, enabling actionable analysis of what drives B2B revenue.
On the investment our Partner, Tom Wilson, comments:
The problem of attribution is something that we’ve seen come up across numerous companies within the Seedcamp portfolio so we immediately understood and could see huge value in the Dreamdata proposition. We’re delighted to have the opportunity to back Lars, Ole and Steffen who we see as the ideal team to build Dreamdata into a market-leading business.”
In B2B, no buying decision is made on the spot. This means you’re bound to struggle to associate first brand impressions with revenue generated at a later point in time.
A B2B transaction simply takes multiple touches and impressions. This makes it hard to justify spending on ads as well as other marketing activities, which results in a lot of B2Bs growing at a slower rate than what they actually could be.
Everything from user behavior to traffic sources, digital tools used by each department along with CRM and revenue info is considered in the analysis in order to be able to holistic attribution of the B2B customer journey.
This enables companies to do and understand B2B attribution, LTV of ads, measure content ROI, benchmark growth, predict revenue and make decisions on what efforts to scale next.
Lars Grønnegaard, CEO and Cofounder of Dreamdata elaborates:
“During the early days of our work at Trustpilot, the sales team used to be given 100% credit of all revenue created. Knowing that the product delivered thousands of business leads every month, while marketing and customer success also did their thing, this intuitively did not seem correct or perhaps even fair. A business is just one business and you need to understand value creation holistically. You need to assign value to every single touchpoint, not just the salesperson that closes a deal.
That’s what we set out to and succeeded to fix firstly at Trustpilot. Now we’re building Dreamdata.io to make it possible for all B2B business to understand what’s going on when one company is purchasing a product from another company.”
For more information visit dreamdata.io
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