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eloomi Raises Additional Capital for Further International Expansion

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eloomi continues to grow revenue at 75% YoY and raises additional capital to finance further international expansion.

Press release – Copenhagen & London, 23 October 2020

Danish HR-tech business eloomi has raised an additional investment round from Kennet and Vaekstfonden at €6M. The fast-growing software company is developing and providing a digital platform for businesses to manage feedback, learning, and people development, which has increased in demand during the COVID-19 crisis, and eloomi now has a company valuation at €67M. The new capital increase from existing investors will help to further boost eloomi’s international expansion.

In just a few years, eloomi has proved successful at providing a large number of businesses across the world a simple and effective digital platform for strengthening feedback, learning, and people development. At the same time, eloomi’s solution helps solve the need for flexibly managing the challenges that are at the top of the businesses’ strategic priorities when creating the workplace of the future: establishing an effective feedback culture, meeting employee expectations for personal development and building the right skills needed to secure the business’ future competitiveness.

The investment comes on top of a $12 million Series A Round investment in 2019British-American private equity investment firm Kennet Partners together with Danish Vaekstfonden are behind the new investment.

5 years of continuous growth

Since the beginning in 2015, eloomi’s success has led to significant results. Through its 100% digital business model, eloomi makes its platform available for customers via a yearly subscription. Over five years, eloomi has partnered with customers in 26 countries with 90% of the revenue coming from outside of Denmark, eloomi’s original home base. Representing 50% of eloomi’s net new revenue the U.K. and the U.S. are the most important international growth markets for eloomi, and the investment will further support expansion in these markets.

Jacob Bratting, Partner in Vaekstfonden’s department for direct investments, explains why the investors are using this opportunity to increase their investment in eloomi:

Jacob Bratting continues: “At Vaekstfonden we want to take part in developing the new businesses that Denmark and the world can’t afford to miss. eloomi is exactly that. During COVID-19 it’s extremely important that we have growth businesses like eloomi that can contribute to supporting a good start back at work in addition to further job creation. Vaekstfonden first invested in eloomi 3 years ago, and the leadership and Board have shown strong implementation of the ongoing international strategy to jointly create a world class SaaS business.”

The need to develop people is global

eloomi has built a digital business model with low costs and a low carbon footprint, due to among other almost zero travelling, to meet the requirements that businesses across the world are facing today with the impact of the climate crisis and pandemic.

But first and foremost, eloomi has succeeded in turning something that most businesses find complex into something that is simple, explains Claus Johansen:

“It’s about the entire employee journey. From pre-boarding and onboarding that begins before the first workday, to skills training, all the way through to feedback based learning and individualised personal development, helping strengthen acquisition and retention of employees with the right skills.

During the COVID-19 pandemic it has become even more clear that businesses throughout the world are shifting towards a need for digitalisation and eloomi plays a central role in facilitating digital people development.”

About eloomi’s international expansion

eloomi has more than 100 employees based in Copenhagen, Denmark. In August 2020, eloomi expanded its London team with 6 additional new hires and will be hiring up to 20 more staff in London by year end. The new investment will open for further expansion in the fast-growing British market and enable the establishment of teams in the U.S.

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More about our growth and investment in eloomi:

In 2019 eloomi announced a $12 million Series A Round led by Kennet Partners with participation from existing investor VF Venture.

Business media writes about eloomi

Danish business media, Børsen, interviewed our CEO, Claus Johansen, and Jacob Bratting from Vaekstfonden about the investment in eloomi and the plan to further boost our growth and expansion in the U.S.

The story is in Danish and subscription is required.

Read the story at Borsen.dk

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