Work management solution Scoro closes $1.9 million funding round

August 23, 2016
Today, Scoro, the work management software solution for professional and creative services, announces that it has closed a $1.9 million seed funding round from SmartCap, Inventure, and Alchemist Accelerator.
Scoro will use the funding to accelerate the development of its automation features and integrations with other business tools. It will also help Scoro to expand its sales and support teams across its five international offices.

Launched in 2013 in Estonia, Scoro aims to “bring structure to your work” by seamlessly combining sales and billing with extensive work management capabilities. By aggregating data in a structured manner from its own toolset and other best-of-breed applications, Scoro intends to become the “single source of truth” for its customers.

Fred Krieger, CEO at Scoro, commented: “We’re seeing a lot of new software solutions trying to solve future problems. AI and machine learning are going to completely reshape the way we work, but the underlying structure and processes of most companies are far from being ready for that. That’s exactly what we’re aiming to solve - provide this structure for our customers and thus become a crucial building block for these next generation work management applications.”

Scoro’s customers include professional services companies such as Grant Thornton and Sotheby’s International Realty and creative agencies such as Geronimo and WSI.

Tuomas Kosonen, Partner at Inventure, commented:
“We are happy to see top-notch customers choose Scoro to help them run their businesses. Thanks to the integrations with most of the widely-used enterprise software, Scoro has been able to develop the control hub for an entire company, making management easier and more efficient."

Ravi Belani, Founding Partner at Alchemist Accelerator, commented:
"The volume of apps in the enterprise space is exploding. Scoro is poised to become the hub to interface with this explosion. We have been deeply impressed by the considerable developments Scoro has made relative to their peers in the business process management space, and expect even greater things to come."

About Scoro:
Scoro is an end-to-end work management solution which allows professional and creative services to control the entire workflow from one place. It helps to streamline work and eliminate unnecessary processes to ensure a business runs as smoothly and efficiently as possible – from sales right through to billing. Scoro’s features include calendaring, task and project management, quoting and billing, enterprise-level reporting and a real-time dashboard.

Founders
Fred Krieger, Kristina Lilleõis, Indrek Saarnak, Priit Matiisen

For more information, please visit
www.scoro.com.

About Inventure
Inventure is a leading early-stage venture capital company in the Nordics. Inventure’s past investments include Wolt, Rightware, Canatu.

About SmartCap
SmartCap is an investment arm of the Estonian Development Fund managing early stage venture funds and investing into innovative and ambitious technology companies. SmartCap’s past investments include GrabCAD (exited), Lingvist, Jobbatical.

About Alchemist Accelerator
The Alchemist Accelerator (US) is an elite, six-month program for enterprise startups, with a capped class of 17 companies. Alchemist was recently named Platinum Ranked Accelerator in the US by Techcrunch.

Media contacts:
Kristina Lilleõis
kristina@scoro.com