Ignite Procurement's recent growth and future plans to raise additional capital

Ignite Procurement's Growth and Future Plans to Raise New Capital

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This fiery startup could be a hit among investors this autumn: Announces major round of NOK 100 million, says Shifter in their latest article.

Press: Started by Sigbjørn Nome and Børge Langedal in 2017, the company Ignite Procurement now has 35 large customers and annual subscription revenues of NOK 7 million on its cloud-based procurement system.

If it continues at this pace, it is likely to increase revenues threefold in the coming year. The entrepreneurial company from Oslo has been particularly popular in construction, as well as production activities.

AF Gruppen and Obos were some of the first customers. Several public actors are also now on the customer list. Hospital procurement and the Norwegian Environment Agency are among those who have used the tool, in addition to a number of municipalities.

"The goal is to become one of the leading players in strategic procurement, and we arrange for customers to work more strategically with their purchasing costs. Together with a systematic and very active approach to sales, the strategy has borne fruit," says CEO and co-founder of Ignite Procurement, Sigbjørn Nome.

Last year, Ignite Procurement raised NOK 8 million by enlisting the participation of SNÖ with 5 million kroner, Arkwright X with 2 million kroner and Investinor with one million. Now the two co-founders of the company, Sigbjørn Nome and Børge Langedal, are looking to expand in Europe and the USA through a major capital raising of between NOK 50 and 100 million.

In terms of the number of employees, as compared to the last year, the company has grown from 10 to 20 now, and they will cross the 50 mark by 2021. Among the new names are people from both well-known established companies and other growth companies:

  • Product Manager: Fredrik Slettestøl from Coupa Software
  • Sales Engineer: Adrian Stålesen from Pareto Securities
  • Data Scientist: Ingvill Røed directly from the study of nanotechnology at NTNU
  • Senior Software Engineer: Anoop Yadav from Xeneta
  • Account Executive Sweden: David Jönsson from the role of CCO at Delibr
  • Tech Lead: Simen Vie from Bekk
  • Marketing Manager: Nadia C. Aurdal from Arundu Analytics

You can read the full article on Ignite Procurement's growth here: Shifter: Denne brennhete startupen kan bli høstens hit blant investorene (article in Norwegian). 

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