Finnish cloud startup Zefort has raised €1 million in investment from two senior investors, Asko Schrey and Timo Larjomaa. The startup will use the capital to strengthen its international growth. Zefort announced the news on its website.
About Zefort
- Founded in 2017, Zefort is a versatile, full-fledged contract management solution that utilizes AI and provides a smart cloud-based contract archive. The platform lets create, sign and store any type of contract with minimal effort.
- Zefort’s customers are a wide variety of business domains, ranging from banks, to leading technology and health sector companies, as well as SMBs and family businesses. Zefort has already reached a big position in Finland and now aims to expand into new markets. The startups also states that it has ISO 27001 certification.
“Zefort has become a major player in the contract management space. Business-wise, we have reached a healthy 2 million euro annual recurring revenue (ARR). Now, with this growth investment, we’re opening a new chapter in Zefort’s story,” Jussi Karttila, Zefort CEO, commented.
Investment details
Through the deal, privat investor and business angel Asko Schrey and venture capitalist Timo Larjomaa bought a 40% minority share of Zefort and additionally made a €1 million investment, which marks the biggest funding round for the company.
The founders Jussi Karttila, Ville Laurikari and Juhani Heikkilä remain to be majority owners and continue running Zefort.
The fresh funding will boost expansion in the Nordics and Northern Europe, adding onto existing customers in 11 countries already.
