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London SaaS startup Scoro pockets £12M funding

Scoro

Scoro is an award-winning work management software company for professional service businesses. It works with the mission to combat ‘Weapons of Mass Distraction’. The firm helps professional services companies improve their productivity by minimising the overwhelming number of tech tools their employees have come to rely on.

Intends to fuel global expansion

In a recent development, Scoro has secured $16.4 million (nearly £11.8 million) Series B funding. Kennet Partners led the round along with additional investors, including Columbia Lake Partners, Inventure, Livonia Partners and Tera Ventures.

The company will use the fund to fuel continued global expansion and is backed by new Spanish and French versions of the software. With the new funding, it will continue to create innovative tools which enable professional service businesses to improve their productivity and profitability.

The investment news comes months after the partnership between Scoro and Mallol Arquitectos, Central America’s most prominent architecture firm.

“Even before Covid-19 hit, most professional service businesses used as many as a dozen different platforms daily,” said Scoro’s Founder and CEO, Fred Krieger. “However, teams now realise that constantly switching between tools harms productivity and results in lost data and duplicated work. In many ways, these tools became weapons of mass distraction. We’re proud to have the support of Kennet Partners and other investors as we help businesses identify and remove these weapons of mass distraction with our end-to-end work management software.”

“The dramatic disruption to working practices caused by Covid-19 should give us pause for thought, challenge our assumptions, and encourage us to think about what the new normal should be,” said Dave Kellogg, a highly experienced SaaS advisor and new addition to Scoro’s Board of Directors. “The evolution of the workplace will be supported by platforms such as Scoro which enable staff to communicate and collaborate effectively, flexibly and without distraction.”

Welcomes new members to its Board

Besides raising funds, Scoro also appointed new members to its Board. Kennet Partners’ Managing Director, Hillel Zidel joined the Board of Directors alongside Dave Kellogg. Despite the additions, Martin Fincham continues to lead the Board of Directors as Scoro’s Chairman.

“It is a privilege to chair such a high calibre Board and very reassuring to be supported on our scale-up journey by some of Europe’s top B2B SaaS investors,” added Martin Fincham.

“Scoro is a great example of the type of high-growth, founder-led B2B SaaS company we love to invest in at Kennet,” said Hillel Zidel. “Clients get a lot of value out of Scoro and I’m very excited to support the company in its international expansion at a time when so many businesses are looking for productivity gains.”

A fast-growing startup

Founded in 2013 by Fred Krieger, Scoro is headquartered in London and has additional offices in Tallinn and New York. It joins the elite group of startups from Estonia that have secured over $20 million in VC funding. Notably, Estonia is one of the world leaders in creating technology unicorns per capita, with successes including Skype, Transferwise, Bolt and Pipedrive.

Scoro’s recent product launch was the Gantt chart’s modernisation, which did not evolve since its creation in the 19th Century. Furthermore, the company has been listed in Deloitte’s Technology Fast 50 list and the Inc. 5000 list.