Cloud-based business software provider Quinyx has netted $12m in funding from Battery Ventures.
Founded by Erik Fjellborg in 2005, the workforce management solution provider helps over 275,000 across 20 countries to automate several manual processes like scheduling, payroll, time punching, communications and forecasting.
Some of the Swedish company’s current clients include Papa John’s, Rituals Cosmetics, London City Airport DHL, Humana and Debenhams and among others.
Battery vice president Paul Morrissey “Not only has Quinyx proved itself as a leader in its local Nordic markets, but the company also has achieved impressive growth in the U.K. and other countries… We are excited to work alongside Quinyx as the company expands into new geographies and new verticals, and grows its global leadership.”
Following the transaction, Battery Ventures general partner Michael Brown will join the company’s board. The firm’s vice president Paul Morrissey, who is stationed in the London office, will also work closely with the company.
Last week, Sweden-based payment solution iZettle closed a €40m funding round, only months after it had received €30m in debt funding. The company is hoping to use the capital for support with its growth strategy and product innovation.
Funding in Swedish FinTech companies has been very strong this year, with the country seeing a record year for funding. This investment also marks a change to the trend seen over recent years, with deals over $10m had been declining between 2014 and 2016; however, 2017 looks to be changing this.
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