Sorainen assisted Livonia Partners, a dedicated private equity investment firm in the Baltics, in leading a EUR 4.4 million Series A round closed by business management software provider Scoro. The company will use the funds to expand its New York and London offices and develop the platform’s deep integration and machine learning capabilities. The investment involved participation from existing investors Inventure and Tera Ventures. The deal brings the total amount raised from investors to EUR 6.1 million.
Scoro is a holistic business management solution allowing managers to track all-important KPIs by combining the underlying business tools ‒ such as contact and project management, quoting, invoicing, and reporting ‒ into one system.
“It takes most professional service companies more than 10 different applications to get their work done,” comments Fred Krieger, founder and CEO of Scoro. “There are separate apps for virtually every aspect of their workflow. The constant shuffling between different software causes a lot of fragmentation. Scoro solves that problem by combining these tools into a seamless end-to-end solution. This allows teams to become proactive, efficiently manage resources and make better and faster data-driven decisions.”
Says Kaido Veske, co-founder of Livonia Partners: “We are very impressed with what Fred and his team have achieved with Scoro. The investment fits well with the types of high-growth profitable model opportunities that Livonia supports”.
Sorainen assisted Livonia Partners throughout all stages of the transaction, including due diligence. The team was led by partner Toomas Prangli with senior associates Kai Vainola and Piret Lappert.