Oslo-based startup Cardboard has secured a seed investment of €1.9 million to help manage SaaS subscriptions across Europe. The funding round was led by Skyfall Ventures, with participation from co-investors including
RunwayFBU and Sondo. The primary target customers are startups, scaleups and SMEs.
Cardboard enables secure shopping without the need to share corporate cards, reduces operational risks from personal payments, and reduces shadow IT by centralizing the management of critical data.
Behind Cardboard’s bold vision is a leadership team with extensive expertise in engineering, product management, marketing and sales. Their experience includes successful startups such as Otovo and Oda as well as established giants such as Cisco, L’Oréal and Circle K Europe.
The founding team includes CEO Stein Magnus Jodal, Andreas Røyrvik focusing on the product, Vidhi Kumar for growth, Jakob G. Martinussen, a data science expert, and Lars Syse Christiansen, chairman.
“We are delighted to be able to support the remarkable team at Cardboard. Having gained experience in successful scale-ups such as Otovo and Oda, the team knows what greatness means. Cardboard offers a fresh approach to tackling the big challenges of the B2B SaaS boom in almost every company. We look forward to working with them as they expand across Europe,” said
Preben Songe-Møller, Partner at Skyfall Ventures.
The global Software as a Service (SaaS) market is expected to reach $374.50 billion by 2028, with Europe contributing $95 billion and Norway contributing $1.94 billion. Cardboard aims to eliminate inefficiencies by offering a comprehensive solution that simplifies SaaS management and helps companies maximize the value of their software investments.
“These companies face significant challenges in managing their SaaS payments, which represent a critical and growing part of their cost base. The market for customized SaaS spend management solutions is largely untapped and underserved, which presents tremendous opportunities,” says Peder Hjermann, Investment Manager at RunwayFBU.
“Since day zero, the Cardboard team has consistently delivered at lightning speed – we are superusers and customers ourselves and just love the product!” added Henrik Hatlebrekke, Partner at Sondo.
Photo: Angélique Culvin
