The Oslo-based startup Cardboard has successfully raised €1.9 million in seed funding. Aiming to revolutionize how businesses manage their software subscriptions, Cardboard plans to transform purchasing, managing, and paying for software across Europe. This funding round was led by Skyfall Ventures and supported by RunwayFBU and Sondo. The primary goal of the investment is to address the complex challenges faced by startups, scale-ups, and SMEs in managing their diverse software subscriptions.
The Mission: Simplifying SaaS Subscription Management
Cardboard’s mission is to make SaaS subscription management smarter and more efficient. The platform is designed to streamline the hassles often encountered in handling multiple software subscriptions.
Centralizing Data Management
One of the key features of Cardboard’s platform is centralized data management. This helps businesses manage their SaaS data in one place, significantly reducing the risks associated with shadow IT. By keeping critical information organized and easily accessible, companies can avoid the chaos often seen in decentralized systems. Maintaining central control over SaaS data ensures that all software subscriptions are handled efficiently, minimizing the risk of unauthorized or unnecessary tools within an organization.
The centralized approach also offers enhanced visibility into subscription usage and costs, allowing businesses to optimize their spending and eliminate waste. Cardboard’s platform is designed to provide comprehensive insights and analytics, empowering decision-makers to make informed choices about their software investments. This level of organization and transparency can lead to more strategic software procurement and better alignment with organizational goals.
Secure Software Purchases
Cardboard aims to tackle security concerns by enabling secure software purchases without the need for sharing sensitive company credit card information. This reduces the operational risks associated with personal payments and ensures a more secure and streamlined purchasing process. By incorporating secure payment options, Cardboard adds an extra layer of protection, helping businesses mitigate the risk of financial fraud and unauthorized transactions.
Additionally, Cardboard’s secure purchasing mechanism allows companies to implement approval workflows and spending limits, ensuring that all software acquisitions are properly vetted and authorized. This not only enhances security but also promotes accountability and governance within the procurement process. By centralizing and securing software purchases, Cardboard enables businesses to maintain control over their subscriptions while reducing the administrative burden.
Innovative Solutions to Common Challenges
The platform brings several innovative solutions to the table to address the common issues faced by businesses.
Reducing Time and Cost
By streamlining the software subscription management process, Cardboard helps companies save time and reduce costs. The platform automates many of the manual processes involved in managing subscriptions, freeing up valuable resources for other important tasks. Automated reminders for renewals, centralized invoicing, and easy access to all subscription details are just some of the features that contribute to significant time savings.
Furthermore, Cardboard’s solution provides businesses with the ability to negotiate better deals with software vendors by leveraging usage data and identifying opportunities for cost reductions. The platform’s analytics can highlight underutilized subscriptions, allowing companies to re-evaluate their software needs and make more informed decisions about renewing or canceling subscriptions. This proactive approach to subscription management can lead to substantial financial efficiency and cost savings.
Addressing Operational Risks
Another significant benefit of Cardboard’s solution is the reduction of operational risks. By minimizing the need for personal payments and centralizing data, the platform helps prevent potential security breaches and financial discrepancies that can arise from mismanaged subscriptions. Ensuring that all transactions are conducted through secure channels and overseen by authorized personnel reduces the likelihood of errors and fraud.
Moreover, Cardboard’s centralized data management also addresses compliance concerns, ensuring that businesses adhere to regulatory requirements and industry standards. This is particularly important for companies operating in highly regulated industries where data security and privacy are paramount. By offering a comprehensive solution that tackles operational risks from multiple angles, Cardboard provides businesses with peace of mind and a more resilient infrastructure for managing software subscriptions.
Leadership and Vision
Cardboard’s leadership team boasts an extensive background in engineering, product management, marketing, and sales. The diverse experience of the co-founders positions the company well to navigate the SaaS market’s complexities.
Experienced Team
Stein Magnus Jodal, the CEO, along with Product Lead Andreas Røyrvik, Growth Lead Vidhi Kumar, Data Science Expert Jakob G. Martinussen, and Chairman Lars Syse Christiansen, have previous experiences at notable companies like Otovo, Oda, Cisco, L’Oréal, and Circle K Europe. This experienced team brings a wealth of knowledge to Cardboard, driving innovation and strategic growth. Their combined expertise enables them to understand the unique challenges associated with managing SaaS subscriptions and to develop solutions that address these challenges effectively.
The leadership team’s background in both startups and large enterprises equips them with a comprehensive perspective on the software market. Their diverse skill set spans various aspects of business operations, from technology development to market strategy, allowing them to lead Cardboard with a well-rounded approach. This strong leadership foundation is crucial for navigating the competitive SaaS landscape and achieving long-term success.
Strategic Vision
With a clear understanding of the challenges and opportunities within the SaaS market, Cardboard is well-placed to drive transformation in subscription management. The team’s robust experience ensures they can anticipate market needs and deliver solutions that meet those needs effectively. Their strategic vision includes continuous innovation and adaptation to the evolving software landscape, ensuring that Cardboard remains at the forefront of SaaS management solutions.
The leadership’s focus on user-centric design and customer feedback further strengthens their ability to deliver a platform that truly addresses the pain points of their target audience. By prioritizing customer satisfaction and continuously refining their offerings based on real-world usage, Cardboard aims to create a solution that is not only effective but also user-friendly and scalable. This strategic vision positions Cardboard as a key player in the SaaS management market.
Investor Confidence
The successful funding round led by Skyfall Ventures, with additional support from RunwayFBU and Sondo, underscores significant investor confidence in Cardboard’s potential.
Skyfall Ventures
Preben Songe-Møller, Partner at Skyfall Ventures, has highlighted the impressive background of Cardboard’s team and the fresh perspective they bring to B2B SaaS management. This investment reflects the high level of confidence in the startup’s ability to scale and its market impact potential. Skyfall Ventures’ support is not just financial but also strategic, providing Cardboard with valuable insights and mentorship to navigate the growth phase.
Skyfall Ventures’ endorsement serves as a strong validation of Cardboard’s business model and market potential. The venture capital firm is known for backing innovative startups that demonstrate significant growth potential, and their investment in Cardboard signals a robust belief in the company’s vision and capabilities. This backing will likely open doors to additional opportunities and partnerships that can accelerate Cardboard’s growth trajectory.
Support from RunwayFBU and Sondo
Peder Hjermann from RunwayFBU and Henrik Hatlebrekke from Sondo also expressed their enthusiasm for Cardboard’s consistent and rapid delivery since its inception. Their support further cements Cardboard’s credibility and potential in the SaaS market. Both investors have highlighted the startup’s ability to execute its vision effectively and deliver tangible results, underscoring the strength of Cardboard’s operational execution.
The involvement of RunwayFBU and Sondo not only brings additional capital but also enhances Cardboard’s network and industry connections. These investors bring their own expertise and resources, which can be leveraged to support Cardboard’s strategic initiatives and expansion plans. The confidence and backing from multiple high-profile investors signify a strong vote of confidence in Cardboard’s long-term prospects.
Positive Customer Feedback
Early adopters such as Norwegian scale-up Strise, SalesScreen, and Testflow have reported significant improvements in managing their SaaS subscriptions and third-party services with Cardboard.
Testimonials and Real-world Impact
Patrick Skjennum, Co-founder and CTO at Strise, found managing third-party services much easier with Cardboard. Similarly, Eirik Langsether, Director of Financial Operations at SalesScreen, reported considerable time and cost savings. Hans Christensen, Co-founder of Testflow, described Cardboard as transforming their SaaS management experience from chaotic to smooth and efficient. These testimonials highlight the practical benefits of Cardboard’s platform in real-world settings, illustrating its effectiveness in addressing common SaaS management challenges.
The positive feedback from initial users provides valuable validation for Cardboard’s solutions and underscores the platform’s potential for wider adoption. By showcasing these success stories, Cardboard demonstrates its ability to deliver measurable improvements in efficiency and cost savings, making a compelling case for other businesses to consider adopting the platform.
Efficacy and Adoption
The positive feedback from these initial users underscores the platform’s effectiveness in simplifying subscription management and reducing associated hassles. It highlights the platform’s potential for wider adoption across various industries. As more businesses recognize the benefits of streamlined and secure SaaS management, Cardboard is well-positioned to capture a larger share of the market.
Continued user-centric development and responsive customer service will be key to maintaining high levels of satisfaction and driving further adoption. By staying attuned to the needs and feedback of their users, Cardboard can ensure that their platform remains relevant and valuable in the ever-changing landscape of SaaS management. The early success and positive reception from customers pave the way for Cardboard to expand its market presence and solidify its position as a leader in the industry.
The Growing Need for Efficient SaaS Management
With the global SaaS market projected to reach $374.50 billion by 2028, the need for efficient SaaS management solutions like Cardboard has never been greater.
Market Growth and Opportunity
Europe is expected to contribute significantly to this growth, with the SaaS market projected to reach $95 billion. In Norway alone, the market is expected to hit $1.94 billion. This growing market presents substantial opportunities for tailored SaaS spend management solutions. The increasing reliance on software subscriptions across various industries underscores the importance of having a robust management system in place to optimize costs and ensure efficient utilization of resources.
As the SaaS market continues to expand, businesses face greater challenges in keeping track of and managing multiple subscriptions. Inefficient management can lead to wasted investments and missed opportunities for optimization. Cardboard’s platform addresses these challenges by providing a comprehensive solution that offers visibility, control, and efficiency in managing software subscriptions.
Addressing Underutilized Investments
Oslo-based startup Cardboard has successfully secured €1.9 million in seed funding, setting its sights on transforming the way businesses across Europe handle software subscriptions. By focusing on purchasing, managing, and paying for software, Cardboard aims to simplify and optimize these processes for startups, scale-ups, and small-to-medium enterprises (SMEs). This substantial funding round was spearheaded by Skyfall Ventures, with additional support from RunwayFBU and Sondo.
Businesses today face numerous challenges when juggling multiple software subscriptions. The complexities involved in tracking renewals, managing licenses, and ensuring timely payments can become overwhelming, particularly for smaller companies with limited resources. Cardboard plans to address these issues with an innovative approach that promises to streamline operations and reduce administrative burdens.
The fresh injection of capital will enable Cardboard to enhance its platform, expand its market presence, and deliver more value to its clients. By providing a comprehensive solution, Cardboard aims to become the go-to resource for businesses looking to manage their software subscriptions efficiently.
