Factbird raises $16 Million from Expedition Growth Capital and EIFO to boost international growth
Factbird, a leading manufacturing intelligence software provider, today announced a $16 million growth investment from Expedition Growth Capital and The Export and Investment Fund of Denmark (EIFO). The investment will accelerate the company’s global growth and product development.
23 November 2023
COPENHAGEN, DENMARK – The Danish tech company Factbird, which supplies intelligent, cloud-based technology for the optimization of manufacturers production lines, has once again landed a large multi-million dollar investment. This time, it is USD 16 million.
The money comes from the English capital fund Expedition Growth Capital and Denmark’s Export and Investment Fund, EIFO. The funds will help Factbird’s international expansion after its 2021 separation from consulting firm Emendo Consulting Group as an independent tech company.
Excitement about the future
“We have experienced two fantastic years in the ownership circle of Factbird. Together with the owners behind the Emendo Group, we have shown that it is possible to lift a software company out of a consultancy, infuse it with venture DNA, grow at rocket speed, and attract international growth capital. It has been fantastic to see Factbird take shape as an independent company, and we look forward to the future of the company with the new co-investors,” says Jesper Lilledal, Partner, Direct Investments at EIFO.
David Olsson, Principal at Expedition Growth Capital, states, “One of the biggest problems in manufacturing today is the lack of real-time operational data. Factbird’s manufacturing intelligence solutions solve that problem for both small and large manufacturers. There is also huge potential in combining data from Factbird with the latest machine learning and AI technology, which can be part of the solution to the challenges that manufacturing companies face today and in the future. As an investment company with a focus on fast-growing European software companies, we could not be prouder to collaborate with the team at Factbird and make them our first investment case in Denmark.”
Rapid growth in Germany, England, and the US
Factbird has grown by 300% since 2021. The customer portfolio today counts more than 250+ companies within the pharmaceutical, packaging, industrial equipment and devices, and food and beverage industries across the key markets in the Nordics, USA, Germany, and England.
“We have taken the next step and are hungry for more. When we look beyond our key markets, we see historically strong manufacturing countries that rely on digital solutions to stay competitive more than ever. Our ambition is that, through our unique lean technology, we help companies become more efficient without resorting to an outsourcing strategy.” says Søren Schønnemann, CCO and Partner at Factbird.
Stays true to its values and rewards employees
Despite its massive growth and status as a scaleup, Factbird consciously sticks to its startup DNA. This is expressed, among other things, via a warrants program and employee shares.
“Warrant programs are here to stay. From the beginning, we wanted to share our success with our employees. All full-time employees are involved in the program, and it means we all have a stake in the success of Factbird. When we succeed in this journey, it will affect us all. For some, the value will be the down payment on a house, and for others, it will perhaps be the springboard for a new startup.” says Peter Savnik, CPO and Partner at Factbird.
Factbird is a pioneering provider of Manufacturing Intelligence Solutions. With a focus on real-time data collection and analysis, Factbird empowers companies to optimize operations, reduce downtime, and boost productivity. For more information, visit www.factbird.com.