Collaborative planning platform Favro secures $4.3M in funding
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Favro announced that it has raised $4.3 million in seed funding. Targeted at enterprises, Favro is used for collaboration and agile management of work within teams in product development, marketing, operations, HR, and others. It’s designed to track team progress with external partners. Clients include companies such as Wolt, Unity, and Volvo Car Mobility.
Agility requires flexibility
Favro has ambitious goals for its platform. The company hopes to assist remote team members with business agility and productivity in the evolving hybrid style of working-from-anywhere. In a product demonstration, Favro showed a team-level platform with drag-and-drop informational cards. The cards can exist in several team areas, with information updated across all cards by multiple team members. This decentralized approach is designed to help everyone keep up to date on progress across the board.
“Modern managers understand that, as a leader, you should be a facilitator rather than a dictator to get the most out of your teams. The problem is that today’s tools haven’t caught up with modern agile management. Your choice has been between big centralized platform providers where everything becomes a ticket in a pile, or newer tools that look good but still have features that build upon management ideas from 1910. This is why we created Favro,” said Patric Palm. CEO and founder of Favro.
Collaboration requires communication
Favro is already used by venture-backed SaaS companies, game studios, and publishers, as well as with enterprises transitioning from centralized processes and command-and-control style management, to flatter organizations with distributed autonomous teams aligning themselves towards company objectives.
Lead producer of Frost Giant Studios Jason Savopolos says, “Our team is packed with experienced game developers who have used most of the planning tools in the market. We decided to use Favro because it provides each contributor with a high level of autonomy in how they plan their work.”
“We are a collaborative work environment and features like Favro Automations directly support our team so that they can automate workflow to best suit their needs,” he added.
Growth requires investors
“It’s unusual to see a young SaaS startup reaching a level of product maturity to be able to satisfy the demanding needs of enterprise customers. Favro is already punching above its weight and is considered by many to be a rising star in Europe. We see huge potential to take on competitors in the North American market,” said Lars Jensen, managing partner at the tech investment company, Scale Capital.
Today, 30% of Favro revenues come from North America and 55% from EMEA. Customers pay a subscription fee per user and also get full access to Favro Academy and Agile management experts.
Favro was founded in 2016 by Hans Dahlstrom, Erik Olofsson, and Patric Palm, veterans in game development and agile application development platforms. Headquartered in Uppsala, Sweden, with a remote-first team distributed across Sweden, Lithuania, Vietnam, Ukraine, and the U.S., Favro has been named a “Gartner Cool Vendor” and was included in the research giant’s Enterprise Agile Planning magic quadrant.
The funding is led by pan-Baltic venture capital fund Practica Capital, followed by Nordic-US, and B2B tech investor Scale Capital. Previous investors Creandum and Inbox Capital also participated in the round. Strategic angel investors in Favro were joined in this round by serial entrepreneur Christopher Beselin.
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