Today Camilla and myself are delighted to announce a major step forward in our company’s history. We have raised $2.5m in a funding led by Dutch Venture Capital firm, Newion Investments. We will use this to fund our growth in engineering, sales and marketing, and help us expand into the US market.
This is the first external funding we have taken into CustomerGauge. Until now, our company has grown by what the VC world calls “boot-strapping” – using our own cash (carefully) to develop the software and fund the entire growth of the company. We started in 2007, and got through the “crisis” years to build a strong growing company with profit (and picked up a “Fast 50” award along the way).
Self-financing is a good way to control the expenses but Camilla and I always knew that to expand we would need outside investment. Earlier this year we started looking for the right investment partner. Through good fortune, we met the Newion Investment team on the Benelux Tech Tour. Newion rapidly established their credentials with us as a leading b2b investor in our Netherlands base. And we had an immediate click with Mathijs de Wit, who led the investment work, and Patrick Polak, Managing Partner Newion.
Patrick Polak will join our Board, together with existing US based board members Lou Shipley and John Molner.
It’s a great vote of confidence in our solution and our company, and Camilla and I are excited about the next chapter in our story. We have the support and funds to expand our solution, and bring CustomerGauge Customer Success to more clients. Our excellent team has supported us all the way and we know they are as excited as we are about the future.
Adam Dorrell and Camilla Scholten