Startups such as WorkMotion and Rattle raised funding this year to help management teams. Now, a Swedish SaaS B2B platform for digital board and management team evaluations, Boardclic, has picked up €1.2 million in funding. With this round, the total funding raised by the company accounts for €3.6 million. This oversubscribed funding round was led by Subvenio, Curitas Ventures, and Brofund Equity.
Plans to strengthen its operations in the UK
This funding will be used to consolidate Boardclic’s sales team, expand into additional markets across Europe, and build out the company’s UK operations.
Monica Lagercrantz, Co-founder and CEO of Boardclic, said: “Businesses must now follow an ever-increasing amount of corporate codes and regulations. This, in turn, means that global organisations must maintain exceptional stakeholder engagement and corporate governance structure, in order to maintain high governance standards. The modern boardroom is increasingly dynamic and tasked with a growing and complex responsibility. The market lacks sophisticated, data-driven, cost-efficient tools to track compliance, effectiveness, and alignment in boards and the C-suite. BoardClic, promoting the G in ESG, fills that void.”
Mikael Ahlström, Chairman of Curitas Ventures, said of their investment in BoardClic: “The progress that BoardClic has made to date, in helping a wide array of companies across Europe to improve and streamline their processes at board and management team levels, has been impressive. Given BoardClic’s vision of leveraging digitalisation and relevant data to create real tangible value for boardrooms, and its commitment to ESG, our decision to join forces with them was a natural one. We look forward to supporting the team throughout the next stage of its growth, expanding into new markets, and reaching new heights.”
Female-founded board evaluation platform
BoardClic was founded by Monica Lagercrantz and Malin Lombardi in 2018 in Stockholm. Its vision is to make transparency and sound corporate governance available to all organisations, irrespective of size, industry, or ownership structure. To help companies make better choices by providing actionable insights based on data-driven and cost-effective evaluations of top corporate functions, to establish top-team alignment, and to bring transparency into corporate governance.
BoardClic’s solution provides a library of best practice formats and benchmarking that lets customers conduct advanced digital evaluations that are time and cost-efficient and meet local regulations. By continuously measuring and analysing data, customers can compare and evaluate their results both internally over time as well as against relevant external companies and sectors.
Currently, its product is sold via a subscription-based model, giving the customer and its users unlimited access to the product. BoardClic has built an impressive customer portfolio consisting of around 250 customers, including Channel 4, Tele2, HGCapital Trust, and Husqvarna. Also, the company has witnessed an average year-on-year growth of 200%.