Oslo, Norway-based Ardoq, a SaaS company that claims to be reinventing Enterprise Architecture for today’s digital enterprise, announced on Wednesday that it has raised $125M (approximately €114M) in its Series D round of funding.
The company also reports that this is one of the five largest private funding rounds raised by a Norwegian tech business. The deal is expected to close in March 2022.
Investors in this round
The investment was led by EQT Growth, the growth equity strategy of the global investment organisation EQT, which invests and partners with Europe’s ‘most’ innovative tech companies at the point they are beginning to scale. With this deal, Victor Englesson, Partner within EQT Growth’s Advisory Team, will be joining Ardoq’s Board of Directors.
Englesson says, “Erik and his team have built Ardoq into one of the world’s top Enterprise Architecture SaaS companies. Today, it is excellently positioned within the cloud-native Enterprise Architecture domain, a fast-growing market that is already over €3B in size globally.”
The current round also saw participation from London-based growth investor One Peak. It is a growth equity firm that invests in technology companies in the scale-up phase. In addition to Ardoq, One Peak’s investments include Neo4j, DocPlanner, Spryker Systems, and PandaDoc, among others.
Ardoq claims that the proceeds will support the digital transformation of its customers, expand its services globally, and help it to focus on its commercial platform, product offering, and hire new talents.
Erik Bakstad, co-founder and CEO of Ardoq, says, “In 2021 we continued our trajectory of 80 per cent year-on-year ARR growth. Now we are in the perfect position to supercharge our global expansion in 2022 and beyond. We will expand the team, continue to invest in our technology platform, and double-down on commercial excellence, all while continuing to support the digital business execution of organisations and enterprises all across the world.”
The platform to navigate digital transformation
Founded in 2013 by Magnulf Pilskog and Erik Bakstad, Ardoq is a SaaS company whose dynamic, data-driven Enterprise Architecture platform helps plan and execute major change initiatives in an organisation.
According to the company, its software helps organisations and businesses plan, execute and predict the impact of change across their people, projects, strategies, processes, applications, infrastructure, and capabilities. With Ardoq, CIOs can deliver digital transformations and IT leaders can make better technology decisions based on real-time information.
The founders say, “Our technology is visionary; we are leaning towards a data-driven world focusing on analytics and automation. AI, NOP, graphs – all the best technologies that you are looking at – we are using them. We listen to our customers’ pain points and deliver solutions for the new world of Ecosystem Architecture.”
With a team of 170 professionals and offices in Copenhagen, London and New York, the Norwegian startup serves top tier clients such as Carlsberg, Condé Nast and the US Federal Communications Commission. Ardoq has around 250 customers worldwide.