Oslo-based Cardboard, a company that aims to make SaaS subscription management easier, announced on Tuesday that it has secured €1.9M in a seed funding round led by Skyfall Ventures, with participation from co-investors including RunwayFBU and Sondo.
The company will use the funds to build a scalable product and accelerate growth and market penetration across Europe.
“We’re thrilled to secure this seed funding, and to get Skyfall and RunwayFBU onboard. With funding in place, we are excited to continue on our mission of making SaaS subscription management smarter and more efficient, not just for Norwegian businesses, but in the rest of Europe as well,” says Stein Magnus Jodal.
What does Cardboard aim to solve?
The global Software as a Service (SaaS) market is projected to reach $374.50B by 2028, with Europe contributing $95B and Norway $1.94B.
However, nearly 50 per cent of this investment risks being underutilised or wasted.
Cardboard aims to address this inefficiency by offering a comprehensive solution that simplifies SaaS management, helping companies maximize the value of their software investments
Cardboard: Control over your SaaS spending and automate accounting
Led by Stein Magnus Jodal, Cardboard aims to make SaaS subscription management more efficient for businesses.
The platform provides companies with a secure way to purchase software without the need to share company card information.
As a result, it reduces operational risks related to personal payments and combat shadow IT by centralising critical data management.
The platform is designed to minimise the time, cost, and complexity associated with managing multiple software subscriptions.
The co-founding team is composed by CEO Stein Magnus Jodal and, Andreas Røyrvik, focused on product, Vidhi Kumar, leading growth, Jakob G. Martinussen, an expert in data science, and Lars Syse Christiansen, chairman.
The investor
Based out of Oslo, Skyfall Ventures is a venture capital firm that invests in Nordic early-stage companies built around a strong software component, started by founding teams with at least one technical founder (coder).
Even though the VC is sector agnostic, Skyfall Venture focuses more on a few areas — artificial intelligence, climate tech, blockchain & web3, bioinformatics & longevity, cyber security, and robotics.
Preben Songe-Møller, Partner at Skyfall Ventures, says, “We are thrilled to back the remarkable team at Cardboard, who know what greatness looks like from their experiences at successful scale-ups like Otovo and Oda. Cardboard brings a fresh approach to addressing the significant challenges of the B2B SaaS boom at almost every company. We look forward to working with them as they scale across Europe.”
01
These are the top UK-based PR agencies for startups and scale-ups in 2025