Collaborative planning platform Favro accelerates growth bringing more business agility to the future of working-from-anywhere.
UPPSALA, Sweden, Dec. 16, 2021 /PRNewswire/ — Favro today announced that it has raised $4.3 million in Seed funding led by pan-Baltic venture capital fund Practica Capital, and followed by Nordic-US B2B tech investor Scale Capital.
Previous investors Creandum and Inbox Capital also participated in the round. Strategic angel investors in Favro were in this round joined by serial entrepreneur Christopher Beselin.
Favro is headquartered in Uppsala, Sweden, with a remote-first team distributed across Sweden, Lithuania, Vietnam, Ukraine, and the US.
Favro is the most powerful and flexible enterprise-grade platform for collaborative planning. It’s used by companies such as Wolt, Unity, and Volvo Car Mobility, to do:
a) Collaborative planning and agile management of work within teams in product development, marketing, operations, HR etc.
b) Collaborative planning and coordination of work between teams that needs to be in tight sync.
c) Collaborative planning and alignment on objectives between management and teams.
d) Collaborative planning and tracking of progress with external partners.
Favro is already popular with fast growing venture backed SaaS companies, game studios and publishers, as well as enterprises transitioning from centralized processes and “command & control” style management, to flatter organizations with distributed autonomous teams aligning themselves towards company objectives.
“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,” said Jason Savopolos, Lead Producer at Frost Giant Studios. “We are a deeply collaborative work environment and features like Favro Automations directly support our team so they can automate the workflows that best suit their needs.”
The platform brings higher business agility and maximizes productivity and employee satisfaction in the hybrid style working-from-anywhere – way of working many companies are moving towards post pandemic.
“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 platforms 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, Favro CEO and founder.
Favro was founded in 2016 by Hans Dahlstrom, Erik Olofsson, and Patric Palm, veterans in game development and agile application development platforms.
Favro has so far spread through social media and word of mouth. However, in summer 2021 a Lithuanian subsidiary was established to build sales and marketing. With the new funding the Vilnius team will expand to accelerate activities within marketing, sales, account management, and agile advisory.
“We are impressed with the team and leadership Favro has built in Vilnius in such a short time. They are already making complex enterprise level deals worldwide with truly innovative companies. For people with the right talent and drive to put their career in hyperdrive, this will be the right team to join the coming months,” said Donatas Keras, Practica Capital Founder and Partner.
Today 30% of Favro revenues comes 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.
“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 worldwide. Favro is already punching above its weight and by many considered a rising star in Europe. We see huge potential to take on competitors in the North American market,” said Lars Jensen, Scale Capital Managing Partner.
For more information, please follow Favro on Twitter or LinkedIn, or visit https://www.favro.com/ to sign up for a free trial.
About Practica Capital
Practica Capital is an early-stage VC dedicated to backing Baltic founders. The firm has invested exclusively in tech potential in the Baltic States for the last ten years. Practica Capital backs great founders in their ambition in seed and selected pre-seed and Series A stages partnering with them as company builders. To date, we have made more than 70 investments, including companies like TransferGo, PVcase, Interactio, Eneba, Ovoko, Trafi, CGtrader, Sonarworks, Montonio and others.
About Scale Capital
Scale Capital is an early stage venture fund based in Copenhagen, investing in digitization and disruptive technologies within B2B. Scale Capital primarily invests in companies in the Nordic region that have the potential and ambition to scale in the US market.
About Creandum
Creandum is a leading European venture capital firm, supporting some of the most successful European technology companies such as Spotify, iZettle, Trade Republic, Pleo, Depop, Klarna, KRY, Epidemic Sound and Small Giant Games. The Creandum funds are based in Guernsey and Sweden and are advised by advisory entities in Stockholm, Berlin, and San Francisco.
About Frost Giant Studios
Frost Giant Studios was founded in 2020 by games industry veterans Tim Morten and Tim Campbell to embark on a singular mission: build the next great PC real-time strategy (RTS) game! Frost Giant has attracted a team of experienced developers who helped create some of the most acclaimed and commercially successful games in history. Together, they are carrying forward the legacy of epic storytelling, innovative co-op gameplay, and celebrated esports that make RTS both fun to play and engrossing to watch. Headquartered in Irvine, California, and including its remotely-based talent from around the world, Frost Giant Studios is committed to a work environment built on collaboration, inclusion, and mutual respect. For more information on Frost Giant Studios, visit www.frostgiant.com.
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Contact: Patric Palm, patric.palm@favro.com, +46706002773
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