The large amount of money Monsido has raised will be used to further develop the company's product and enter the European market.
Jannik Grøntved comments on the investment: "As founders, we are very pleased with the investment. There were some who wooed us, but it was Level Equity we saw as the strongest partner, partly because they have specific experience with the market we are currently in, and because of their experience in scaling international companies."
Vækstfonden is also pleased with the collaboration: "Monsido has created a strong software product and has from an early stage made its mark on the international market with offices in San Diego, Sydney and in Denmark. We look forward to working with Level Equity to support the continued expansion of Monsido, " says Jacob Bratting Pedersen, partner in Vækstfonden's investment department VF Venture and investment manager at Monsido.
Both Jannik Grøntved and Jacob Riff have throughout most of their careers been in jobs that have involved developing and maintaining websites. Today, the company has 80 employees and more than 1,000 customers.
Monsido's customers in the United States include the County of Nevada - a county located in the Sierra Nevada in the state of California and the United Texas Credit Union - a local cooperative loan fund in San Antonio as well as various universities.
The case supports Lundgrens' strong position within venture capital and growth companies.
