Viio raises over €3.3 million from notable investors to tackle unnecessary software spend

By Michael Fornander on Jun 19, 2024

Your DropBox subscription is at risk: The Danish scaleup Viio assists finance and IT teams in optimizing the spend on all the software and cloud services employees have access to. Or acquire on their own. An experienced team is behind it.

When Viio asks a medium-sized company how many software subscriptions they have, the typical answer is “around 20”. But most actually have well over 100, often between 200 and 500. Viio has seen an example with 1,100 software tools in a company with only 1,500 employees! And many of them are not used, yet still paid for.

According to research firm Gartner, 30 percent of SaaS spending is wasted. Therefore, there is great potential in managing SaaS agreements. Waste can occur because there are too many user licenses, the solution is not used as much as paid for, or other solutions already fulfill the need.

Viio sheds light on software and cloud expenses

Viio has registered over 60,000 different SaaS services that one can subscribe to. This includes everything from popular services like DocuSign, Zoom, and DropBox, to large enterprise solutions like Google Workspace or MS365, and on to lesser-known AI services, small apps, and cloud services used to make the next PowerPoint presentation stand out.

Hitting a trend post-ZIRP

During the period of zero interest rates and "free" capital, SaaS and cloud consumption ran wild in many companies. Everyone needed Zoom and/or Teams for remote work and online meetings. Now, the economy is tighter, and many are rigorously cutting unnecessary expenses. Companies have been trying to solve the problem for a couple of years, but it has become very complex. Viio meets a significant, unsolved need.

Michael Fornander, CEO and founder of Viio, says:

"AI and automation can help with 90%, but getting the job done and creating real value only comes when people take action and decide which licenses and vendors to keep and which to cancel."

"We find that companies are very interested in our spend optimization platform, but they also want the expertise to make sure they capture the value. When we started offering that as an integrated part and not just being another software platform, customers really leaned in."

"It is very complex to optimize a company's software spend because employees use the solutions dynamically, license prices fluctuate and can be hard to understand, and there may be overlaps with other solutions. We use AI to keep track of it, but our staff helps the customer make decisions and execute them."


This can save companies significant amounts of money:

We always offer three times ROI to customers and have several cases with ten times ROI,


says Michael Fornander.

Long-term mission with ambitious goals

Viio's long-term mission is far more ambitious than just reducing customers' costs:

"We are at the beginning of another technological revolution, where all software assets will need to be re-assessed and enterprise architecture needs to be redesigned from ground up where proprietary data and intelligent automated actions will play a vital role."

"Viio is on an incredible mission to revolutionize how companies plan, manage and optimize these software investments. SaaS and cloud spend are the two largest and fastest-growing areas of IT expense for businesses worldwide and still up to 30% of software spend is wasted (Gartner).
"In the end its not about reducing cost, its about having a sustainable competitive edge, by creating an agile technological foundation that significantly increases your ability to capture value and streamline business operations."

€3.3 million from notable investors

Most companies have experienced this problem, and therefore Viio has been able to raise over €3.3 million from a number of notable investors, led by the venture fund North Ventures, including Christian Kromann, CEO of SimCorp, Klaus Holse, Chairman of the Board at Dansk Industri, Susanne Bechmann Holse, Ulrik Bo Larsen, former CEO of Brandwatch and Ole Andersen, former Nordic Director of Apple.

Ulrik Bo Larsen, board member and investor in Viio, says:

"Viio addresses a need that is in every company I have met. Enormous amounts are spent on software that is never used. Viio has a huge market potential and with such a clear ROI (return on investment) for customers, it’s a no-brainer to buy the tool. Building a solution like Viio is complex, but the team delivers on it and executes the plans strongly."


Ulrik Bo Larsen founded Falcon.io, which was acquired by Cision in 2019 and is now known as Brandwatch, where Ulrik was CEO until 2023. Today, Ulrik is an investor and board member in a handful of growth companies.

Susanne Holse, investor and upcoming board member in Viio, says:

"Viio's solution eliminates some classic conflicts of interest in organizations between IT, operations, and procurement. Procurement has not had this type of tool to manage and keep track of software, and therefore there is huge potential."


Susanne Holse will join Viio's board after the investment round:

"I have worked with and since invested in software for many years and have experience in establishing and further developing business models. Among other things, I can contribute experience in elevating the product in the market and further developing the business model."

Ole Andersen, board member and investor in Viio, says:

"Viio resembles several companies that I have exited successfully, and all the important parameters are in place here. The management team is very strong and will be able to adapt continuously to a market that is extremely dynamic but where quality cannot be compromised. SAP and Microsoft are also moving in this area, which helps validate the market potential. Viio is good at using money wisely and has strong cash flow from new customers, so I believe we can go very far without further investments."


Ole Andersen is, among other things, the former Nordic Director of Apple and is currently active as a business angel in a handful of companies.

Mikkel Rørvig, partner at North Ventures, says:

"The digital transformation has meant that employees today just buy a software subscription with the company credit card. Previously, the IT department handled all software, and therefore the overview of software licenses has been lost in recent years. The SaaS market is estimated at $247 billion in 2024, has doubled in four years, and continues to grow, so there is a huge need for solutions to manage these expenses. Viio solves this problem and is at the forefront of the market."

"The solution is strongly positioned for all companies below the large enterprise level, as Viio's growth and excellent customer feedback also show. I believe that Viio has one of the sharpest SaaS management teams in Denmark, which was crucial for us in the investment. We look forward to being actively involved in the company and contributing to the growth"

Experienced team

Michael Fornander and the Viio team have previously been part of successful Danish startups and scaleups:

Komfo, which was sold to Sitecore in 2017 and later to Falcon.io, as well as Actimo, which was acquired by Kahoot! in 2020, and Falcon.io (now Brandwatch), which was bought by Cision in 2020.

Michael Fornander is a "serial entrepreneur" and originally founded Komfo, which was later acquired by Ulrik Bo Larsen's Falcon.io.

Viio has been a startup for seven years but really hit "product market fit" in 2023 and can therefore fuel growth now.

Gartner on the number of applications and waste:
https://www.gartner.com/en/documents/4022188

Press photos:
https://mediavillage.dk/viio/

For further information

Press coordinator: Jakob Kemp Hessellund | +45 4038 4586 | [email protected]

About Viio.io

Founded in 2020 - HQ in Copenhagen, Denmark

30 employees - 9 nationalities.

Funding raised: €5 million

The company was founded by Michael Fornander, Oliver Quittek, Morten Christoffersen, and Karsten Bek Hurup.

https://viio.io/

About the product

The intelligent spend management platform for all your SaaS and cloud software.

Viio's solution compares data about software providers, providers' license models, and how much employees actually use the various solutions. It helps keep track of what is paid and when subscriptions can be canceled or reduced.

Viio offers consultancy services to negotiate better prices and select which licenses to cancel.

https://viio.io/product

About North Ventures

A Danish venture fund that invests in well-managed Danish growth companies that create groundbreaking technologies and products with the potential to become global market leaders, while also driving positive societal development.

More than 60 investors back the fund, and they form a network that the fund draws on when helping portfolio companies.

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