1.1 million euro growth funding for SaaS platform SiteManager

Challenge:

In recent years, founders Alexander and Dieter have been diligently building SiteManager. Their focus was on developing an MVP (minimum viable product) and then optimizing it. To finance this, they already raised capital from The CoFoundry & imec in a first round.

Then it was time for the next step: validating SiteManager in the market. Alexander: “Then it became clear that we had a bottleneck when it comes to scaling. Not only did we need new funding, but also a party that could guide and challenge us. Because at that time, I was on my own when it came to financial matters. I wanted to make the learning period as short as possible.”

Approach:

The entrepreneurs had already worked out a lot themselves, it was up to us to challenge them. The search itself was not easy because of the phase in which SiteManager was and the technicality of their product. Quite a challenge to explain this technical tool to non-technical people as clearly as possible.

We went for a phased approach where we came to various parties: first corporate venturing, and then VCs and business angels. A challenging process, but with results.

Result:

Ultimately, the funding round was agreed with three different parties, part of which was provided by us. The Dutch VC fund Capital Mills injected fresh capital together with The CoFoundry, which participated again in this round. In addition, a corona loan was provided by PMV. Ultimately, SiteManager received 1.1 million euros in growth funding.