Search for...

Documaster with a €13M round and two acquisitions, to enable easy document finding for more businesses

Documaster team
Image credit: Documaster
, ~

Norwegian-Bulgarian document and records management scaleup Documaster has raised a €13M private equity round at €62.4M valuation.* This news follows the company’s growth to €4M in annual recurring revenue (ARR), coming from over 300 customers, mainly in the Nordics. Part of the new capital has already been used to fund two strategic acquisitions while the rest will be used for product portfolio expansion and organizational restructuring. Headquartered in Oslo, Documaster currently has its biggest R&D hub in Sofia.  

“The office in Sofia will continue working exclusively on all components targeting our current and prospective public sector customers, while the development of everything tailored toward the private sector, as we call it, will be moved to Norway. Both teams are expected to grow,” Georgi Vasilev, Country Manager Bulgaria at Documaster shared with The Recursive.

From B2G in the Nordics to Telcos & Corporates Globally

It all started back in 2014 when Yngve Tvedt, Christian Lundvang, and Dimitar Ouzounov started the project with the goal to help public sector organisations address the growing challenge of efficient e-archiving. In short, they built a centralized engine for organizations to tag, store and find documentation from different sources. 

Within the next 5 years, the venture’s SaaS solution was adopted by more than 200 clients, including a number of local municipalities. Recently, the team started paying more attention to the corporate segment and has announced collaborations with big telco businesses like Telia, the second biggest mobile services provider in Norway and Mexico-based Torrecom.

The pandemic has developed the corporate opportunity for Documaster as well. “Due to the fact that a lot of people are still working remotely, it is more important than ever to ensure that business-critical documentation is easily reachable from outside the office,” Vasilev tells us.

Accelerating growth with acquisitions

To further boost its growth, Documaster has completed two acquisitions deals – with Infoworker and Comprima Software.

Read more:  Greek Customer Satisfaction Startup raises a New Round from Uni.Fund

“The purchase of Infoworker gives us very good competence in Microsoft Office 365. 90% of our customers use Office 365 and that makes it extra important for us to be a leader in that system, Anders Johnsen, CEO of Documaster says.

Comprima Software, on the other hand, is a major supplier of e-archives to the Swedish public sector, including 100 municipalities. “We are already present on the Swedish market with our office there. With this acquisition we increase our share and scale of operations. Documaster will be the largest supplier of e-archives in the Nordic region.”, adds Johnsen.

Documaster’s priority for the upcoming 6-12 months will be to ensure a seamless transition and to find the optimal collaboration between the organizations. According to Vasilev, a decentralized approach would be the most likely option, leaving enough leeway to every team to further develop their offerings, sharing resources only where it is necessary and beneficial to do so. 

*The numbers shared by the company were in Norwegian krone as follows: NOK 135M raised at NOK 650M valuation.  ARR for 2020: NOK 41.5M. The amount in EUR is at exchange rates as of 17.08.2021.

Thank you for reading The Recursive!

Over 1 million people from all over the world have learned about the tech ecosystem in Central and Eastern Europe thanks to The Recursive. In order to keep our content free for everyone, we need your help. If you believe what we do is important and have the means to do so, support us in giving a voice to Central and Eastern Europe with as little as €7. Thank you!

DONATE Keep reading this article

Help us grow the emerging innovation hubs in Central and Eastern Europe

Every single contribution of yours helps us guarantee our independence and sustainable future. With your financial support, we can keep on providing constructive reporting on the developments in the region, give even more global visibility to our ecosystem, and educate the next generation of innovation journalists and content creators.

Find out more about how your donation could help us shape the story of the CEE entrepreneurial ecosystem!

One-time donation

You can also support The Recursive’s mission with a pick-any-amount, one-time donation. 👍

Etien Yovchev is a co-founder and Chief Editor at The Recursive, online media dedicated to the emerging tech and startup ecosystems in Southeast Europe. He has told the stories of over 200 ventures from the region and aims to provide high-quality constructive reporting on the progress of the SEE innovation ecosystem, making sure that the stories of promising local founders reach global audiences. Etien holds a MSc degree in Innovation Management from RSM, Erasmus University Rotterdam and has more than 4 years of experience in the commercialization of new products, having worked with many early-stage companies and a few corporate innovation departments across Bulgaria, The Netherlands, and the USA.