🇫🇮 Zefort raises €1m for international growth as senior investors join the team

Zefort, the company behind the leading AI-powered contract management solution, announces raising a 1 million euro capital investment from two senior investors. The growth company has quickly taken a leading position in its home market in Finland and now targets major expansion in the Nordics and Northern Europe.

Zefort is a versatile, full-fledged contract management solution that utilizes AI and provides a smart cloud-based contract archive. Zefort’s customers represent a wide variety of business domains, ranging from banks, to leading technology and health sector companies, as well as SMBs and family businesses.

Zefort’s international growth is now supported by two senior investors: Accountor founder and growth company investor Asko Schrey and venture capitalist Timo Larjomaa. Larjomaa’s previous investments include Fennoa, Nordhealth and Silmäasema. Schrey’s portfolio includes MVision, ReceiptHero, Fluentic, Palkkaus.fi and Finnish Distillery Company. Together, Schrey and Larjomaa have also invested in the legal technology company Docue.

Through their respective companies, Schrey and Larjomaa have purchased a 40% minority share of Zefort’s stock and additionally made a 1 million euro growth investment to boost Zefort’s international growth. Zefort’s majority owners remain the company founders Jussi Karttila, Ville Laurikari and Juhani Heikkilä, who all also hold key operational positions in the company. Schrey and Larjomaa join the company’s Board of Directors.

“Zefort has become a major player in the contract management space. Business-wise, we have reached a healthy 2 million euro annual recurring revenue (ARR). Now, with this growth investment, we’re opening a new chapter in Zefort’s story,” says Jussi Karttila, Zefort CEO.

“Zefort is an international product, loved by its customers, steered by an incredibly experienced team. I hope that my 50 years as an entrepreneur will help guide Zefort in its amazing success story. For both SMBs as well as major corporations, contract management holds an important role in daily operations, business mergers and acquisitions and, for example, in preparing for changes in EU-level regulation on cybersecurity, such as the NIS2 directive and DORA regulation,” comments Asko Schrey.

“Zefort’s distinguished customer base proves that the solution is in high demand. I’m proud to invest in Finnish software expertise. The software industry is a major, growing cross-border industry where strategic growth investments can yield huge results. My mission is to bring more courage for growth,” says Timo Larjomaa.

The investment is used to support Zefort’s international growth strategy and expansion in the Nordics and Northern Europe. At the moment, Zefort has customers in 11 countries.

Photos for the media can be downloaded here.

Additional information:
Jussi Karttila, Zefort CEO
[email protected],
tel. +358400199528

Originally published on 7 September by Zefort.

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