Published on November 23, 2022
Niclas Mollin, Jimmy Ekbäck and Daniel Brdarski founded Occtoo in 2019. They have now raised €4.6M in a round led by Newion, with continued participation from 42CAP and Industrifonden.
Malmö, 22nd of November 2022. Digital transformation and increased agility are top priorities for companies. The current market landscape has also increased the demand to see quicker returns on digital investments and an ability to do more with the resources (team and data) companies already have in place. Occtoo’s SaaS-based Experience Data Platform helps them to achieve this.
Gartner predicts that by 2023, 60% of companies seek composability in their tech investments to gain speed and agility. Occtoo is the missing piece in the composable stack that enables companies to connect all data, content, and APIs from all systems in a low-code user interface so digital teams can work autonomously with the data without having to spend most of their time and budget on data integration. With the data at their fingertips, they can easily combine context, content, and customer data to infuse their custom applications with relevance and orchestrate all digital experiences from one single place.
With Occtoo’s Experience Data Platform a new digital experience/application can be launched within days and easily be scaled globally. Comparing this to companies using legacy technology it would take months or even years to build similar applications with maintenance costs skyrocketing. The solution has become especially popular among upper mid-market and enterprise-sized retailers with a need to support their omnichannel sales strategies such as Cartier, Intersport, and Nordic Nest.
“Investing in MACH/Composable systems has traditionally been reserved for tech-savvy organizations. With our Experience Data Platform we make that setup available for more companies, and more teams in the organization, that also want to reap the benefits of a composable approach but don’t have a developer-heavy organization. We remove that complexity and take Composable from a developer-heavy approach to a business user-first approach. It is something totally new and puts the digital team in the driver’s seat instead of having to lean on the IT organization to stitch everything together for them” says Niclas Mollin, CEO, Occtoo
Occtoo has now raised €4.6M in a Seed round led by Amsterdam-based Newion, with participation from Munich-based 42CAP and Stockholm-based Industrifonden, both latter parties have previously invested in the company. The funding will be used to accelerate expansion, grow the partner network and product development.
“We’re very excited about this investment. The team has built an impressive product that provides a lot of customer value in this emerging space and will make life a lot easier for digital teams. We see that Occtoo are well positioned to take the leadership role in this new category”, John Sjölander, Partner, Newion
The global digital experience platform market is expected to reach $17.5 billion in 2026 at a CAGR of 12.6%. (Source https://www.reportlinker.com/p06319495/Digital-Experience-Platform-Market-Global-Market-Report.html?utm_source=GNW)
About Occtoo
Occtoo is an Experience Data Platform that helps digital teams create relevant customer experiences with speed. Occtoos API technology is the missing piece in a modern composable stack by easily connecting all data, content, and APIs, enabling speed in the “idea-to-deployment” process and the ability to quickly build new custom applications. Renowned brand such as Cartier, Intersport, and Fjällräven trust Occtoo to orchestrate their digital experiences across channels. Occtoo was founded in 2019 and is a SaaS company with headquarters in Malmö. Read more at occtoo.com
About 42CAP
42CAP are seasoned entrepreneurs turned investors. With Hybris and eCircle they previously built two of Europe’s largest B2B software companies culminating in $1.6b cash exits to SAP and Teradata respectively.The 42CAP credo Peers amongst Entrepreneurs is reflected in their investment approach, with which they support data- and technology-driven business models, product-focused founders and sustainable venture development.This background is appreciated by founder personalities, such as Nicolas Reboud (SHINE, Paris), Kristjan Vilosius (Katana, Tallinn), Gregor Stühler (scoutbee, Würzburg), Ben Askew (Packlink, Madrid), Konstantin Mehl (Kaia Health, Munich) and Alex Igelsböck (Adverity, Vienna). Find more: https://www.42cap.com as well as https://medium.com/42cap
About Industrifonden
Industrifonden is a Nordic venture capital investor based in Stockholm. Industrifonden invests in breakthrough technologies and science-based innovation – the Industry of Tomorrow. Our portfolio includes companies like Funnel, Oatly, and Nextory. For more information, visit www.industrifonden.com
About Newion
Based in Amsterdam, Newion focuses on European business-to-business software startups and scale-ups with global ambition and has been among the best performing fund managers in its industry since its launch in 2000.
Newion has invested in more than 60 startups, including Collibra, Foleon, CustomerGauge, L1NDA, Swipeguide, Deliverect, APICBASE, ValueBlue, Mediatool, Objective Platform, Filestage, Salonkee, Dexter Energy and Passendo and has exited Oxxio, Reasult, Mirror42, Q-go, 24iMedia, Roadmap and Nallian, among others.
Newion IV is supported by the European Union through the InvestEU fund.
