Favro today announced that it has raised $4.3 million in Seed funding led by pan-Baltic venture capital fund Practica Capital, and followed by Nordic-US B2B tech investor Scale Capital. Previous investors Creandum and Inbox Capital also participated in the round.
Favro is headquartered in Uppsala, Sweden, with a remote-first team distributed across Sweden, Lithuania, Vietnam, Ukraine, and the US.
Favro is the most powerful and flexible enterprise-grade platform for collaborative planning. It’s used by companies such as Wolt, Unity, and Volvo Car Mobility, to do:
Collaborative planning and agile management of work within teams in product development, marketing, operations, HR, etc.
Collaborative planning and coordination of work between teams that need to be in tight sync.
Collaborative planning and alignment on objectives between management and teams.
Collaborative planning and tracking of progress with external partners.
Favro is already popular with fast-growing venture-backed SaaS companies, game studios, and publishers, as well as enterprises transitioning from centralized processes and “command & control” style management, to flatter organizations with distributed autonomous teams aligning themselves towards company objectives.
"Our team is packed with experienced game developers who have used most of the planning tools in the market. We decided to use Favro because it provides each contributor with a high level of autonomy in how they plan their work," said Jason Savopolos, Lead Producer at Frost Giant Studios. "We are a deeply collaborative work environment and features like Favro Automations directly support our team so they can automate the workflows that best suit their needs."
The platform brings higher business agility and maximizes productivity and employee satisfaction in the hybrid style working-from-anywhere - way of working many companies are moving towards post-pandemic.
“Modern managers understand that as a leader you should be a facilitator rather than a dictator to get the most out of your teams. The problem is that today's tools haven’t caught up with modern agile management. Your choice has been between big centralized platforms where everything becomes a ticket in a pile, or newer tools that look good but still have features that build upon management ideas from 1910. This is why we created Favro,” said Patric Palm, Favro CEO, and founder.
Favro has so far spread through social media and word of mouth. However, in summer 2021 a Lithuanian subsidiary was established to build sales and marketing. With the new funding, the Vilnius team will expand to accelerate activities within marketing, sales, account management, and agile advisory.
“We are impressed with the team and leadership Favro has formed in Vilnius in such a short time. They are already making complex enterprise-level deals worldwide with truly innovative companies. For people with the right talent and drive to put their career in hyperdrive, this will be the right team to join in the coming months,” said Donatas Keras, Practica Capital Founder, and Partner.
Today 30% of Favro revenues come from North America and 55% from EMEA. Customers pay a subscription fee per user and also get full access to Favro Academy and Agile management experts.
“It’s unusual to see a young SaaS startup reaching a level of product maturity to be able to satisfy the demanding needs of enterprise customers worldwide. Favro is already punching above its weight and by many considered a rising star in Europe. We see huge potential to take on competitors in the North American market,” said Lars Jensen, Scale Capital Managing Partner.Back to news