Documaster receives investment of NOK 100M from Summa Equity.
Documaster, an Oslo, Norway-based cloud compliance company, announced receiving a NOK 100M ($12M) investment round.
The money comes from the Nordic private equity firm Summa Equity as part of its commitment to invest in companies that enable businesses to solve big data challenges and is part secondary deal, buying out existing investors, part capital brought into the company.
Documaster AS, led by CEO Pål Reinert Bredvei, was spun off from NorseLAB in January 2014 after a successful two-year project aimed at building a modern minimalistic records management kernel for the needs of the public sector in Norway. The company offers a system agnostic archiving core that is compliant with Norwegian archiving standards and correspondent international regulations. Documaster has built its customer base as a result of the digitization and modernization of public administration. This sector has been subject to strict privacy requirements, advanced data and records management environments, and the need for efficient and compliant information retrieval and management solutions.
The investment will allow Documaster to enter a scaling phase with the ambition to grow from 25 to 100 employees. The experience from Documaster’s 80 installations with public customers in Norway will be used for further growth in Scandinavia and in the private sector.
Prior to this transaction, Documaster attracted a little more than $2M in external equity funding.