Quinyx - Receives $12m investment from Battery Ventures
9 February 2018
SCC member Quinyx, which provides workforce-management solutions through cloud-based software, just landed a $12m investment from global tech-focused investment firm Battery Ventures.
Quinyx was founded in Örebro, Sweden, back in 2005 by CEO Erik Fjellborg, when he was working part time at McDonald´s. Erik realised the difficulties and stress associated with staff rotas and calling around to fill shifts last-minute. This experience became the start of software as a service (SaaS) company Quinyx. McDonald’s Sweden became the first customer and Quinyx is now helping managers and employees around the world to simplify labour-intensive processes such as scheduling, payroll and communication through a mobile app.
During the past decade, Quinyx has grown rapidly and expanded internationally. Today Quinyx has about 275,000 users and over 500 customers in 20 countries including companies such as Papa John’s, Debenhams, Rituals Cosmetics, DHL, Gant and London City Airport.
The new $12m investment by American tech-investor Battery Ventures emphasises the need for online and mobile tools provided by companies like Quinyx in order to manage administrative tasks in labour-intensive companies as well as taking use of artificial intelligence (AI) and data to find the optimal solutions. Battery’s general partner Michael Brown, who will also join the Quinyx board, said: “The market for this technology is enormous, and we think Erik and his team are true pioneers in this area. Quinyx has just scratched the surface in terms of where it can take its business.”
The investment in Quinyx is also a great fit in line with Battery’s other investments in Human Resources technology such as the recent investment in global talent management provider PageUp.
Quinyx founder and CEO Erik Fjellborg is also excited about the investment and the future ahead for the company. He said: “We are thrilled to partner with Battery and leverage the firm’s global expertise in helping to scale software companies.
“With the firm’s expertise and experience in building prominent SaaS companies, specifically, we feel we have found a great match for our growth journey.”
The company’s large growth within the British market has made the forecast promising for future growth. Erik Fjellborg adds that Quinyx has had more customer requests in the UK than in Sweden the past year. He also claims that the British market is suitable for Quinyx business. The British market is a growing “gig economy”. This means that the labour market is characterised by short-term contracts or freelance work, which entails an increasing demand on online and mobile tools that simplify workforce-management for labour-intensive businesses.
In 2014, the company also landed a $14m investment from Alvén & Didrikson, which became the starting point in its rapid growth. The Quinyx investment has tied into a trend. With this new investment from Battery Ventures, and a growing business, the future is looking bright for Quinyx. Erik Fjellborg has estimated that the company will increase its turnover in 2018 and that the goal is to invest in further expansion.