Investors in Seedcamp were universally impressed with Erply during Seedcamp week in London last September and then again during 'demo day' and 'investor day' at the end of 2009.
They were exposed again to 50 or so seed investors at SeedSummit in December 2009.
Now, following a visit that 10 of the Seedcamp finalists made to the US, Redpoint and Index have led a funding round which puts the business software start-up from Estonia firmly on the map.
This is an exciting development for Seedcamp and Erply.
For Seedcamp, this is an endorsement of its ability to find high potential companies and provide them with a global platform.
For Erply this round is a recognition of the strength of the product that Kris and his team have developed.
The press release follows:
Erply attracts funding from top tier investors for disruptive business software technology
Press Release: London & Tallinn, 23 March 2010 – Seedcamp winner Erply raises $2million from top tier US and European venture capitalists and angels in a Series A round.
Business software startup Erply today announced the closing of a $2 million funding round from Redpoint, Index Ventures and prominent entrepreneurs and angel investors Marten Mickos (former CEO of MySQL), Kenny van Zant (SVP & Chief Product Strategist at SolarWinds), Zack Urlocker (former EVP Products at MySQL), Aydin Senkut, Dave McClure and The Accelerator Group. The funding will be used to expand Erply’s customer base in key European markets and its upcoming expansion into the US. Satish Dharmaraj of Redpoint and Index Ventures partner Saul Klein will both join Erply’s Board of Directors.
The company, led by CEO Kris Hiiemaa, was founded in 2009 in Estonia by four experienced business software developers. Since winning Seedcamp in 2009, Erply has already seen rapid growth in new customers. Erply is revenue generating, profitable and has attracted a wide variety of customers, including car dealerships, toy shops and restaurants.
Erply’s easy-to-use business software that enables companies to perform every business function, including bookkeeping, customer relationship management and stock control. Erply is built on the latest web technologies, so it is as powerful and secure as any business software on the market. As a result, small businesses can easily integrate Erply and rapidly scale-up their operations.
While the USD $39 billion market for comparable business software is currently dominated by major players like SAP, Microsoft Dynamics and Oracle, their offerings are too costly and complex for the majority of small businesses. In contrast, Erply’s business software is available for a small fraction of its competitors’ and an average €55 monthly subscription fee is a more cost-effective option for small businesses. Erply is additionally well-positioned for success: where its competitors’ market is limited to tens of thousands of big businesses, Erply has a potential market of 45 million small businesses in Europe and the US alone.
Erply co-founder Kris Hiiemaa believes Erply’s new investors’ experience will prove pivotal to building on the company’s impressive start: “The main value in this funding round is in the enormous insight, experience and expertise our investors bring to Erply. Individually, each VC and angel has an incredible track record of identifying cutting-edge tech startups with fast-growth potential and helping them flourish. It’s a very exciting time for us.”
Redpoint partner and Zimbra co-founder Satish Dharmaraj: “Erply is to ERP what Zimbra was to email and collaboration. Having seen how rapidly Zimbra replaced Exchange and Outlook as an email solution for businesses for all sizes, I see promising synergies in the game change that Erply is set to do, and I’m thrilled to be involved with Erply.”
Former MySQL CEO Marten Mickos: “Similar to how MySQL made databases affordable for businesses all over the world, customers are already adopting Erply and recognising it as a great solution for their business software needs.”
Index Ventures’ Saul Klein: “Having seen at first hand the effect that Skype’s simplicity and pricing had on the telecoms industry, I’m delighted to support Erply as they try to do for business software what Skype did for telecoms.”
While the USD $39 billion market for comparable business software is currently dominated by major players like SAP, Microsoft Dynamics and Oracle, their offerings are too costly and complex for the majority of small businesses. In contrast, Erply’s business software is available for a small fraction of its competitors’ and an average €55 monthly subscription fee is a more cost-effective option for small businesses. Erply is additionally well-positioned for success: where its competitors’ market is limited to tens of thousands of big businesses, Erply has a potential market of 45 million small businesses in Europe and the US alone.
Erply co-founder Kris Hiiemaa believes Erply’s new investors’ experience will prove pivotal to building on the company’s impressive start: “The main value in this funding round is in the enormous insight, experience and expertise our investors bring to Erply. Individually, each VC and angel has an incredible track record of identifying cutting-edge tech startups with fast-growth potential and helping them flourish. It’s a very exciting time for us.”
Redpoint partner and Zimbra co-founder Satish Dharmaraj: “Erply is to ERP what Zimbra was to email and collaboration. Having seen how rapidly Zimbra replaced Exchange and Outlook as an email solution for businesses for all sizes, I see promising synergies in the game change that Erply is set to do, and I’m thrilled to be involved with Erply.”
Former MySQL CEO Marten Mickos: “Similar to how MySQL made databases affordable for businesses all over the world, customers are already adopting Erply and recognising it as a great solution for their business software needs.”
Index Ventures’ Saul Klein: “Having seen at first hand the effect that Skype’s simplicity and pricing had on the telecoms industry, I’m delighted to support Erply as they try to do for business software what Skype did for telecoms.”
Erply Background Information
Erply (http://www.erply.com) was launched in Tallinn in 2009 by four Estonian software developers.
Erply (http://www.erply.com) was launched in Tallinn in 2009 by four Estonian software developers.
The company is incorporated in the UK and has its headquarters in Tallinn. Since winning Seedcamp London in September 2009, Erply has grown rapidly and now is generating revenue and is profitable.
Erply gives companies the ability to manage their business (including critical data and operations, inventory, stock control and accounting) in one easy-to-use package.
Erply is already available in seven languages and is fully customised for each geographic location’s particular tax laws.
Erply has four monthly subscription options, ranging from a basic free version to a fully-functional Premium account which costs €99 per month.
Erply gives companies the ability to manage their business (including critical data and operations, inventory, stock control and accounting) in one easy-to-use package.
Erply is already available in seven languages and is fully customised for each geographic location’s particular tax laws.
Erply has four monthly subscription options, ranging from a basic free version to a fully-functional Premium account which costs €99 per month.
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