This category is for our successful transactions made by Tofte & Co.

Tofte & Company advises SOUNDBOKS on their DKK 52m financing led by Heartcore Capital and with participation of VF and M-Venture

Tofte & Company is pleased to have advised the shareholders of SOUNDBOKS in their capital raise from European venture company Heartcore, the strategic investment from Jägermeister via their venture arm, M-Venture and the Danish Growth Fund (VF).

With the new capital, SOUNDBOKS is further strengthened to invest further in branding and sales in its largest markets, Germany and the USA. The capital shall further fund product development and make SOUNDBOKS much more than a speaker brand. The new investors have specifically been chosen based on their strong experience within consumer brands and their vast experience in the two major target markets. This new financing comes after more than 47% growth in 2019 and continued strong growth throughout the first half of 2020.

“We once again decided to work with Tofte & Company due to their second-to-none insight into the European venture market and understanding of the SOUNDBOKS business and strategy. Further, working with Tofte offloaded us significantly during the fundraising process and allowed us to focus more on our core business, which has been key for us during the COVID-19 crisis.”, said founder and CEO of SOUNDBOKS Jesper Theil Thomsen

Christian Lindegård Jepsen, Partner & Co-Founder at Heartcore Capital comments: “At Heartcore we have followed Soundboks for years and been thoroughly impressed with how Jesper and his team have managed to build a category-defining product and brand for people looking to enjoy music in a social and festive setting. We are excited to join Soundboks as it’s continued to expand it’s footprint internationally.”

Soundboks and Jägermeister revealed an incredibly natural brand fit. Just like Jägermeister, the guys from Soundboks have succeeded in transforming a product into a brand, creating a cultural phenomenon, and rewriting the rules of nightlife. With so much common ground, it made perfect sense to join forces.”  said Christoph Goeken, Managing Partner for M-Venture

“We have once again been very impressed by the smartness and agility of the founders and their ability to navigate both their company, the investor landscape, and the changing circumstance of this Covid19 influenced spring. With the new partners, they are now extremely well-positioned to scale and expand their offerings” said Jesper Knudsen, Partner at Tofte & Company.

Having worked with SOUNDBOKS since inception in 2015 I am very proud to see how far they have come and with the recent investment they will be able to unlock the full potential of the SOUNDBOKS brand”, says Poul Kotiah Hansen, Senior Associate at Tofte & Company.

About SOUNDBOKS

Designed in Denmark by a trio of passionate friends trying to find the perfect outdoor party speaker, SOUNDBOKS was originally designed to be the ultimate portable speaker. The goal was to design a speaker that would be loud, durable, and have long battery life. Establishing a new category of Bluetooth Performance Speakers, SOUNDBOKS launched in 2015 and has been growing ever since, co-located in Copenhagen and Los Angeles.

About Heartcore

Heartcore Capital is an early-stage venture capital firm devoted to backing exceptional founders building category-defining consumer internet brands. Founded as Sunstone Capital in 2007, Heartcore has raised over $500 million in committed capital across four fund generations. The firm has offices in Copenhagen, Berlin, and Paris but invests across Europe and occasionally in the United States. Heartcore has backed more than 70 exceptional founding teams.

About M-Ventures

M-Venture is the innovation and investment unit of Mast-Jägermeister SE, with the mission to shape the nightlife of the future. Through INVESTMENTS, strategic PARTNERSHIPS, and NEW PRODUCTS / SERVICES we are re-defining the Best Nights of the lives of our young urban target group.

Tofte & Company advises Practio on its 8.2 MEUR financing led by Spintop Ventures

Tofte & Company is pleased to have acted as exclusive advisor to the digital health care platform company Practio on its 8.2 MEUR financing led by Spintop Ventures.

Copenhagen based digital healthcare platform company Practio ApS completed its equity funding round, which, together with loan conversion and debt financing, raised 8.2 MEUR for the company.

Practio has developed and deployed a digital healthcare platform, which enables pharmacies to become central points-of-care. Initial Practio services include vaccinations and COVID-19 antibody testing, but the company is planning to roll out broader platform services over time. Practio has deployed its platform across Denmark since 2015 and started its rollout in the UK in 2019. The latest funding will be used to speed up the deployment in the UK and to enter the German market later this year with other countries to follow from 2021 onwards.

Since 2018, Practio has been supported by PHOENIX group, a leading healthcare provider in Europe, which has now become a shareholder of Practio. Both companies share the ambition to strengthen the role of local pharmacies as direct, close-to-home healthcare providers. Spintop and PHOENIX were also joined in the investment round by Carl Westin, the international investment company with a focus on digital health.

Practio co-founder & CEO Mads Mikkelsen: “Recent events have clearly demonstrated the global need to fundamentally rethink primary healthcare delivery. We’re super excited about the strong support from Spintop, PHOENIX group and Carl Westin in accelerating our continued expansion, enabling better access to quality healthcare services for more people”.

Erik Wenngren, co-founder and partner of Spintop Ventures remarked “Spintop is pleased to be able to support Practio in its international rollout by leading this funding round. The company’s service platform off-loads the strained healthcare sector by enabling pharmacies to become proper points-of-care and it also brings true value to pharmacies by giving them possibilities to service their customer better and bring new revenue streams”.

Dr. Tobias Bucher, Head of Digital Transformation & Enablement at PHOENIX group, explains the company’s investment stating, “We believe that Practio’s services can transform local pharmacies into central points-of-care for their community. This benefits patients, who can trust to receive important health care services as well as products at one central place close to their home. At the same time, it benefits pharmacies, which can offer more relevant services, thus strengthening their close connections to customers“.

“We are truly impressed by the Practio team and the platform they have built over last couple of years. The modular technology architecture of the Practio technology platform will enable rapid scaling into next countries and services – incl. opportunities to combat the corona-crisis.  We are looking forward to follow the journey of Practio,” says Poul Kotiah Hansen, Senior Associate at Tofte & Company”.

Practio co-founder & CEO Mads Mikkelsen further adds: “We have been very satisfied with Tofte & Company during this fundraising process. They have provided valuable advise in every phase of the process. The fundraising process was very streamlined and with their comprehensive understanding of tech startup businesses and insight into the healthtech startup fundraising scene they managed to secure a strong investor match”.

 

About Practio

Practio is a health-tech company based in Copenhagen, Denmark. Founded by Mads Mikkelsen and Jonas Nilsen (MD), Practio’s technology platform enables pharmacies to deliver healthcare services, giving more people better access to high quality healthcare.

About Spintop

Spintop Ventures is a Swedish early-stage Venture Capital company investing in Nordic software enabling technology companies. Spintop, started in 2009, is backed by the European Investment Fund, Saminvest, Sitra and many high-profile tech entrepreneurs and is currently investing from Spintop’s third fund. Spintop has a sustainable ESG investment agenda for its funds and portfolio companies.

About PHOENIX

The PHOENIX group, headquartered in Mannheim, Germany, is a leading healthcare provider in Europe and considers itself to be a link between manufacturer and patient. Active in 27 countries, it offers unique geographical coverage throughout Europe, making a vital contribution to comprehensive healthcare with more than 39,000 employees.

Tofte & Company advises Ageras in strategic investment from Rabobank and acquisition of Tellow

Tofte & Company is pleased to have acted as an exclusive advisor to Ageras and Investorp in their acquisition of Dutch SaaS-company accounting Tellow and capital raise from Rabobank’s investment fund.

Rabo Frontier Ventures, the strategic investment fund of Rabobank, is investing in fast-growing online accounting and bookkeeping marketplace Ageras. The collaboration with the major European bank Rabobank is an important milestone for Ageras on their international growth-journey as Ageras Group is preparing to offer financial services such as integrated banking, credit cards, business accounts, financing, and more.

Furthermore, Ageras acquires the accounting SaaS-company, Tellow as part of its international expansion plans. Tellow is a fast-growing accounting tool and offers advanced software that enables freelancers to focus on their job instead of bookkeeping. The company grew quickly as an independent company and now reached its next stage in its journey as part of the Ageras Group.

The Ageras group is the leading platform for professional accounting services in Scandinavia, Western Europe, and North America. The company provides online bookkeeping software and matchmaking services for bookkeepers, auditors, accountants and other experts within the financial industry – connecting the market at both ends. Ageras has been an Investcorp portfolio company since March 2017, where Tofte & Company were proud to act as advisors to Ageras. Last year, Agears expanded its ecosystem by acquiring Danish accounting software firm Billy, also advised by Tofte & Company.

“For the past several years, we have worked with Tofte & Company in deal processes and today – once again – we have gotten a successful outcome through the structured target search approach, knowledge of SaaS companies and the relentless assistance in the negotiation process by Tofte&Co, said Founder and CEO of Ageras Group, Rico Andersen.

Gilbert Kamieniecky, Managing Director at Investcorp, further expands: “Tofte & Company‘s unique competencies within understanding the complexities of the deal-making has been invaluable to guide these two concurrent transactions to fruition.”

Tofte & Company advises Optimeo on its sale to CataCap

As exclusive advisor to the digital marketing agency Optimeo it is with great pleasure that we can announce that Optimeo has been acquired by CataCap.

Driven by founders Kuno and Silas Ystrøm, Optimeo has developed into a strong brand with a focus on delivering customer value throughout the marketing process. The company has developed a unique operational model around delivering a complete palette of high-quality online marketing services at attractive price points to the SMB market. Optimeo has been growing aggressively while maintaining profitability developing superior models around customer acquisition and service delivery.

CataCap is acquiring Optimeo together with the largest Danish provider of homepages and online marketing services, Danaweb. The joint entity will be a market leader and have more than 13,000 customers and offer a broad service portfolio to the large SMB segment.

“We are very happy with the partnership with Catacap and Danaweb and see great opportunities in combining Danaweb and Optimeo together with a partner as CataCap who comes with both financial strength and operational experience. We found a great partner for the process in Tofte & Company that offered a deep strategic understanding of our business and the market we operate in as well as a very steady hand when it came to making the right deal for everyone involved .”, says Kuno Ystrøm, Founder and CEO of Optimeo.

“We are excited to be able to implement this joint acquisition of two strong players within digital marketing and believe that the strong service portfolio and delivery platform of Optimeo combined with the leading market position of Danaweb will create a superior result. Tofte & Company was very professional throughout the process and demonstrated great skills in unlocking strategic value.”, says Rasmus Lokvig, Partner of CataCap.

“We are excited to have been part of this perfect marriage creating a true online marketing powerhouse for the SMB segment. Kuno and Silas have built an amazing business and I am looking very much forward to follow their joint journey with Catacap in the coming years.”, says Rasmus Bøegh Danielsen, Partner in Tofte & Company.

About Optimeo:

Optimeo is an innovative marketing agency that optimizes all aspects of online presence for small and medium stage businesses. The business was founded by Kuno and Silas Ystrøm in 2013 and today has more than 40 employees. The company delivers a 360-degree service from assessing customer needs, development of a marketing strategy, execution of the strategy and subsequent analysis of performance.

About Catacap:

CataCap invests in small to medium size Danish businesses that has significant development potential and an innovative sustainable business model.

The foundation is to create a sustainable level change through a systematic and consequent approach to business development, operational processes and management competencies in active collaboration with strategic partners as well as management and employees of the businesses.

CataCap is an active and engaged owner. The systematic hands-on approach to developing the portfolio companies aims at increasing speed and sustainability of the change of level and thereby the long-term value of all stakeholders – and a stabile additional return to the investors.

Tofte & Company advises Ageras on its acquisition of SaaS accounting platform Billy

Founded in 2010, Billy offer user-friendly accounting software for SMEs. The company provides a self-developed software platform for accounting and digital invoicing covering transactions, salary and webshop specific business applications. At the time of the transaction, Billy featured almost 17,000 active users and achieved double-digit MRR growth.

Ageras is the leading platform for professional accounting services. The company provides matchmaking services for bookkeepers, auditors, accountants and other experts within the financial industry – connecting the market at both ends. Ageras has been an Investcorp portfolio company since March 2017, where Tofte & Company were proud to act as advisor to Ageras.

I am a creator. Therefore it was time to sell Billy to an owner who is better at managing larger companies, and whom can make Billy international. On top of Ageras having a culture that matches Billy, they also gave me the best sales terms. So I am not tied to the operations going forward, and that has been a very important factor to me…It was a very good price. I am not going to go to bed hungry at any time,” says Toke Kruse, co-founder and Chairman of Billy.

 

Rico Andersen, CEO at Ageras, said “It is full speed ahead; we just entered the USA and can proudly call ourself Europe’s larget marketplace within accounting services. Since Investcorp came on board, the job has been to create an ecosystem within the accounting sector, and Billy is plug-and-play on that journey. Therefore it also makes me proud that we were able to run with the baton.

Thomas Tofte, Managing Partner at Tofte & Company commented: “It was a pleasure to work with the Ageras team again – first advising on their deal with Investcorp and now helping them expand their portfolio. Billy is on an exciting journey and I can’t wait to follow their progress.

Tofte & Company advises Calwin A/S on its sale to EG A/S

As exclusive advisor to the vertical SaaS company Calwin it is with great pleasure that we can announce that EG has signed an agreement to acquire 100% of the shares in Calwin.

Founded in 1996 by industry veterans Carsten Rasmussen and Kenneth Dreymann, Calwin has for the past 23 years been focusing on delivering the best calculation and quotation software for the plumbing and electrician industry. Today the company holds an absolute leadership position within its field and continues to introduce innovative solutions to the market.

As the construction industry is increasingly embracing technology to improve effectiveness and profitability, Calwin  holds a very attractive position in the market due to their very large market share.

Recently acquired by the private equity fund Francisco Partners, EG is continuing its aggressive growth solidifying itself as one of Scandinavia’s leading suppliers of industry-specific software to the private and public sectors with more than 9,500 customers across Denmark, Norway and Sweden.

Calwin founders Carsten Rasmussen and Kenneth Dreymann will join EG to drive the continued growth of the construction vertical. Carsten and Kenneth bring a deep level of knowledge within the construction software market as well as solid leadership and operational experience.
The acquisition provides EG with an immediate position as a full 360 degree solution provider for the plumbing and electrician vertical.

“It has been a pleasure working with Tofte & Company. They did a great job understanding and presenting our business as well as finding interested buyers. EG is the strongest partner we could wish for to assist in the continue development of Calwin. Tofte & Company and their superior negotiation skills were instrumental in securing our deal. ”, says Carsten Rasmussen, co-founder and CEO of Calwin.

“I am delighted to have Calwin joining the EG product family. It is a strong product with a strong team. Tofte & Company demonstrated a professional approach that secured a smooth process for all of us.”, says Jesper Andersen, Divisionsdirektør for EG Private

“In my opinion Calwin and EG is a match made in heaven. Both companies have a shared history of building software solutions with a strong vertical focus. Combining Calwins deep expertise within software for the plumbing and electrician vertical with the market power of EG creates a very strong player in the marketplace.”, says Rasmus Bøegh Danielsen, Partner in Tofte & Company.

Press coverage (in Danish):

About EG:
With its extensive industry knowledge and highly skilled staff combined with the most recognized technologies and value-adding services, EG enjoys a unique position as one of Scandinavia’s biggest IT companies. EG provides industry-specific solutions to over 15 industries across the Private and Public sectors and serves over 9,500 customers across Denmark, Norway, and Sweden and has ~1,000 employees.

About Calwin:
Headquartered in Odense, Denmark, Calwin delivers state-of-the-art software solutions for the installation industry across Denmark. With more than 20 employees and close to 1.000 clients Calwin holds a clear leadership position in the Danish market. The company currently offers six different products including software solutions that aids in the calculation of project costs in order to deliver fast and precise bidding on new jobs as well as systems that collects data for quality assurance reports, or monitors and tracks tools, material and service status.

CC:factory – Sell side to TDC

Tofte & Company advises CC:factory on its sale to TDC 

As exclusive advisor to CC:factory it is with great pleasure that we can announce that the largest Danish telecommunication company, TDC, has acquired CC:factory – a well-established powerhouse within the Nordic CCI market.

As one of the leading Nordic CCI solution providers, CC:factory delivers best-in-class CCI platform installations and consultancy services. The company is known for its unique solutions which combines the CC:factory proprietary CCI suite with established platforms such as Genesys to deliver solutions tailored to each unique customer needs. With major Nordic corporations such as Ørsted, Nordea, Nykredit, SEAS-NVE and Arla on the CC:factory client list TDC NetDesign A/S now further cements its position as the leading CCI solution provider in the Nordics.

“We have throughout the entire process been impressed by the team’s professionalism as well as deep understanding of our business and our industry, which is rare as we operate in a quite technical and complex industry. The process has been very well executed, and we feel that our strategic value has been extremely well-presented. This combined with a very structured and skilful deal making process makes us a very satisfied customer,” says Andrew Watson, CEO of CC:factory. “We are delighted that we will now be part of the powerful TDC NetDesign organization enabling us to deliver even better value to our customers. We feel that this is the right harbor for our technology and competences to expand rapidly in the market.” 

“Working with Tofte & Company has been a pleasure. They have made this transaction as frictionless as these things can possibly be and have had a very professional approach in the entire process,” says Thomas Stokking from TDC NetDesign.

“I am very excited to see CC:factory acquired by TDC NetDesign as I truly believe that the unique technology and competences of CC:factory will further unfold within the very competent and well-recognized TDC NetDesign organization,” says Rasmus Bøegh, Partner of Tofte & Company.

About CC:factory:
As a leading Nordic CCI solution provider, CC:factory delivers best-in-class CCI platform installations and consultancy services. The company is recognised for its unique solutions combining a proprietary CCI suite with established platforms to deliver highly customized and tailored solutions.

About TDC NetDesign:
As part of the largest Danish telecommunication company, TDC Group, TDC NetDesign has more than 20 years experience within system integration, datacenters, networks, security and IP-based communication solutions and is today considered the leading Nordic provider of network solutions and unified communications.

SpotOn Marketing – Sell side to Adelis Equity backed Søgemedier

Tofte & Company advises SpotOn Marketing on its sale to Adelis Equity backed Søgemedier

Acting as exclusive advisor to SpotOn Marketing it is with great pleasure that we can announce that Søgemedier has acquired 100% of the shares in SpotOn Marketing as part of a roll-up of the Nordic digital marketing agency market.

As one of the leading Nordic digital marketing agencies SpotOn Marketing combines senior consultancy services with a proprietary technology platform to provide superior marketing results for its clients. With this acquisition Adelis Equity further supports its leading position in the Nordic roll-up of digital marketing agencies, which was initiated with the acquisition of Søgemedier in the beginning of 2018 and followed by several bolt on acquisitions.

“It has been a very positive experience to work with the team at Tofte & Company. They are professional, competent and hardworking and has been the perfect M&A partner for us. They had the right contacts and the deep understanding of our business and market dynamics which resulted in the best possible outcome, namely to get the opportunity to become part of an extremely exciting journey with Søgemedier and Adelis Equity,” says Simon Salomonsson, CEO of SpotOn Marketing.

“It has been a pleasure to work with Tofte & Company on this transaction. Their extensive experience ensured a smooth acquisition process,” says Jacob Frandsen from Adelis Equity.

“To see Simon and the rest of the team at SpotOn Marketing joining Søgemedier in conquering the market for digital marketing is quite exciting. The strategic fit is very clear and I am quite confident that this will prove to be a great value adding deal for all involved parties,” says Rasmus Bøegh, Partner of Tofte & Company.

 

About SpotOn Marketing:

SpotOn Marketing is a young, Danish digital agency in growth with more than 50 employees who have dedicated their competencies and expert knowledge to help local businesses in Denmark. Today they deliver solutions to over 500 local businesses. SpotOn Marketing offers easy, transparent, and profitable marketing, including SEO, Google-ads, Facebook-ads, and website design, as well as their data tool, SpotOn Live, that makes it easy for local businesses to get an overview of their online visits and inquiries as well as using this data in their business development.

 

About Søgemedier:

Søgemedier is one of the leading digital marketing agencies in Denmark, with offices in Aarhus and Copenhagen. Since inception in 2008, Søgemedier has provided consulting, search engine optimization (SEO), Google AdWords, Facebook pages and Ads, websites, and web shops to more than 4,000 small and medium-sized enterprises. For further information please visit http://www.sgme.dk/.

 

About Adelis Equity:

Adelis is an active partner in creating value at medium sized Nordic companies. Adelis was founded with the goal of building the leading middle market private equity firm in the Nordics. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, acquiring 14 platform investments and making more than 30 add-on acquisitions. Adelis now manages approximately €1 billion in capital. For more information please visit www.adelisequity.com.

Hejdoktor.dk – capital raise from UK based angel

Tofte & Company – Hejdoktor.dk secures funding

We are pleased to announce that we have raised an undisclosed round of financing from a UK based Business angel.

“We are very pleased with the extremely speedy process facilitated by Tofte & Company“. With the high quality “around the clock” support from Tofte & Company we have secured funds for growth. Again Tofte & Company has delivered as promised and we look forward to further corporation in the future” says Mikkel Geertsen, CEO of Hejdoktor.dk.

About Hejdoktor.dk:
Hejdoktor.dk is a Copenhagen based eHealth startup with a vision to lock horns with the current unprecedented global health challenges, by providing high quality online, convenient and cost-effective healthcare services – combined with the exponential power of computers.
Hejdoktor.dk is transforming traditional healthcare by making it more accessible and convenient. Hejdoktor.dk has empowered thousands of users, by giving them direct access to the healthcare professionals they need, through UX friendly and secure digital channels.
Hejdoktor.dk strives to make a positive impact in the world and believes that quality healthcare should be a universal human right.