Finland based SMB-focused online invoicing startup Zervant has raised a €6m Series B led by Tesi.
Founded in 2010 and headquartered in Espoo, Finland, Zervant offers simple invoicing software targeting micro enterprises in Europe, typically companies with less than 10 employees. The idea is to wean them off creating invoices manually using Word or Excel, which can be quite time consuming (depending on volume) and certainly error prone. To that end, Zervant says it software is used by 20,000 business customers across seven countries, with 85 percent of current growth coming from France, Germany and the U.K. The startup operates a freemium model where the basic software is free but users can choose to pay for a subscription with premium invoice delivery (delivering paper and/or electronic invoices) as well as premium support. “We might add more premium services in the future to widen our revenue portfolio,” adds the Zervant CEO.