Swedish Firm Xensam Secures First External Funding in $40 Million Round

Xensam, a Swedish software asset management platform established in 2016, has achieved a significant milestone by securing its first-ever external capital through a $40 million growth funding round. This influx of capital marks a pivotal moment for the company as it embarks on its next phase of growth and expansion.

With this new funding, Xensam plans to focus on enhancing its product offerings through the development of cutting-edge artificial intelligence (AI) technologies. By leveraging AI, Xensam aims to further streamline and optimize software asset management processes, providing its clients with innovative solutions to effectively manage their software assets.

In addition to investing in AI product development, Xensam intends to expand its presence and operations in key markets, particularly in the United States and Europe. This strategic expansion will enable the company to better serve its growing customer base and capitalize on emerging opportunities in the software asset management industry.

Overall, the infusion of $40 million in external capital represents a significant vote of confidence in Xensam's vision and potential for growth. As the company continues to innovate and expand, it is poised to solidify its position as a leading provider of software asset management solutions on a global scale.

London-based Expedition Growth Capital has played a pivotal role in helping Xensam shed its "bootstrapped" status. Founded by brothers Oskar and Gustav Fösker in 2015, Xensam has been committed to providing software asset managers and IT professionals with valuable SAM data to streamline their operations.

The software-as-a-service (SaaS) industry has experienced exponential growth, with projections indicating further expansion. Analysts forecast the global SaaS market to reach $908.21 billion by 2030, reflecting a CAGR of 18.7% from $273.55 billion in 2023.

Xensam's impressive growth trajectory, with ARR increasing by 126% year-on-year since 2017, aligns well with the booming SaaS market. The company's decision to secure its first external capital of $40 million is strategic, considering its track record and the immense potential of the industry.

Having already attracted clients like Polestar, Northvolt, and F500 supply chain giant Jabil, Xensam is poised for further expansion. With Expedition Growth Capital's support, Xensam aims to extend its reach beyond its traditional market and tap into lucrative opportunities, particularly in the United States. This infusion of capital positions Xensam for continued success and leadership in the software asset management space.

Gustav Fösker, co-founder and CTO of Xensam, expressed excitement about the company's future growth prospects, highlighting their pioneering use of AI to revolutionize software asset management (SAM) for numerous organizations. By leveraging AI technologies from the outset, Xensam has successfully made SAM more user-friendly and streamlined, reducing manual work for its clients. With the infusion of new funding, Xensam aims to further enhance its platform with advanced features, including a chatbot inspired by ChatGPT, to improve accessibility and user experience.

Oliver Thomas, from Expedition Growth Capital, emphasized Xensam's remarkable achievements as one of Europe's standout growth companies. Over nearly eight years of operation, Xensam has developed a crucial solution that enables large companies with thousands of employees to effectively track, monitor, and manage software usage. As Xensam's first external investor, Expedition Growth Capital is thrilled to partner with the company and looks forward to supporting its continued growth journey.