Evaluations and analysis of boards and management teams involve manual elements and consultant-heavy processes. Also, it was very limited to have a transparent, automated and data-driven process. There is a heavy demand for boards and management groups to switch to the modern digital evaluation process with digitalisation.
Female founded Swedish company BoardClic addresses this issue by selling a SaaS-based product for digital board and management team evaluations. The company just raised €1.6 million (nearly £1.4 million) in a seed round led by Subvenio Invest. All existing owners including Curitas Ventures, Brofund and the company’s founders also participated in the financing round.
The capital will be used for continued investments in product development and to accelerate the company’s rapid expansion both in the Nordics and the UK.
“It has only been a matter of time until digitalisation and relevant data should enhance the board work. At BoardClic, we have made this happen, as we give boards an opportunity to focus on what is really important, and gain an understanding of how they can increase the degree of efficiency and value-creation. It is important to work regularly and frequently to analyse the board’s performance, in a time-efficient manner of course. With new capital, we look forward being able to meet the great demand we see globally even faster,” said Monica Lagercrantz, founder and CEO of BoardClic.
“BoardClic has an exciting and attractive offering with a clearly defined product that creates real value for its customers at both a company and an owner level. The company’s offering ties in nicely with a number of fundamental drivers, including the strong digitalisation trend, increased ESG focus both from a regulatory and business-driven perspective, as well as a willingness among companies and their owners to improve and streamline processes at a board and management level. In three years, the company has successfully built an attractive product, attracted a strong customer portfolio and established a number of exciting collaborations. We are impressed with the team’s performance and look forward to supporting the company in its continued expansion”, said Patrik Östersgård, Partner at Subvenio Invest.
Strong foothold in the UK
BoardClic sells a SaaS-based product for digital evaluations of boards and management teams. The solution enables BoardClic customers to conduct evaluations that are time and cost-efficient, documentable and transparent, and measurable and comparable both internally and externally.
BoardClic’s ambition is to both simplify and improve evaluations of boards and management groups. By continuously measuring and analysing data, customers have the opportunity to compare and evaluate their results both internally over time as well as against relevant external companies.
Its product is a vital part of its customers achieving enhanced Environmental, Social and Governance (“ESG”) compatibility. The product is sold via a subscription-based model where the customer and its users have unlimited access to the product.
Already, there is strong traction in the UK as the first market outside of Sweden. It has set up an office in the UK, collaborated with Grant Thorton UK. Its well-known UK customers include 3i, BGF, Bristol Water, Destiny Pharma, and Enquest. Its biggest competitors in the UK are consultants at Independent Audit and UK board online survey company Better Boards.
BoardClic was founded in 2018 by Monica Lagercrantz, CEO, and Malin Lombardi, CPO. Since its product launch in 2019, BoardClic has built an impressive customer portfolio consisting of around 70 customers. In addition, the company has a number of relevant partners, including collaborations with Grant Thornton UK, Admincontrol and StyrelseAkademien Stockholm.
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