InQvation has invested millions of Danish kronor into the Copenhagen-based AdTech startup Passendo, however, the exact amount has not been disclosed. The investment came after a six-long discussion between the startup and the investors, where they discussed the startup’s desire to expand outside of Scandinavia.
“We see a tremendously strong team with many years of experience and knowledge of their field. They know their customers 100 percent and they know what their customers’ needs and how they can help [meet those needs]”, says Claus Zibrandtsen, CEO of InQvation.
InQvation was founded by Zibrandtsen family in Denmark, and the organisation invests into companies with big growth potential. Following the investment, Claus Zibrandtsen now also joined Passendo’s board and he will help in developing strategic plans on international expansion.
“Our ambition is to achieve the same success in Europe within a number of years as we have had in Scandinavia. If that happens, then I would say we have done a good job. However, the focus should continue being on the needs of our customers, so it is important that we constantly develop the strongest technology and the best concepts. That’s what our success is based on”, says Andreas Jürgensen, CEO and co-founder of Passendo.
Read more about Passendo and their work in this Øresund Startup News interview.