The deal, reported first by Rapidus, sees Accell-KKR take a majority stake in Eletive, which has grown to 100 million SEK in annual recurring revenue, a testament to its rapid expansion and profitability in the competitive HR-tech sector.

Founded by Marcus Wennmo and Nils Wilhelmsson, Eletive has been prioritizing organic growth and profitability over external funding.

“We’ve had the advantage of not being dependent on external capital. For a long time, we’ve been profitable and didn’t need money just to survive. When we did raise funds, it was to grow. and that allowed us to be selective in choosing the right investors,”

said Marcus Wennmo to Rapidus

While the acquisition price remains undisclosed, Rapidus reports that Eletive’s 2023 funding round valued the company at approximately € 41 million (458 million SEK) post-money, with Fårö Capital as the biggest external shareholder, with 14 procent of the shares.

“I’ve been chairman of Eletive for six years, and I’m deeply impressed by what Marcus, Nils, and the rest of the team have built. It’s been incredibly rewarding to contribute, and it’s great that all investors, even those who came in later, made a strong return,”

Linus Wiebe told Rapidus

The exit underscores the regions strength in building global competitive SaaS companies in the HR tech field, with others such as Planday, Peakon, Wellbefy, PayZlip and many more.

The post Private Equity Giant Accell-KKR Acquires Eletive appeared first on Øresund Startups.

Eletive is a SaaS startup that offers an employee engagement platform. The new funding comes from both new and existing angel and private investors, and Swedish Tech News reports at a pre-money valuation of € 39 Million (SEK 436 million) – up 66% from two years ago, when the company last raised money. According to data registered with Bolagsverket, last available financial year (2022) Eletive reported net revenue of SEK33.3M (up almost 2x YoY), and a loss of -SEK6.3M.

Eletive was founded in 2014 by Marcus Wennmo, Nils Wilhelmsson, and Fredric Malmros.

Notably, despite being ten years old, the company has never been covered by Di Digital or Breakit.

Martin, Swedish Tech News

The post Eletive raised further €2M appeared first on Øresund Startups.

Founded in 2014, this platform is a software tool which provides deeper insights into the companies culture and measures wellbeing and engagement in organisations. In this region there are multiple startups in this field, with Peakon, which was recently acquired, and Wellbefy being the most known ones.

The investment will enable Eletive to continue it focus on improving the strong position it has in Sweden and Norway. With customers in 19 countries, the startups platform is built to as per the market’s requirements by enabling functions of the platforms to turn on and off.

“As a growth company in a red-hot market, profit is not the highest priority, the focus is on growing. We do not need to bring in money to survive, but have made monthly profits and want to be able to accelerate when the industry is in a big shift to modern technology in the next few years,” says CEO Marcus Wennmo to Rapidus.

The post € 1 million funding raised by Eletive appeared first on Øresund Startups.