The round was led by Tesi, with participation from Northzone, NFT Ventures, and Conor Venture Partners.
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.
More than that, as the EU has issued a mandate on electronic invoicing, the startup is taking this as a challenge to coincide with upcoming legislation.
According to Zervant, its software is used by 20,000 business customers across seven countries, with 85% of current growth coming from France, Germany and the UK.
The startup operates a 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.
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