Just a few months back, Planday raised $3.75 million from Nordic VC Creandum. And today another European company in the workforce management software space has picked up fresh capital. Quinyx, headquartered in Stockholm, has received backing from Alfvén & Didrikson.
The round, which adds to the previous $1.5 million raised by the 2005-founded company, is being billed as a $14 million investment. However, this includes some secondary funding, meaning that a minority of the new capital won’t find its way into Quinyx’s coffers. Specifically, previous backer Mint Capital disposed of its shares, resulting in Fredrik Ekman stepping down from the board and being replaced as Chair by Alfvén & Didrikson’s Maria Åhr.
Like Planday (and competitors Shiftplanning and 7shifts), Quinyx offers cloud-based and mobile workforce management software, enabling companies who employ a shift-based ‘flexible’ workforce, such as those operating in the fast-food industry, to do-away with more arcane organisational methods, including Excel spreadsheets or even pen and paper, and legacy ‘on-premise’ software such as that offered by Kronos, Workplace and JDA. Its feature-set includes scheduling, shift planning and swapping, timesheet functionality via workers checking in using Quinyx’s mobile apps, and budget forecasting.
The company’s backstory is interesting, too. Erik Fjellborg, CEO and founder, tells me he founded Quinyx after having worked one summer at McDonald’s where he recognised the issue of workforce management hands-on, spotting that his manager was constantly on the phone trying to piece together the employee schedule. McDonald’s subsequently became Quinyx’s first customer.
“Today we work with many other fast food chains such as Burger King, Subway, Friday’s and Vapiano,” he says. “We have also ventured into other industries and help companies such as FedEx, Decathlon, Santander Bank and Compass Group.” The company also claims revenue of $7 million this year.
Alongside Alfvén & Didrikson, former Google engineer, and (now) angel, Magnus Sandberg, has co-invested in today’s round. Meanwhile, I’m told Fjellborg remains the largest individual shareholder.