European EFM solutions provider Questback has announced it is raising some £12m in capital from existing investors, in order to support an ambitious programme of expansion.
Questback supplies solutions for Enterprise Feedback Management, social CRM and online surveys, was founded in 2000 and is headquartered in Oslo, Norway with subsidiaries in six countries. The company says the new funding will allow it to invest 'substantially' in its go-to-market organization in the US, UK and Central Europe, expected to be its biggest markets. The money will come in large part from Reiten & Co Capital Partners VII L.P. and First Fellow Oy, but the firm's other existing investors are also being invited to join the round.
Questback says it plans to add further US offices to those in Houston and New York City, over the next year, and overall expects to double its size in three years. It will also strengthen its investment in R&D to support its two platforms, Enterprise and Essentials. Investment in programming capacity has already been tripled over the last two years, according to the company.
Terje Bakken, Partner at Reiten & Co and Chairman of the Board of Questback, comments: 'We see the business of Questback as a great investment case, and we decided to increase our investment to support the company in its next growth phase'. Risto Siilasmaa of First Fellow Oy, who is the founder of cybersecurity company F-Secure and current Chairman of the Board of Nokia and F-Secure, comments: 'I am very excited about the growth prospects of the feedback market. With its solid track record and strong management team I believe Questback will do very well over the coming years'.
Frank Møllerop, CEO of Questback, says the firm has prepared a more scalable business model in order to accelerate growth, and comments: 'Already 70 percent of our turnover is outside Norway, and this proportion will grow over the coming years'.
Last week, the company strengthened its senior UK team with the appointment of Edward Chatham to lead growth in the UK market research sector.
Web site: www.questback.com .