Yesterday Tech Crunch, the Danish newspaper Børsen, TV2 and many more news media broke news about the latest investment from the Creandum funds, Planday. We are very excited about this latest investment and welcome the Scandinavian leader within workforce planning software to the Creandum Funds portfolio.
There were some simple reasons for the Planday investment: We love big and unexploited markets, great teams, SaaS solutions that immediately solve a business challenge and a product that has created thousands of happy and loyal customers in the Nordics and internationally. On top of this the company has already several million USD in revenues and been profitable from day one.
Planday is solving a huge pain
Two interesting stats about why we think the market is interesting:
In most countries more than 80% of small to mid-sizes companies in the hospitality, leisure and service industries like restaurants, bars, hotels, call centers, retailers etc. use pen and paper, excel sheets or similar to do their workforce scheduling
2. We further estimate that more than 30 million people work in above mentioned industries globally (excluding third world countries) and would be happy users of a solution relieving them from the pain of pen and paper planning
So there is a major need and potential for a solution to help businesses manage and plan their workforce; here comes Planday. On top of that customers save money and increase efficiency from day one implementing the system.
An impressive team
When we first met the Planday team some months ago we quickly became convinced that this was a team that would be able to execute and possibly make Planday one of the global winners. The three founders bring a perfect mix of experience from the leisure industry and very strong capabilities within technical product development, sales and strategic leadership.
Creandum as a great partner
From Creandum´s perspective we believe we are the perfect partner to Planday. We will be able to leverage our experience in building global companies from the Nordics, and our experience from previous SaaS investments where we in particular have a lot of experience in how to best sell software and tools to the restaurant and hospitality industry
Planday: The superior solution
After having talked to very happy and loyal Planday customers and having benchmarked multiple large competitors we got convinced that Planday had the leading product. Not only have the team implemented all imaginary relevant functionalities and rules related to workforce scheduling over the last years, but they have also created advanced HR, payroll, reporting and document management solutions, launched API´s and have integrated the solution to most large POS systems to allow customers to manage almost all relevant aspects of their business through Planday. As we now ramp up sales and product development efforts, making the product more self serving and easy to on board to the different modules is key, and we are looking forward to embarking on this journey together with Planday.
As clear from above, we are very excited about the Planday investment and look forward to win the battle against a number of competitors out there trying to claim the workforce management domain.