Vaadin raises $6M in Funding lead by eEquity
eEquity and Finnish Industry Investment invest $6M in Vaadin, the open source company whose userinterface tools are used in 40% of Fortune100 companies and by over 150 000 developers worldwide.
Vaadin’s business is building components and tools for web application developers. Its products enable businesses to replace most of their desktop applications with standard based web applications that run on all major mobile and desktop browsers. By hiding the underlying complexity of the web standards, Vaadin's technology speeds up the development process, increases security and allows developers to focus on building business value.
With the new investment, the company intends to boost its R&D and ecosystem development to expand its unique set of developer tools. “The web development ecosystem is going through rapid changes due to emerging web component standards at the same time as both JavaScript and Java as programming languages are taking inspiration from each other.“ says CEO Joonas Lehtinen. “With the current product portfolio, Vaadin has a unique opportunity to develop its tooling into the direction future web apps need. With 100+ employees, a solid customer base and being profitable with a turnover of $10M, the company is well set to change the developer experience in the coming years.” Joonas says.
“We’ve been following growing Nordic success stories and got Vaadin on our radar early on after our portfolio companies had been using Vaadin to increase productivity among their developers” says Patrik Hedelin, partner at eEquity and previous cofounder of boo.com. “Vaadin is a market leading server side Java framework with a very strong technology offering which is now ready to be offered on a larger scale. The company has been growing 30% per annum historically under profitability. Vaadin has recently launched the sale of premium tools that has been really well received in the market where we expect the recurring revenues to grow quickly” he summarizes.
Earlier investors in Vaadin include Aboa Venture Management and Finnish Industry Investment. During this round Finnish Industry Investment increases its stake in Vaadin by joining eEquity as investors. The company intends to keep on rapidly hiring more people into its Turku, Helsinki, Berlin and San Jose offices during 2016.
For further information, please contact: Joonas Lehtinen, CEO, Vaadin, +1 (408) 8860554, joonas@vaadin.com or Patrik Hedelin, Partner, eEquity, +46 70 545 28 89, patrik@eequity.se
About eEquity
eEquity is currently the leading private equity company for investments in ecommerce and online companies in the Nordic region in terms of both physical products and services. eEquity has invested in the online sector since 2010 and is currently the coowner of nine companies in the Nordic region. eEquity invests primarily in entrepreneurial led growth companies with the potential to become market leaders. eEquity is backed by European leading family offices and financial institutions. http://www.eequity.se/
About Finnish Industry Investment
Finnish Industry Investment Ltd is a state-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments. The company manages assets amounting to some MEUR 900. www.industryinvestment.com
About Vaadin
Vaadin is the company behind the Open Source Vaadin Framework. It is today used in over 40% of the Fortune100 companies by over 150 000 developers worldwide. The company employs over 100 persons in its Finnish, California and Germany offices. For further information on Vaadin tools, services and open positions see vaadin.com. https://vaadin.com/company
Logos: https://vaadin.com/trademark
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