Software/ platforms

Ardoq Announces $125 Million Series D Led by EQT Growth

  • The Series D raise by Oslo-based SaaS company Ardoq is one of the five largest private funding rounds by a Norwegian tech business
  • Ardoq will continue to relentlessly support the digital transformation of its customers, while using the funds to invest in its global expansion; focusing on its commercial platform, product offering, and growing the team
  • Ardoq has around 250 customers worldwide and recorded approximately 80% YoY ARR growth in 2021
  • EQT Growth will actively partner with Ardoq as its first international investor, supporting the Company through its proprietary software sector value-creation playbook, global network of more than 600 industry advisors, and in-house teams of digitization and sustainability experts. London-based growth investor One Peak has also invested in the round.

Ardoq, a SaaS company reinventing Enterprise Architecture for today’s digital enterprise, has today announced a $125 million funding round. The round is led by EQT Growth, the growth equity strategy of the global investment organization EQT, which invests in and partners with Europe’s most innovative tech companies at the point they are beginning to scale. The Series D will fund Ardoq’s continued global expansion as it invests further in its commercial platform, best-in-class product offering and growing its team.

Founded in 2013 by Magnulf Pilskog and Erik Bakstad and headquartered in Oslo, Norway, the company has grown to a team of 170 professionals with further offices in Copenhagen, London and New York. Driven by this passionate and market-leading team, Ardoq is one of the world’s leading vendors of cloud-native Enterprise Architecture software, with a truly global customer base and top tier clients such as Carlsberg, Condé Nast and the United States’ Federal Communications Commission. Ardoq’s software platform is the engine for driving digital business execution, which supports how customers’ business can transform in a world of increasing IT complexity, cloud migration, and the proliferation of applications.

Ardoq will partner with EQT Growth as it embarks on the next stage of its growth journey. EQT Growth will bring its vast experience of investing along the technology value chain to support Ardoq for the long-term. Victor Englesson, Partner within EQT Growth’s Advisory Team, will join Ardoq’s Board of Directors. London-based growth investor One Peak has also invested in the round.

Erik Bakstad, Co-Founder and CEO of Ardoq, commented: “Thanks to the fantastic work of our team and our dynamic, data-driven Enterprise Architecture platform, in 2021 we continued our trajectory of 80% year-on-year ARR growth. Now we are in the perfect position to supercharge our global expansion in 2022 and beyond. We will expand the team, continue to invest in our technology platform, and double-down on commercial excellence, all whilst continuing to support the digital business execution of organizations and enterprises all across the world.”

Victor Englesson said: “EQT Growth seeks to partner with passionate founders and management teams of innovative tech companies that are supported by the big megatrends in our society and are primed for global success. Ardoq ticks all those boxes: Erik and his team have built Ardoq into one of the world’s top Enterprise Architecture SaaS companies. Today, it is excellently positioned within the cloud-native Enterprise Architecture domain, a fast-growing market that is already over €3 billion in size globally. We’re delighted to be joining Ardoq as its first international institutional investor and look forward to releasing the full potential of Ardoq together with Erik and his team.”

“We have worked closely with Ardoq and its founders since 2015, leading several investment rounds since. Throughout we have been extremely impressed with the team. They are relentless in their ambition, systematic and data driven, and always warm and full of humor. We are particularly proud to see how Erik has grown into the CEO role, accelerating Ardoq’s growth and now bringing world leading growth investors on board,” says Geir Førre, Managing Partner at Firda, a leading Norwegian technology investor.

Haakon H. Jensen, Chairperson of Ardoq, commented: “Supported by some of the leading Norwegian angel investors, VCs and family offices, Erik and the team have delivered beyond our high ambitions for Ardoq. We are delighted to be welcoming EQT Growth and One Peak as partners for the next chapter in Ardoq’s growth journey.” Jensen, who led the transaction process on behalf of Ardoq, will remain as Chairperson.

The transaction is subject to customary conditions and approvals. It is expected to close in March, 2022.

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