Unioo, a leading management and KYC platform for associations and volunteer organizations, announced today that it has secured a significant investment round of DKK >6 million, equally split between Ugly Duckling Ventures and Compounding Capital.
Unioo was born out of a burning desire to free up time for volunteers in associations. Too much time is being spent on tedious administrative tasks, instead of spending the time on the given cause and purpose of the association. Reporting and compliance with banks are two of the most time-consuming tasks, creating frustration on both sides. In response, Unioo has developed a highly innovative compliance tool for the associations that automates and streamlines these tasks massively, including collecting all legally required KYC (Know-Your-Customer) and ODD (Ongoing-Due-Dilligence) for the banks. In addition, Unioo has developed a comprehensive and integrated platform to help automate much of the other administrative work, not least around the board work and member payments.
Unioo is growing fast, and recently passed 35.000 signed associations with an even stronger ‘hot pipeline’. Unioo is now handling all the KYC and reporting requirements for 24 Danish banks’ association clients.
The capital injection will be used to further penetrate the Danish market and expand into international markets. The challenge for associations is the same across the EU given the KYC requirements are mandated by the EU. Unioo has a unique opportunity to expand internationally given its platform is much ahead of competition.
Martin Have and Mads Thamestrup Carstensen, Co-Founders of Unioo, expressed their excitement about the investment, stating, "We are thrilled to have Compounding Capital on board for the next phase of our growth journey. Their experience and track record with similar investments in their portfolio make them an ideal partner for us. We are also proud that our existing investor, Ugly Duckling Ventures, have decided to double down on their investment in Unioo, and that Rune Hven-Jensen will continue as Chair of the board. This collaboration will not only provide us with financial resources but also with strategic and operational support to drive growth across new and existing markets."
Kasper Grundtvig Knokgaard, Owner of Compounding Capital, shared his enthusiasm for the partnership, saying, "Unioo is a perfect fit for our investment criteria, focusing on vertical B2B SaaS companies in targeted end markets. Unioo is one of the best win-win solutions I have ever seen – solving the banks massive pain point in collection KYC information from a bunch of volunteer workers that just want to spend their time on adding value to their association - not on tedious and time-consuming workflows and communications with the bank. A true win-win that makes both sides smile. We are highly impressed with Unioo’s performance and not least the leadership of Martin and Mads. Two amazing people that just want to build the best possible product and experience for the customers, to free up more time for volunteer work. We are delighted to work with them and the entire Unioo team to help them achieve their ambitious growth objectives." Kasper has joined the Unioo board as part of the round.
Ugly Duckling Ventures initially invested in Unioo back in June 2023 and is excited to continue investing into the company, expressed by Rune Hven-Jensen, Co-Founder of Ugly Duckling Ventures, “It has been a pleasure to witness Martin, Mads and the rest of the Unioo team continue to expand their product offering and land new customers over the last year, and we look forward to continue the close collaboration on the next chapter of their journey.” Rune will continue as Chair of the Unioo board.
For more information about Unioo and its innovative platform, please visit www.unioo.io Unioo is looking to hire an “Operational CFO” and senior software developers – check out the job descriptions here: https://unioo.io/en/careers/
Or reach out here if you want to join the Unioo journey in other capacities: [email protected]
About Unioo:
Founded in 2019 by Morten Hyldgaard, Martin Have and Mads Thamestrup Carstensen. The company is headquartered in Randers, Denmark. Unioo was born from a desire to revolutionize the way we manage organizations and volunteer work. With deep respect for the numerous unpaid and volunteer individuals, we develop tools that make running an association easier and more enjoyable. We free up precious time, allowing the volunteers of the associations to focus on what they are passionate about. Our drive in the company stems from all the hours we ourselves have dedicated to association work.
The innovative and fully integrated platform includes many features, e.g., Member & Subscription Management, KYC & Compliance Handling, Events & Ticket Sales, Efficient Management of Meetings, File Sharing and Task Management.
About Compounding Capital:
Compounding Capital is the family office of Kasper Grundtvig Knokgaard & family, having previously spent 20 years investing in and building companies with EQT and McKinsey. The key investment focus for Compounding Capital is vertical BtB SaaS businesses offering mission critical products for targeted end markets. The ideal company size is €0.5-1 million in Annual Recurring Revenue growing >50% YoY, but an earlier and later stage will also be considered. Churn needs to be low. The typical investment size is €0.5-2 million upfront per investment, often increasing afterwards from participation in later investment rounds. The current Compounding Capital portfolio consist of: Famly (Childcare management software); GoMore (Peer-to-peer car sharing marketplace); Delogue (PLM software for the apparel and lifestyle industries); SportMember (Sports club management software); Trendsales (Secondhand fashion marketplace); YOGO (Studio and fitness center management software); Plecto (Performance management software); Fenerum (Subscription management software); Ownr (Comprehensive data insights on companies and persons); Unioo (Associations management & KYC software).
About Ugly Duckling Ventures:
Ugly Duckling Ventures (UDV) is a Copenhagen based venture capital firm specializing in early-stage investments in B2B subscription startups from Denmark and the Nordics. Founded in 2021 by Andreas Green Rasmussen and Rune Hven-Jensen UDV leverages their experience in building and scaling companies to support ambitious founders at the seed and pre-seed stages. The UDV portfolio includes companies such as EupryBeCause, YOGO, Kanda, Diplomasafe, and Juristic. In 2024, exited tech entrepreneur, Louise Lachmann joined as UDV’s third partner. UDV is currently fundraising for its fund II, having already secured +70% commitments on a €33.5m / DKK 250m target from existing investors from fund I.
