Caroline, you have many years of experience investing in growth companies, operational experience in start-ups and have worked with finance and M&A. Can you tell us what kind of organization Industrifonden is and why are you so sought after as an investor?
Oh, absolutely! Industrifonden is a venture capital fund that invests in growth companies in technology and life sciences. The fund currently stands at approximately 6 billion SEK and has over 60 portfolio companies. We are one of the most active investors in Sweden and have invested in companies such as Oatly, Qlik, Funnel, Nextory and listed more than 18 companies.
We are founded from the Swedish state and established as an independent evergreen fund. That means we can care less about short-term returns and instead focus on creating long-term value. This allows us to invest in companies that can really help change industries, something that from our experience can sometimes take a little longer.
What kind of money do you invest and in what type of company?
The size of an initial investment is between 10 and 50 million SEK, which in many cases is followed by additional investments. We're looking for unique, scalable innovations with the potential to transform an entire industry — or spark a new one. The companies we invest in have global potential, are facing an international expansion journey and are driven by passionate founders with big ambitions to change the status quo.
How did the evaluation of Senseworks come about and what did you see in the company that made you want to invest and join the journey?
It didn't take many meetings before we realized that Senseworks was something really special! The team has a unique combination of deep domain knowledge in auditing and exceptional expertise in software development. Customers are incredibly satisfied with the product — the platform is easy to implement, and the intuitive interface allows users to get started quickly. We are fully confident that Sensework's modern and scalable software platform can grow rapidly, fundamentally change the entire industry and propel it towards a more digital and efficient future.
How do you see the future of the international audit tools market?
The audit industry is one of the most standardized in the world, but it lags far behind in digitization. Internationally, system support is in short supply, and the gap to other industries such as accounting and finance is wide. It is surprising that audit firms have not come further.
We see rapid global development in the coming years, driven by increased demands for automation, particularly through AI, and a greater focus on sustainable working conditions. The market is huge but fragmented, and here is a great opportunity for Senseworks to take a leading role and gain market share at all levels.
What makes you excited for the next 2 years for Senseworks?
What really excites me is how the platform, with data as the central engine, creates a powerful knowledge bank and gives customers a single source of truth. That's a huge improvement over the systems they use today. I also look forward to seeing the team shape how modern audit work should be conducted and characterise the industry by driving know-how and best practice through the tool. I am absolutely convinced that Senseworks faces an exciting growth journey in the coming years!
Why do more and more international firms choose Senseworks do you think?
It is clear to me that the Senseworks software platform is developed with a strong focus on stability, performance, flexibility and security. Technologically, their software is at an unbeatable cutting edge and meets international standards. They have built a strong trust in the Swedish market with many loyal customers confirming that the platform really works. This has made Senseworks an obvious choice for international firms as well, which is incredibly exciting to see.
Thank you for this interview Caroline!
