Senseworks is raising 30 million SEK in an investment round led by Industrifonden with the aim of digitising today's highly manual auditing industry and building an insight platform for auditors, accounting consultants, management and investors. The company's SaaS platform automatically connects data from different systems in real time, while analyzing, documenting, reporting and monitoring all in one tool. Senseworks creates new conditions for the industry and enables more time for value-creating work through full digitisation and more efficient work processes.
Senseworks launched its platform in 2022 and today has more than 60 clients, including international auditing and accounting firms. The platform requires minimal customer implementation and accountants and accounting consultants can work in a modern and collaborative user interface. The ambition is to improve the industry's often heavy and manual processes. The results show a great improvement in the efficiency of customers' work, in parallel with a reduction in administrative burden and an increase in quality. By automating data, transactions and information, the need to work in isolation in various Excel templates and other tools is eliminated.
“We are grateful for the trust our investors have shown us. The new capital will enable us to accelerate the development of our digital platform and continue to improve the industry. Our vision is to create better conditions for accountants and accounting professionals, so that they can focus on value-driving and meaningful tasks,” says Alexander Ögren, CEO of Senseworks.
The investment round was led by Industrifonden, with participation from Kaknäs Invest and former investors Curitas Ventures and Partnerinvest Norr. Early investors include industry profiles such as Sara Uhlén, a former board member and partner of Grant Thornton, and Helene Willberg, former CEO of KPMG Sweden.
“Senseworks has demonstrated in a short period of time its ability to build a strong, competitive product that meets a significant need in the industry. They have impressed us both with their team and their rapid pace of growth. We have looked at the competitors, talked to the companies in the industry and believe that Senseworks will win the global audit and analysis market. That's why we look forward to supporting their continued journey,” says Caroline Wadstein of Industrifonden.
The new capital is to be used to further accelerate growth. To meet demand, Senseworks is also strengthening the Customer Success and Product teams, with the goal of maintaining a high level of service and further developing the platform. Senseworks is also launching Senseworks Revision which allows accounting firms to manage the entire audit process in a single application from data collection, analysis, documentation, reporting and follow-up.
“We are delighted to be able to support Senseworks in their exciting company building. Their ability to develop in a short period of time a platform that creates clear value for customers has impressed us and all the clients we have spoken to confirm the strength and relevance of the platform. We look forward to being part of their continued journey and to support their development and expansion, both in Sweden and internationally,” says Patrik Hamilton, Partner at Kaknäs Invest.
The industry is struggling with an annual staff turnover rate of 20% due to repetitive tasks, stress and the majority of accountants working overtime every month during the peak season. Senseworks works to improve working conditions in the industry by making it easier for accountants and accounting professionals to reduce seasonality and instead focus on more strategic tasks. The goal is a better work-life balance, which is especially important during peak periods in the auditing industry.
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About Senseworks
Senseworks is a web-based collaboration platform for auditing and data analysis that brings together all information in a single source of truth and helps accounting and accounting firms avoid each employee working in isolation in proprietary excel templates or Power BI. Automatically retrieving ledger data and documents from customers' accounting systems, bank transactions, taxes, employer contributions and company data facilitates work and increases quality.
Senseworks wants to contribute to a better work-life balance in accounting and auditing by reducing seasonal variations and allowing employees to focus on more value-driven and interesting activities.
Contact alexander@senseworks.io for more information.
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About Industrifonden
Industrifonden is a Nordic venture capital fund with an evergreen structure that enables a long-term perspective on investments. The Industrial Fund invests in unique, globally scalable innovations that have a positive impact on society. The focus is on companies with the potential to transform an entire industry — or give rise to a new one.
Contact caroline.wadstein@industrifonden.com for more information.
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About Kaknäs Invest
Kaknäs Invest is a privately owned investment company that focuses on supporting and investing in entrepreneurs who build innovative companies. With a strong belief in entrepreneurship and the potential of individuals, Kaknäs Invest strives to balance both heart and intellect in its investment work and when supporting and following entrepreneurs.
Contact patrik.hamilton@kaknasinvest.se for more information.
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About Curitas Ventures
Curitas Ventures is a Stockholm-based VC that invests in tech and life science. CV focuses on entrepreneur-driven companies in Sweden and the Nordic countries. As active investors, they support their portfolio companies to accelerate, grow and become market leaders.
Contact gerda@curitasventures.com for more information.
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About Partnerinvestvest Norr
Partnerinvest Norr is a venture capital company, active in North and Västerbotten, investing in startups with innovative, scalable and sustainable business models and driven entrepreneurial teams.
Contact lena@partnerinvestnorr.se for more information.
