May 5, 2016 Venla Väkeväinen
The Finnish company, M-Files, provides enterprise information management solutions (EIM) to improve and simplify how businesses manage documents and other information. In 2015, the company had a turnover of €30,3 million, and their global partner network currently consists of over 450 partners operating in more than 100 countries. The company also employs more than 300 people.
Last March, M-Files announced a €33 million round of Series B funding led by Partech Ventures, with participation from Finnish Industry Investment and Draper Esprit. The negotiations that led to one of the largest investments into an early stage startup in Finland started last November at Slush.
M-Files had prepared thoroughly for the event by defining what they wanted to get out of it. Even though the company enjoyed the high-energy spirit and meeting other interesting startups and people, for them, Slush was above all meant for meeting VCs and investors. “For the investor meetings, we had our pitch ready and polished, including an investment thesis and what we were looking for,” says Miika Mäkitalo, CEO of M-Files. He recommends other founders who are looking for funding to do so as well. Mäkitalo advises startups to have a clear message to convey for what they are doing and what they want in terms of funding and investors.
M-Files met with Partech Venture at the venue meeting area after they had pre-booked a meeting together through the Slush Matchmaking Tool. “We knew Partech Ventures was one of the top-tier VCs in Europe capable of writing checks that were in the right ballpark for us. We suggested a meeting with Partech by using the Slush Matchmaking Tool, as we had a match,” explains Mäkitalo. During the time M-Files was in the process of raising B round funding and meeting investors. “We met Partech for the first time at Slush, and they moved quickly to make sure they were in the process, too. Partech understood M-Files’ value prop and technology right in the first meeting,” continues Mäkitalo. The investment process ended up with Partech investing €33M in M-Files, which marked the beginning of an exciting new joint journey.
M-Files has definitely had a good start for 2016, but how does the rest of the year look for the company? “M-Files continues to experience explosive worldwide growth resulting in a six-year compound growth rate of nearly 1,000 percent. The new investment will further accelerate existing sales and marketing activities, as well as expansion into new markets in North America, EMEA and APA,” Mäkitalo explains. Finally, the company will also focus on expanding and strengthening its already impressive global partner network.
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