- Ilmarinen, a Finnish pension insurance company, has also invested
- Fennoa develops and sells cloud-based financial administration services used by accounting firms and their customers
- In the last three years the company has grown at a compound annual growth rate exceeding 100%, according to CapMan
CapMan Growth announced on Thursday that it has invested in Fennoa, a developer and provider of cloud-based financial management software used by accounting firms and their clients.
In the last few years the company’s revenue and profitability has increased tenfold, according to CapMan. Through the last three years the company has grown at a compound annual growth rate exceeding 100 percent, the firm added.
Finnish pension insurance company Ilmarinen has invested in the Helsinki-based company alongside CapMan.
Fennoa was founded in 2014 and employs 32 people. It serves approximately 500 accounting firms.
CapMan is also headquartered in Helsinki and invests across real estate, private equity and infrastructure. It has over €4.8 billion in assets under management.