Flowhaven has secured $5.2 million of investment in its latest seed round financing, courtesy of Global Founder Capital, alongside existing investors including Icebreaker.vc and grants from the Finnish government.
The Finland-based outfit is currently the only brand licensing solution built on the leading CRM platform, Salesforce. Investors have backed Flowhaven, spotting the fast-growing potential of brand licensing and the industry’s ‘opportunity for technology-driven advancements.’
Global Founders Capital has a history of investing in startups that disrupt existing markets or create new ones. Portfolio investments include the likes of Facebook, Slack, Trivago, Canva, Eventbrite and more.
“Brand licensing is a fast-growing industry with a deep opportunity for technologically-driven advancement. Flowhaven is bringing that from a point of passion, deep industry knowledge, and customer-centricity,” said Philippe Klintefelt Collet, partner at Global Founders Captial.
“We are elated to welcome Flowhaven into the Global Founders Capital family and look forward to partnering on the road ahead to build a category-defining company.”
Meanwhile, Icebreaker.vc is a VC firm and community with a focus on software-driven companies in the Nordics and Baltics. Icebreaker.vc and Flowhaven have worked together since 2018 with a focus on international growth and sales and marketing acceleration.
“Flowhaven is one of the best examples of our investment focus, having deep industry knowledge and a software-driven solution to a growing global problem. We are proud to continue supporting the team with this investment round and welcome new Global Founders Capital on-board. We are very much looking forward to the upcoming acceleration of Flowhaven’s international business,” added Aleksi Partanen, partner, Icebreaker.vc.
The new funding will now help the company further its mission to modernise the brand licensing industry by expanding its sales and marketing efforts around the globe, contributing to its product development and the hiring of key positions.
The brand licensing industry is one of the most rapidly growing industries in the world, made up of Fortune 500 brands, licensing agents and manufacturers with an interest in expanding popular brands into consumer products and experiences. In 2018, the brand licensing industry grossed more than $280 billion in revenue.
“To achieve long-term success, we wanted to involve brilliant investors who had prior experience helping companies accelerate and sustain growth. We are excited to continue our partnership with Icebreaker.vc and embark on a mutually beneficial journey with Global Founders Capital,” said Kalle Törmä, chief executive officer and founder, Flowhaven.
Completing this round of funding continues an extraordinary year of growth for Flowhaven, which saw the company expand its customer roster, make key appointments in North America and the UK, and triple its market share globally.
Since the beginning of the year, the company has formed new partnerships with global brands and agencies including Globosat, Brazil’s largest pay-TV provider; Gruner+Jahr, one of Europe’s largest media publishers; Crunchyroll, the world’s most popular anime brand; and many others.
An additional testament to the company’s growing success, Törmä was awarded Licensing International’s Rising Star Award at the beginning of the year for his groundbreaking work in licensing management and his success working to widen licensing’s reach in the Nordics.
Flowhaven is moving its headquarters, currently located in Espoo, Finland, to Helsinki and formally opening its office in Santa Monica, California. The company is set to expand its operations in Central Europe and the UK and will soon announce new appointments to its global leadership team.
“We’ve seen big changes in the market and a push for easier licensing management. It is fantastic that we can contribute to the success of media and entertainment companies ranging from small, two-person companies to Fortune 500 enterprises,” said Timo Olkkola, chief commercial officer and co-founder, Flowhaven.
Flowhaven was founded in 2016 by Kalle Törmä, a former licensing operations specialist at a top gaming company and a lifelong brand enthusiast. The platform helps brand licensing professionals tailor their operations and analyse their data to optimise their workflows and increase their revenue.
At the heart of Flowhaven’s solution is Salesforce, the leading customer relationship management solution, which uses cloud-based, intuitive technology to manage company relationships, streamline processes and improve profitability.