In order to finance further growth ambitions, Questback, Europe’s leading supplier of solutions for Enterprise Feedback, Social CRM and online surveys, is raising capital from existing investors.
The transaction will strengthen the equity base by approximately NOK 150 million (USD 18 million). The largest investors are Reiten & Co Capital Partners VII L.P. and First Fellow Oy. Other existing investors are also offered to participate.
“We see the business of Questback as a great investment case, and we decided to increase our investment to support the company in the next growth phase,” says Terje Bakken, partner at Reiten & Co and chairman of the board of Questback.
Questback will invest substantially in the go-to-market organization in the US, UK and Central Europe, which are expected to be the company’s biggest markets. In the US the organization is being built out of Houston and New York City, and more US offices are expected to open over the next year. Both UK and Central Europe are growing substantially, based on strong demand for Questback’s offering. The company expects to double the size of the organization in three years.
Questback will also continue to strengthen investments in research and development to support the company’s two platforms, Enterprise and Essentials. Over the last two years, investment in programming capacity has been tripled in order to be able to launch new and innovative feedback offerings at a rapid pace. The ramping up of research and development will continue, ensuring that Questback maintains its position as the leading feedback platform supplier.
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