Dignio raises NOK 85 million in Series A
The Norwegian health technology company has been joined by a group of investors in their venture into global operations. Hugo Maurstad and Investinor have led the consortium of new investors in the company.
Dignio has become even more relevant during the pandemic with significant growth throughout 2020. Founder and CEO, Lars Christian Dahle, says the timing of the Series A could not have been better.
“There is significant potential in our market, and there was a great deal of interest from investors in this round. For us it has been important to find the right investors, who can both challenge us and back us up. We are very pleased with the outcome and the team entering our board”, he says.
Among the investors are Investinor and distinguished private equity investor, Hugo Maurstad (by way of his private investment company, Funkybiz). At the same time, existing co-owner Fredriksborg Investor is increasing its stake, while other investors and employees make up the remainder. The total investment is NOK 85 million, essential growth capital for the company’s international expansion.
“The need to move more healthcare services home to the patient is not exclusive to Norway, and we see growing demand in a number of countries. We’re beginning to get a foothold in the UK, and with these funds we will be able to raise our level of ambition”, he says.
Dignio’s sales in 2019 amounted to NOK 24 million and the company expects the figure to be NOK 45 million in 2020.
Maurstad to be Chairman of the company
The largest ownership stake will be held by Hugo Maurstad, with an investment of NOK 30 million. He is currently a Partner at Altor and Chair at XXL and SATS, among others. Maurstad will be the Chairman of Dignio.
“Dignio is an incredibly exciting company whose technology makes it possible to provide better healthcare services at a significantly lower cost. There is an enormous need for this technology, both in Norway and internationally. Dignio is one of the companies that have made most progress globally in this field and thoroughly tested their products with very good results. Since 2018 the company has more than doubled its staff and built a team which I and the other investors have considerable confidence in. I am really looking forward to working with them in the coming phase of the company’s growth and development,” says Maurstad
Investinor is investing NOK 20 million in the company and says that Dignio fits well in Investinor’s digital health portfolio.
“The digital consumer is now a majority in the workplace, thus modern healthcare professionals require efficient and innovative solutions to do their job with excellence. A rapidly ageing population needs safety, coping ability and active follow-up by healthcare professionals. Dignio solves both these challenges with superior products and innovation.” says new Board member Daniel Holth Larsen at Investinor.
Ann-Tove Kongsnes is responsible for Investinor’s health portfolio and is equally impressed by the company.
“We have been following Dignio for some time. The company has displayed very promising results in the Norwegian market. We look forward to joining them as a partner in the future and will support the company actively in its international growth.”
The combined ownership of the new investors in the company is around 25 per cent.
Dignio’s new Board
Hugo Maurstad (Funkybiz – Board Chair, NEW)
Daniel Holth Larsen (Investinor – NEW)
Morten Olav Fredriksen (Fredriksborg Investor – NEW)
Håkon Dahle (Founder and CTO – current Board member)
Jens Espeland (Founder and former Medical Manager – current Board member)
Line Henriette Holten (Current Board member)
Sigvart Voss Eriksen (Current Board member)