Toronto — February 13, 2020 — Espresso Capital announced today that it has extended a $5 million credit facility to project portfolio management (PPM) software provider KeyedIn. The Minnesota-based company will use the capital to extend its runway and fuel continued growth.
“We have a unique vision for bringing Agile Portfolio Management to companies around the world,” says KeyedIn Founder and CEO, Lauri Klaus. “We believe any large or growing company will need our solution to make informed decisions about which organizational projects to complete to be successful. The capital we’ve raised from Espresso will go a long way toward helping us amplify our message across the industry.”
Founded in 2011, KeyedIn recently announced its 7.0 release, which delivers integrated resourcing for Agile teams, enhanced portfolio reporting, and key elements of product-focused PPM. The KeyedIn platform enables project management offices to make the right investments, manage those investments more effectively, and deliver results faster.
“We were impressed with Lauri and her team from the moment we were introduced,” says Espresso Capital’s Mark Gilbert. “The executive team has deep experience, having led a previous business to a successful exit. That experience, coupled with the company’s attractive and diversified customer base, high retention metrics, and strong investor support made KeyedIn an attractive partner. We are excited to be supporting them through this very exciting phase in their growth.”
“We are very pleased to be partnering with Espresso again to further accelerate growth within one of our portfolio companies,” says Kareem El Sawy of Arrowroot Capital, which led KeyedIn’s $15 million Series C financing in 2018. “Our complementary focus on enterprise software alongside our operating resources continue to position emerging-market leaders for long-term success. KeyedIn is a perfect example of that as we look to disrupt the latent PPM sector.”
KeyedIn plans to use the capital it has raised from Espresso to continue to innovate its product offering and ramp up its sales and marketing. The company is focused on continuing to help businesses understand and measure the immense value that can be realized by using Agile Portfolio Management to adjust resources and priorities, and take advantage of strategic opportunities.
“We’re excited to be partnering with Espresso,” says Klaus. “The team there just gets it. They understand the challenges that SaaS companies like ours face and the resources that we need. They were able to offer us a facility that meets our unique requirements and that will power our growth as we continue to scale.”
As the company continues to grow, it’s preparing for KeyedUp, its first global user conference, which will be held in Minneapolis September 14-15, 2020.
KeyedIn helps organizations simplify business processes, improve performance and drive results through its innovative SaaS-based business solutions. The company’s flagship product, KeyedIn Projects, is a cloud-based project and portfolio management (PPM) solution that enables project management offices (PMOs) and professional services teams to increase productivity, cut reporting costs and save operating expenses. Headquartered in Minneapolis, KeyedIn has hundreds of customers worldwide, including Walgreens Boots Alliance, LexisNexis and OfficeDepot. For more information, visit www.keyedin.com, or contact 866-662-6820.
About Arrowroot Capital
Arrowroot Capital is a growth equity firm based in Santa Monica focused on growing and establishing recurring-revenue software businesses. It seeks to partner with management to accelerate growth and help guide the company to its ultimate exit. Arrowroot targets equity investors in the range of $5 million to $25 million and has the flexibility to pursue larger opportunities. Learn more at www.arrowrootcapital.com.
About Espresso Capital
Espresso Capital provides non-dilutive growth capital and bridge financing solutions to leading North American companies in technology, healthcare, and other high-growth verticals. Since 2009, we’ve partnered with more than 260 companies and their investors to accelerate growth, extend the funding runway, reduce cost of capital, and minimize dilution. Learn more at www.espressocapital.com.