A SaaS startup based in Malmo, Sweden, called Occtoo has recently raised €4.6 million from a seed round led by Newion, an Amsterdam-based VC firm. Additionally, 42CAP and Industrifonden invested in the round. Newion IV is Amsterdam’s fourth venture capital fund; it invests in about twenty new B2B software startups each fund.
The company plans to use the funds to expand quickly and develop new products while increasing its partner network.
Many tech-heavy companies use MACH/Composable systems because it’s hard for non-tech savvy companies to use. However, new software based on the Experience Data Platform makes it easier for more teams to benefit from composable systems. Occtoo’s CEO Niclas Mollin says removing the complexity from Composable allows the digital team to dictate how the project is approached. Instead of having to rely on the IT department to piece everything together, business users now have control over their project.
What Does Occtoo Solve?
Occtoo provides an integration between data silos and tech resources to create self-service tools and digital experiences that companies need to digitally integrate. In order to meet their needs, companies must digitally integrate the entry and exit points of the customer journey. This process is too cumbersome and costly; digital teams often rely on expensive tech resources to build integrations.
Occtoo is a digital Experience Data Platform founded in 2019 by former inRiver employees Niclas Mollin and Jimmy Ekbäck. Occtoo helps teams create apps and experiences faster by using data collected from every step of the process.
The company accomplishes this by providing the team instant access to any necessary data and content without needing to make expensive or complicated integrations.
They can create an API that allows users to post data and publish with a single click. This provides them with access to all channels, touch points and devices. Additionally, they can match content with the right customers and keep track of data gathered from real-world sources.
Many brands, including Cartier, Fjällräven and Intersport, use Occtoo’s digital tools to create their stories. These include slicing and dicing data to pick the specific assets that a person needs for their story. Anyone can use easy-to-use Octoo software without any coding skills.
The company maintains around 45 employees from 14 different countries and 16 nationalities. Many of the employees are from Europe, but some come from other regions around the world.
Newion believes Occtoo’s upcoming product will provide a lot of value to digital teams. This is because the company has built a very well-done product that significantly enhances the experience for their users. Newion also thinks Occtoo has the potential to become the leading company in this new category.