The funding will be used to expand Monocl’s US presence, including opening the US Headquarters in Boston, Massachusetts. The investment will also be used to grow and expand sales, marketing, customer success and product development teams in targeted markets.
Björn Carlsson, CEO and co-founder of Monocl commented: “We are excited to bring GP Bullhound onboard. This investment round was not planned, but the timing of it is perfect in light of our US expansion and with my relocation to the US this August. Their experience and demonstrated track record will be of great value for us in our continued pursuit to profile and connect all stakeholders in life sciences through software.”
Joakim Dal, Partner at GP Bullhound, said: “Since we first spoke to Björn last year, Monocl has been on our minds. Monocl is able to translate a process that would take two to three weeks into minutes while at the same time providing up-to-date access to data.”
GP Bullhound Fund IV, which makes the investment in Monocl, last week held its final close at 113 million EUR. Its strategy is to invest in some of the best technology companies and technology entrepreneurs. Recent investments include Slack, Klarna, Tradeshift, Glovo and LendInvest.