Nordic Eye News

Follow up investment – Zycada

Zycada has a new CEO on board who has a significant commercial experience and appears very competent.

  • October 9, 2020

Based on a series of online meetings with him, we assess him to be a strong reinforcement of both Zycada’s management as well as their commercial approach. In continuation of this employment, Khosla Ventures has now taken the lead in a new funding round of USD 7M to better prepare Zycada for their future growth, which the new CEO will be in charge of. At the same time, Khosla Ventures invited us to be co-lead and thus take a proportionately larger share than our prorata, on some particularly attractive terms. At this time, we have unfortunately only been able to accept our pro-rata share and thereby still increase our ownership a bit.

We have been very positive about this, as just before COVID-19 we saw a greatly reduced sales time of Zycada’s products and hence also an increased customer approach. Furthermore, a proven customer case has shown an increase of as much as 9% in revenue and a 169% improved response time, after Zycada became a part of the customer’s e-commerce solution.

We continue to have great confidence in the company and its products.