Our portfolio company Monq Lab has recently raised 1 million EUR in a follow-on round from Co-founder and ex-CEO of Veeam Ratmir Timashev.
Monq Lab helps to automate IT monitoring and IT incidents investigation for tech and retail businesses with complex and distributed IT infrastructure. Monq Lab operates on a large and fast-growing market. It is expected to reach 644 billion USD by 2026 and growing 20-30% per year.
New Nordic Ventures invested in Monq Lab in June 2021 and since that Monq has been demonstrating strong operational and commercial performance, including signing up first target customers from Nordic Europe, launching new product version and closing the new investment round. The new investment will be used to finance Monq’s expansion in Europe and to enter the US market.
Prior to obtaining the investment from New Nordic Ventures and entry into European market, Monq Lab built notable commercial traction in CIS region. However, after relocating to Latvia and obtaining its first investment from the EU based VC fund, Monq Lab attracted impressive interest from international cooperation partners, including world leading IT monitoring companies, large international IT integrators etc.
Nikolay Ganyushkin, CEO @MONQ Lab about cooperation with New Nordic Ventures:
When you start international expansion it is crucial to chose a reliable and valuable partner that will bring credibility to your company on the new market. Now after half a year of our cooperation with New Nordic Ventures, our results show that we made a right decision when we agreed to accept their offer and start our European journey with New Nordic Ventures.
Our investor brought us to a new level of recognition. They helped us to gain our first European customers with high reference value in Baltics, introduced us to several potential cooperation partners and helped us to set-up a company that is attractive to international investors. The whole investment structuring process was very transparent and smooth, we received very professional support in legal aspects, including incorporation, bank account opening etc. So we were fully equipped. As a result, it took us less then a week to close the follow-on round with the US investor after we agreed on the financial terms.”