Press release: Planday receives capital to secure growth abroad
One year after the Swedish venture capital fund, Creandum, invested $3.75m in Planday, the Danish company receives yet another vast sum of capital. This time it comes from the Danish Market Development Fund. The money is going to take Planday to the next level and attract well-established customers from three foreign markets in particular in which there is a huge potential for employee scheduling software.
”With the money from the Market Development Fund, we now have the opportunity to enter the American, British and German markets much earlier than expected. Even though our employee scheduling system is very scalable, we still need to adjust to local demands which we will be able to do with this extra funding. The better we are at doing that, the more jobs we can create in our head office in Copenhagen, Denmark,” Christian Broendum, CEO at Planday, says. The adjustments to the system concern payroll calculations and shift planning needs.
Planday has a clear strategy of creating global sales from their headquarters in Copenhagen which is why the company welcomes the $417,000 injection from the Market Development Fund. Planday applied for funds at the end of 2014 – as did 84 companies in total – and Planday was one of the companies earmarked for a subsidy for further expansion.
Huge potential abroad
Since 2004, Planday has made it easy for companies to handle employee scheduling, shift swaps, HR and payroll through the company’s self-developed software-as-a-service which managers and employees can access via a computer or a mobile app. This way, they are able to swap shifts amongst each other. The system also automatically calculates the correct payroll and supplements for each individual employee.
”Today, many small and medium-sized businesses handle their shift planning on whiteboards or simple, homemade solutions.However, their immediate simplicity can often mean that over the long run they are also very time-consuming and fail to provide the necessary overview a company with many employees needs. This is where we’ve found our niche, and to our surprise it seems that the use of employee scheduling systems is not very widespread abroad. That’s why we believe that we will be able to quickly welcome customers from these new markets, and it is important to us that we get there first to scale quickly.
Furthermore, we know from experience that as soon as new customers get on board, they stay with us. That has also played a part in the Market Development Fund’s deliberations, I’m sure,” Christian Broendum says.
For the CEO and the founders, the dream doesn’t stop at the American, British and German markets.
“We have global ambitions, and we know that we have an employee scheduling system that is so well-programmed that our goals are realistic,” Christian Broendum says.
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For more information, please contact:
Christian Broendum, CEO Planday, [email protected], T: +45 22 10 71 96
Planday has developed an online employee scheduling solution fitting every type of business relying on a flexible workforce such as restaurants, hotels, shops, call centres and fitness centres. Planday automates many of the time-consuming and manual work processes that many small and medium-sized businesses are struggling with. By putting everything online, including staffing needs, employees, work hour regulations and labor costs, the optimum work schedule can be made in a few minutes, and managers, employees and colleagues can communicate directly through an app. The employees can handle shift trading themselves, and they are always updated on news and changes to the schedule no matter where they are. Planday saves both customers and users time, money and frustrations. In 2012, 2013 and 2014, Planday was given the exclusive Gazelle award from the largest Danish business newspaper, Børsen, for their rapid growth. In 2014, Planday received capital from the well-known capital fund, Creandum, and in 2015, they recieved another investment from former global Just-Eat CEO, Klaus Nyengaard.