The transaction will strengthen the equity base by approximately GBP £12m (NOK 150 million). The largest investors are Reiten & Co Capital Partners VII L.P. and First Fellow Oy. Other existing investors are also offered to participate.
“We see the business of Questback as a great investment case, and we decided to increase our investment to support the company in its next growth phase,” saíd Terje Bakken, partner at Reiten & Co and chairman of the board of Questback.
“I am very excited about the growth prospects of the feedback market. With its solid track record and strong management team I believe Questback will do very well over the coming years,” said Risto Siilasmaa of First Fellow Oy. He is the founder of cybersecurity company F-Secure and is currently the chairman of the board of Nokia and F-Secure.
Questback will invest substantially in its go-to-market organization in the US, UK and Central Europe, which are expected to be the company’s biggest markets. In the US the organization is being grown from Houston and New York City, with more US offices expected to open over the next year. Both UK and Central Europe are growing substantially, based on strong demand for Questback’s offering. The company expects to double the size of the overall organization in three years.
Questback will also continue to strengthen its investment in research and development to support the company’s two platforms, Enterprise and Essentials. Over the last two years, investment in programming capacity has been tripled in order to be able to rapidly launch new and innovative feedback offerings. The ramping up of research and development will continue, ensuring that Questback maintains its position as the leading feedback platform supplier.
“Over the last two years we have prepared a more scalable business model in order to expand faster than the current growth trajectory. Already 70 percent of our turnover is outside Norway, and this proportion will grow over the coming years. A stronger balance sheet ensures that the tremendous success of this company will also continue in the coming years,” said Frank Møllerop, CEO of Questback.