Spring Capital Polaris invests in Catenda
- Photo: Spring Capital Polaris / Catenda AS
- Photo: Good times during the first joint scouting trip to New York. Photo: Gunnar Sellæg, Spring Capital Polaris
Norwegian software company Catenda gains private equity firm Spring Capital Polaris as a part owner. Catenda’s Bimsync collaboration platform for construction and infrastructure is seeing considerable growth, especially in Norway and France. With this investment, the company is scaling up for introduction in other markets, primarily the US.
Oslo, 21 November 2019
“It’s incredibly motivating to have Spring on the team. We consider them the best network for scale-ups, as they have successfully done this many times before. This investment enables us to ensure our continued growth and gain important knowledge, and obtain their experience to establish ourselves in new markets,” says Håvard Bell, CEO of Catenda.
Spring Capital Polaris, with a group of co-investors, are investing a total of 65 million NOK over a three-year period in Catenda. The main shareholders after the final capital gain from Spring Capital Polaris will be: Founders and staff (ca 55 percent), Spring Capital Polaris (ca 35 percent), OBOS and Veidekke (ca 10 percent).
Catenda was established in Norway in 2009 as a spin-off from SINTEF. In 2013 they launched Bimsync, a collaboration platform that has since seen rapid market growth. Bimsync is currently available in 16 languages and has users in more than 70 countries. Several large international businesses now run all their projects in Bimsync. Notable examples are Bouygues Immobilier, one of France’s biggest construction companies; Egis, France’s largest consultancy firm with its metro and railway projects; and FC Barcelona, who are using Bimsync for the rebuilding of Camp Nou.
Bimsync is a cloud-based collaboration platform for construction and infrastructure. At its heart is the building information model (BIM), a key element in achieving a so-called digital twin. It keeps track of all data throughout the building, with all information made available to every stakeholders in real time. Bimsync allows data driven collaboration between all parties in a construction project, throughout the value chain and throughout the building’s lifecycle.
The construction industry is fragmented, and establishing effective workflows is complicated. Identifying whether you have the latest version of a document can be difficult and time-consuming, and completed buildings are often handed over with a huge number of PDFs. Bimsync has solved this in a simple and intuitive manner, making the 3D model central to the entire workflow. The open standards that are at the heart of Bimsync ensures that the customer owns their own data and that project owners and other stakeholders can easily keep control of them. This ensures greater cost efficiency and time savings in every construction phase.
“We’re very impressed with what Håvard and the team have achieved with Catenda so far. Catenda and the Bimsync product have huge potential in the US, where the market is a little behind what we’re seeing in Scandinavia. We’ve already presented the company to industry professionals in New York, and the reception was better than expected. So good, in fact, that three of them wanted to invest together with us. So we’re very pleased to be helping them scale up internationally, and especially in the US,” says Are Traasdahl, partner in Spring Capital Polaris.
“This investment provides an important stepping stone towards Catenda making our mark on a large and growing global industry. Norwegian BIM technology is world-leading, and with Bimsync we’d like to assume a visible and prominent position in the world of construction. We’re now much closer to achieving this,” says Bell.
Spring Capital’s focus area is working with Nordic software companies that are scaling up internationally, primarily in the US. They offer the skills and capital that companies need, and work with them closely to help them succeed.
Catenda AS is a software company established in 2009 as a spinoff from SINTEF. Since its 2013 launch of Bimsync, a cloud-based collaboration platform for construction and infrastructure, the company has grown rapidly. Bimsync is based on open standards and enables data driven collaboration between all stakeholders throughout the lifecycle of a construction project. Catenda’s employees are centrally placed within international standardisation bodies for IFC, BCF, and bSDD through buildingSMART International. Bimsync has a strong national and international market position. The company´s head office is in Oslo and it currently has 32 dedicated employees, working distributed from Bergen in Norway, as well as from Poland, Portugal and France.
ABOUT SPRING CAPITAL POLARIS
Spring Capital Polaris is a rapidly growing private equity firm based in Oslo and New York. The company was founded in 2017 by serial entrepreneur and primary investor Are Traasdahl together with Jostein Pettersen and Gunnar Sellæg. Spring Capital invests in Scandinavian software companies that have proven their business model in their home market, with the aim of helping them realise their potential for international growth. All portfolio companies benefit from the experience and knowledge available through Spring Capital’s wider network, and gain access to a growing ecosystem of entrepreneurs and companies with international ambitions.