Stockholm-based Telness Tech secures €5m funding, expands into the U.S. market
Telness Tech, the Stockholm-based full automation software company for the telecommunications industry, has secured €5 million in bridge-funding in the midst of a rapid international expansion, swapping operational founder roles and gearing up for new market entries. With over 18 mobile operators running Telness Techs full automation platform, the software company also signed multi-year contracts with first two U.S. clients - much earlier than expected.
In November of 2023 Telness Tech implemented 11 mobile operators to run on their software within just six weeks, today those are 18 mobile operators live. With a pipeline valued at over 200msek (in annual recurring revenue), having signed clients in both U.S. and Europe, the rapidly growing software company has taken in €5 million from two largest shareholders, Industrifonden and Viltor (JCE Group).
Jonas Cedenwing, Founder and COO, Telness Tech: "The pace of our growth has been extraordinary, we registered our U.S. company in December and signed our first two U.S. clients in February. That’s a good start on 2024. It's imperative that we scale up rapidly to meet the demands of our expanding client base. As I focus all my time on our new international clients in this unprecedented growth, scaling our organization accordingly, Martina will oversee managing the leadership team and reporting to the board.''
The unprecedented pace of growth the last few months has prompted Telness Tech to restructure its executive team to effectively manage its expanding operations, with two of the original founders behind both Telness and Telness Tech, swapping operational roles. Founder Jonas Cedenwing becoming Chief Operating Officer, leading the charge in the company's international expansion across new continents and Martina Klingvall becoming CEO of Telness Tech.
Martina Klingvall, Founder and CEO, Telness Tech: "With our current growth trajectory, it's essential to have our top talent closely involved in the execution of our operations. As CEO, I will focus on managing the leadership team, while Jonas will lead critical technical aspects and operations, ensuring that our momentum remains as we rapidly enter new markets. We can’t wait to tell you more soon.''
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