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Romania's Licenseware eyes foreign expansion after 1 mln euro funding round

Nov 29, 2022, 2:48:14 PMArticle by Razvan Timpescu
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November 29 (SeeNews) - Romanian software start-up Licenseware said on Tuesday that it will expand in strategic markets after it raised 1 million euro ($1 million) from investors in a funding round led by venture capital firm Early Game Ventures.

Romania's Licenseware eyes foreign expansion after 1 mln euro funding round
Alex Cojocaru, CEO of Licenseware Source: Licenseware

"With this new investment we will concentrate significant resources on expanding Licenseware in strategic markets, at an aggressive pace, which is something we have not been able to achieve until now," Licenseware co-founder Chris Allen said, as quoted in a company press release.

The investment division of Romanian software development group Fortech, which has invested in Licenseware since 2021, also participated in the round, Licenseware added.

The other companies which took part in the investment round were Acequia Capital, Hellen’s Rock, Roca X, Growceanu, Transylvania Angels Network and Startup Wise Guys.

Licenseware is a Romanian start-up, established in 2020. Initially built around the Oracle software, the company provides software solutions for enterprises. In 2021, the company booked a turnover of 259,500 lei ($55,160/52,670 euro) and a net profit of 33,536 lei, data from the finance ministry's website showed.

($=0.9549 euro)

(1 euro=4.9266 lei)

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