Dignio is joined by a strong group of investors as the company ramps up its international expansion. Hugo Maurstad and Investinor are two of the new investors, with Hugo Maurstad assuming the role of Chairman of the Board.
The demand for Dignio’s solutions for digital remote care has become increasingly prevalent during the COVID-19 pandemic. The company’s revenues for 2020 are expected to come in 80 percent higher than 2019, due to an expanding customer base and increasing sales. Dignio’s founder and CEO, Lars Christian Dahle, believes the successful fundraising could not have come at a better time.
“It’s not difficult to see Dignio’s potential in the current market, and we have experienced significant interest from investors as a result. We sought partners that could both challenge us and help us grow, and we are extremely happy with the new investors now joining the Dignio team.”
The two biggest new supporters of Dignio are Hugo Maurstad and Investinor. Additionally, current co-owner Fredriksborg Investor is participating in the round. In total, the new round of investment is NOK 85 million, which will be vital to the company’s international growth strategy, according to Dahle.
“The need for remote health services to patients with long term conditions is not limited to Norway. We observe an increasing demand for similar healthcare solutions in several other countries. We have already established a foundation in the UK market, and fresh funding allows us to think even bigger.”
Dignio’s revenue totalled NOK 24 million in 2019, and is expected to grow to NOK 45 million in 2020.
Maurstad becomes Chairman of the board of directors
Hugo Maurstad is the largest investor in this round, investing NOK 30 million. He is a current partner of private equity firm Altor, and serves as Chairman of publicly listed XXL and Sats, a Norwegian sports outlet chain and gym franchise, respectively. Maurstad will become Chairman of the board of Dignio.
“Dignio is an unbelievably exciting company with a market leading technology, offering better health services at significantly lower cost to patients. There is an enormous demand for this technology in both Norway and the rest of the world, and Dignio has made great progress in the field, with its proven and market leading products. They have doubled their staff in just two years whilst managing to build a team that other investors and I have great faith in. I am looking forward to working with them in their next phase of growth and development,” Maurstad says.
Investinor finds Dignio a good fit to their digital health strategy.
“Over the years, the healthcare sector has been staffed by more young people who are accustomed to using digital tools in everyday life. As a result, they seek solid digital solutions that can aid their professional lives too. At the same time, our population is getting increasingly older. We know that today’s elderly want services that provide a sense of safety and control over their own health, while maintaining dialogue with healthcare providers. Dignio covers all of this and more”, says prospective board member Daniel Holth Larsen, of Investinor.
Investinor’s responsible for health, Ann-Tove Kongsnes, is also very impressed by Dignio’s achievements to date.
“We have had our eye on Dignio for a long time. The company has achieved very promising results in the Norwegian market. We look forward to joining them as a partner, and we will take an active role in helping Dignio’s journey towards international growth.”
Together, the new investors will have a combined ownership of about 25 percent.