Favro Raised $4.3M to Bring Business Agility to Remote Working Teams

Favro, a computer software startup based in Sweden, has raised $4.3 million in seed funding to help remote teams get work done via its collaborative planning app.

The funding round was led by Practica Capital, with participation from Scale Capital, Creandum, Inbox Capital, serial entrepreneur Christopher Beselin, and other strategic investors. Donatas Keras, Practica Capital Founder and Partner, referred to the firm’s participation by stating:

“We are impressed with the team and leadership Favro has built in Vilnius in such a short time. They are already making complex enterprise level deals worldwide with truly innovative companies. For people with the right talent and drive to put their career in hyperdrive, this will be the right team to join the coming months.”

Favro was founded in 2016 by Hans Dahlstrom, Erik Olofsson, and Patric Palm, with the mission to make collaborative planning easier for enterprises transitioning to flatter organizations with distributed autonomous teams, aligning them with the company’s objectives. Patric Palm, Favro CEO and founder, said in this regard:

“Modern managers understand that as a leader you should be a facilitator rather than a dictator to get the most out of your teams. The problem is that today’s tools haven’t caught up with modern agile management. Your choice has been between big centralized platforms where everything becomes a ticket in a pile, or newer tools that look good but still have features that build upon management ideas from 1910. This is why we created Favro.”

Automation in collaborative work environments continues to gain priority as enterprises around the world continue to transition towards remote and hybrid work environments. Favro provides such automation while giving all collaborators a high level of autonomy when it comes to planning their work, an approach that makes it a platform perfect for SaaS and live game companies.