Coredinate secures follow-on financing
September 20, 2017
New investor MWN Equity Investment and Bayern Kapital Innovationsfonds ERFE take stake
Coredinate, a software-as-a-service (Saas) company based in Uffenheim, Bavaria, has successfully closed a €1.9 million financing round. Alongside existing investors such as High-Tech Gründerfonds, Bayern Kapital has invested in the firm once again – this time using funds from its innovation fund BayernKapital Innovationsfonds ERFE, which replaces SeedFonds Bayern, the vehicle used for its previous investment. Stadtbergen-based MWN Equity Investment GmbH is now also on board as a new investor. Coredinate intends to invest the money in advancing product development and stepping up its sales and marketing activities.
Coredinate’s SaaS solution enables maintenance, security and cleaning firms to optimise daily work processes with the help of innovative guard tour patrol systems. It offers improved verification of checkpoints and employee tasks, enables occupational safety to be monitored with GPS functionality, and comes with an integrated time management system. All applications can be managed on a smartphone. Automatic reports are sent to service providers and their clients with the help of real-time data transmission.
“Coredinate’s SaaS solution is an ideal example of digitalization in action in traditional industries such as security and maintenance. Since our seed investment, renowned companies including Miele, POND Security, W.I.S and Wincor Nixdorf have become Coredinate clients. Thanks to the company’s team of industry veterans and the additional investment, Coredinate’s assistance system will become an industry standard,” says Chiara Sommer, Senior Investment Manager at High-Tech Gründerfonds.
“With our new investor MWN Equity Investment on board and with the support of our existing investors, we will be able to advance product development and add functions, for instance,” explains Michael Kulig, co-founder of Coredinate alongside his brother, Sebastian Kulig. “In addition, we’ll also benefit greatly from our investors’ expertise when establishing sales networks across a range of countries. This will enable us to raise the profile of our software beyond German-speaking countries.”
About Coredinate GmbH
Based in Uffenheim, COREDINATE GmbH is a software company that specialises in cloud-based SaaS solutions for security, maintenance and cleaning firms. Coredinate offers Software-as-a-Service application for the efficiency and control of service operators such as security services, maintenance or cleaning companies: Activities in these sectors are mostly documented on a clipboard on site. With COREDINATE a smartphone is sufficient.
About MWN Investment GmbH
MWN Equity Investment GmbH (MWN) is providing funding and participating in growth-oriented companies, including start-ups, with an emphasis on disruptive and innovative technologies as well as the digitalization of business processes. MWN is focusing on renewable energy, logistics, and SaaS sectors and the role can vary from financing, to mentoring, and in specific cases to acting as a portfolio operator.
BayStartUP is your professional guide through the Bavarian startup scene. Our experienced team prepares startups for funding rounds and connects them with investors from Germany‘s largest network of investors. BayStartUP offers a broad range of services for founders, business angels and industry representatives. Among others, the company organizes business plan competitions, startup coachings and networking events. BayStartUP is backed by the Bavarian Ministry of Economic Affairs and Media, Energy and Technology as well as industrial and private sponsors.
About Bayern Kapital
Bayern Kapital GmbH, based in Landshut, was founded on the initiative of the Bavarian government in 1995. It is a wholly-owned subsidiary of the Bavarian LfA Förderbank. As the venture capital organisation of the federal state of Bavaria, Bayern Kapital provides equity capital financing for the founders of young innovative technology companies in Bavaria. Bayern Kapital currently manages eleven investment funds with a total volume of around €340m. So far, it has invested more than €254m in over 250 innovative tech-based companies in various sectors, including life science, software & IT, medical technology, materials and new materials, nanotechnology and environmental technology In this way, more than 5,000 long-term jobs in sustainable companies have been created in Bavaria.
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is Germany’s most active seed stage investor. With about EUR 820 million under management in three funds, it provide financing for technology-driven companies active in a wide range of fields, including robotics, IoT and energy, Medtech and Biotech, chemicals and software. Investors in this public-private partnership include the German Federal Ministry of Economics and Energy, the KfW, and strategic corporate investors.