New and returning investors have helped the DTU-backed project management software producer close its new round, lifting its total funding in excess of $28m.
Forecast, a Denmark-based project management platform developer that counts Technical University of Denmark (DTU)’s venture capital arm PreSeed Ventures as a backer, raised $19m in a series A round yesterday.
VC firm Balderton led the round, which included existing shareholders Crane Venture Partners, Heartcore and Seed Capital. It took the company’s overall funding past $28m.
Founded in 2016, Forecast has built an artificial intelligence-equipped business software tool that helps organisations with project management and resource planning tasks.
The cash will be used to expand in its presence in the US market, improve its technology and further develop its business.
The company had secured $5.5m in a seed round in late 2019 led by Crane and backed by Heartcore and Seed Capital, after the last two (Heartcore was known as Sunstone Capital at the time) co-led a $2.7m deal the year before.
Seed Capital had participated in an $830,000 round three years before, investing alongside PreSeed Ventures.
