The Ledger
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Nordic founders prioritize longevity over US-style growth sprints
“Often we are a little bit timid. There's a little bit of a glass ceiling in, in the Nordics. We're super good at longevity building businesses, but the burst and the window of opportunity that, that Americans see and that they cherish. And hey, I have the oppo…”
Business failure carries a lasting stigma in Europe unlike the US
“Failure in the U.S. Is a different kind of beast. If you're taking off the football team as wide receiver and you have to go to junior varsity and try to come back to varsity, you're celebrated more if you make it back to varsity because you endure it, you fou…”
LMS365 rejected $50M term sheets with heavy secondary share sales
“We turned down a number of fifty million dollar term sheets with a lot of secondaries in there, but then it was like, hey, we don't want that valuation.”
LMS365 outpaced publicly traded competitors like Cornerstone in 2023
“And if you look at our publicly traded competitors, like it to chamber or cornerstone, we certainly outgrew them.”
13 of LMS365's 14 sales hubs hit quota last year
“Our quota philosophy is attainable, so that's probably more Nordic than it is American and that meant that we run 14 hubs, which is essentially SDRs and business managers as a hub, and of the 14 hubs that we run 13 of them made quota or above last year.”
LMS365 acquired Weekly10 for €4.5M in cash and equity
“Ah, that's in that range. It was bought half in cash and half in share. So the numbers is there, thereabouts. Yes.”
LMS365 bootstrapped to $18M ARR before raising a $20M Series A
“The Series A was for twenty million. So it was actually under the premise that we have a world-class cash flow engine. When you sell to Microsoft customers, they're used to paying upfront. So that made us bootstrapped all the way up to eighteen million dollars…”
LMS365 scaled from $18M to $30M ARR during 2023
“We hit eighteen million in, in 20, 20 early 20, 23, and we came out of last year with about thirty million.”
Navision was Denmark's first unicorn with a $2.5B exit to Microsoft
“Our chairman was from Navision. Which is the first ever Danish unicorn at 2.5 billion exit to Microsoft”
LMS365 raised its Series A at a 5x to 6x ARR multiple
“We raised that around of between five and six X is what I'll give you.”
LMS365's entire $20M Series A was primary balance sheet capital
“And that was all balance sheet because then that was the trade-off, right? You want to take money in to be able to grow. Blue Cloud Ventures understood this, and you didn't want to sell out secondaries at that rate.”
LMS365 serves around 2,000 customers and over 2 million users
“2000 ish, and about just a north of two million users.”
LMS365's CTO rebuilt the platform for Azure and Teams for $70,000
“In 2016 is the birth of the company as it is today, because Freddie Bang, who's still our CTO, comes and says to the board, I will rebuild this for Azure and for Teams, and they give him 50,000 Danish kronos or 7000 dollars. He spent 70,000 dollars. Rebuilding…”
LMS365 scaled from $1M in 2018 to $30M revenue in 2024
“And then from 18 to today is what it's taken to scale from a million to thirty million.”
LMS365 builds its learning platform directly inside Microsoft Teams
“We've been building a learning management platform built into Microsoft Teams because we believe that learning should be where you actually meet where you are at every day.”