A lot can happen in a year. After entering the ‘Future Entrepreneur’ (Framtidens entreprenör) competition, Björn Junge’s company Metaforce won a contract with the Norwegian Labour and Welfare Administration (NAV), receiving capital from one of Sweden’s most prominent IT investors.
It is a pleased Björn Junge that greets us at the office in Slussen, Stockholm. Last year he and his company Metaforce was one of the contestants in SvD’s and investment bank Carnegie’s competition ‘Future entrepreneur’.
One year later the company won the software contract for the Norwegian Labour and Welfare Administration (NAV).
“We were asked if we wanted to take part. To our delight we won over companies like Adobe and Hewlett-Packard, giant American companies with large resources,” says Björn Junge
Metaforce develops and sells software that connects different business systems and enables personalized written communication via digital channels. Among its customers are large organizations like the insurance companies Skandia and Trygg Hansa. Today the company has over 50 percent market share of the large insurance companies in Sweden, according to Björn Junge.
During the past year the company has also managed to secure an investment from IT profile Johan Hernmarck, former chairman of the Swedish Venture Capital Association.
“It is really great that he wants to take part. He has been involved and invested in many successful software companies,” says Björn Junge.
As a participant in Future Entrepreneur, Metaforce applied for SEK 10 million in financing, in order to enable the company to expand into new markets. The past year’s events mean that an international expansion is well on its way, according to Björn Junge, who says the company has previous business relations to thank for the success.
“We wouldn’t have won NAV without customers like Skandia. It takes a long time to build a good company. You have to get customer references and truly show that you can innovate and last in the industry,” he says.
Next, the company plans to continue expanding internationally. In addition to Norway, the UK and Poland are identified as potential markets.
During the autumn, SvD and Carnegie will run another competition to find the Future Entrepreneur of 2015. Companies across the country can enter up to September 7. When Björn Junge took part in last year’s competition he attended a capital day and presented the company’s business idea to investors.
“It is challenging to explain what you do to people who are not in the industry or haven’t sought you out. When you stand in front of investors you need to be fairly good at speaking briefly and to-the-point about something,” he says. “I think all companies, including those in the same phase as us, should experience this now and again. But it has to be for real, with a real audience and real investors. It is not the same to do it internally.”
Emelie Nordh, September 7, 2015, SvD