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The company will use the financing for expanding its New York and London offices and develop software integrations and machine learning possibilities. Along with a previous investment, Scoro has by now raised 6.1 mln euros, the company said.

The software platform, which was launched in 2013, combines project management with time and team management, sales, billing, and professional services automation.

"Companies use dozens of different tools. There is basically a separate software solution for every job, which allows for the work to be made more effective. However, constantly switching between tools brings along the fragmentation of data. Scoro solves this problem by combining all tools necessary for the job into one system. Thanks to this, teams become more productive, leaders have a better overview of resources and it is possible to make decisions based on data," Fred Krieger, founder and CEO of Scoro, said.

"The achievements of Fred and his team are very impressive. Scoro's platform changes the software industry on a fundamental level and their fast-growing and profitable model fits well with the profile of companies supported by Livonia," Kaido Veske, co-founder of Livonia Partners, said.

"We have been Scoro's investors since 2016 and in that time, the company has shown constant growth and expansion. With this additional funding, Scoro will be able to accelerate growth even further and offer its current and future users a more efficient service," Inventure partner Tuomas Kosonen said.