Autolog will be participating at the EVS as one of Scandinavias most potential growth companies
In October 2009 Autolog was nominated one of the 10 most potential Nordic growth companies at the Nordic Venture Forum.
NVF 2009 Nordic Venture Forum is held annually and brings together the 50 Nordic start-up ventures showing the greatest growth potential, and a number of interested investors.
The small Danish company Autolog Systems was, as a member of the Microsoft BizSpark program, encouraged by Microsoft to apply for participation at the NVF 2009 in Copenhagen on the 19th of October 2009. The company was selected along with 59 other potential firms. Autolog Systems impressed its way to a nomination, with its company presentation, as one of the 10 most promising growth firms throughout Scandinavia. The 10 "winning" companies were selected on the basis of 6 criteria (www.e-unlimited.com/events/view.aspx?events_pages_id=74). The selection Committee consisted of a panel of experts with experience in the Venture Capital industry and in entrepreneurship.
Autolog's intention with participating at the event was to raise funding for its plans to expand internationally. The company has, with its automatic mileage logbook, already built a solid foundation on the Danish and Norwegian markets with approximately 6000 users, including large companies as COOP Denmark and several private and self-employed users. The company has now developed an international version of the mileage logbook that meets the IRS requirements of the larger Western and Nordic countries.
"Our intention with participating at the NVF 2009 was to meet potential investors, but apart from them we also met potential international partners, so it has been a good springboard for us in our international growth." Said Stig Lyngsie, Partner and responsible for the firm's international development.
Qualified for the European Venture Summit
The nomination qualifies the companies for the European Venture Summit on the 30th of November and 1st of December 2009 in Düsseldorf, Germany. Here the companies compete against 119 potential European growth firms for investors' money and a prize of 90,000 EURO. Read more about the EVS here (http://www.e-unlimited.com/events/view.aspx?events_pages_id=25).
"When we started the company just over 3 years ago we had a clear vision of global growth, but in line with the economic crisis and the great reluctance from Danish banks and investors, it has not been possible. This nomination changes the picture markedly. It now becomes much easier to obtain the necessary capital, which will most likely be foreign venture capital as we have already received seven inquiries from potential investors. This should result in getting the resources to create the momentum needed to become the preferred mileage logbook worldwide as well as in Denmark." Said a bold Stig Lyngsie.