Flowhaven which has now closed on $16 million in Series A funding, helps brands to manage their licensing partnerships, including the account management aspects, the individual product information, the financial information, and more.
The new round was led by Sapphire Sport, the part of Sapphire Ventures that specializes in sports, media and lifestyle brands. Existing investors Global Founders Capital and Icebreaker.vc also returned, bringing Flowhaven’s total raise to date to $21.5 million.
The idea to modernize the media licensing business comes from a founder who had direct experience in the industry.
Today, the Flowhaven licensing management platform automates the brand licensing workflow process, including the planning and strategy, account and agreement management, content distribution, design approvals, royalty reporting, and more.
It also helps to keep teams on schedules that can often be tight in the media and entertainment businesses.
Flowhaven pitches that its software isn’t just saving time, it also saves money. The company estimates that licensing professionals waste 50 hours per month at $70 per hour on work that could be automated. This equals approximately $42,000 per year wasted for a single professional.
As of its new funding, Flowhaven’s software-as-a-service platform has been adopted by close to 100 companies, ranging from smaller business to Fortune 100 companies in markets like media, entertainment, sports, fashion, and by corporate and consumer brands Though some customer names can’t be shared, Flowhaven says it’s working with Nintendo, LAIKA, Games Workshop, Acamar Films, and Crunchyroll.
Its pricing is based on how many users will be on the platform. This doesn’t include those with guest access outside the organization, who are always free of charge.
The company also reports 400% year-over-year growth and says it’s expecting that trend to continue, but declines to share its current revenue figures.
The additional funding will help Flowhaven fuel its growth, expand its product and platform, and aid in hiring, Törmä says. Today, the company’s staff is split between offices in Helsinki, London and L.A. but says it’s seeing the most growth in the latter two