How Pento Raised $ 15.6 Million With Pitch
For a fast growing startup, things change quickly – what worked for Pento when they only had eight people sharing the same office was not going to work as they grew. As their team size grew, so did their aspirations, and as they prepared to increase their Series A and expand into new markets, they needed a tool that would support them to large scale.
Pento is a Danish company specializing in SaaS payroll automation. Their tool connects to HR software – like BambooHR or Hibob – and accounting software to extract the right metrics. Then it sends all the appropriate outputs to your accounting software – and just like that, you’re done managing payroll.
When Pento first started using Pitch, they were a team of three working in the same office. Today, it is a rapidly growing remote start-up with nearly 50 employees.
“As a larger and more distributed team, we could no longer go to someone’s office to give their opinion, but we still needed effortless collaboration,” says Jonas Bøgh, their co-founder and CEO.
The team first discovered Pitch when they began to strengthen their sales function. At first, they were able to answer most follow-up questions with a simple Notion page, but when they started approaching larger customers, they had to develop a traditional sales platform.
The notion was great, but not ideal for mapping a client’s existing accounting stack in a visually appealing way. As an early Wunderlist fan, switching to Pitch was an easy decision.
Fairly quickly, the sales team was actively using Pitch for their decks, and Jonas could see from afar how easy it was for them to work between teams to create brand presentations. Pento’s product designer had his initial model set up, and now, after a call, a sales rep just had to pick a model, swap the logo, and send it off. He thought, why not apply this to other use cases?
Getting ready for their Series A
After gaining ground in the UK, Pento saw an opportunity to expand into other European markets, such as Ireland, Spain, Germany and France. With the expansion of the market, it became necessary to develop the team, as well as develop their product to support integrations with HR and accounting software preferred by each local market. The next step was to start raising funds so that they had the capital in hand to support their growth.
In 2019, Pento used Keynote for their selection round. At the time, with such a small team, Jonas took responsibility for the bridge. He enlisted an outside agency to help him with key branding elements such as the logo, fonts and colors and then worked to bring them together into a presentation.
“In this case, it was more important that the deck looked good than being able to collaborate or get opinions from others,” he explains.
Since their first turn, their software stack has evolved considerably. In addition to Keynote, they also had tools like Notion, Pitch, and Figma. When the time came to build their Series A deck, the team had to decide which tool to use.
“Our product designer tried to get us to use Figma,” says Jonas. “It’s a great product, but it’s not really for decks. “
Choose the right tool
Jonas didn’t want to have to choose between optimizing for design or for collaboration. With Pitch, they didn’t have to.
The pitch is optimized for the whole team, which means that there are features that satisfy a designer’s need for control and brand integrity, as well as features that allow everyone to share. his ideas and comments. For the Pento team, this meant they didn’t need to make any sacrifices on the process or the end product. Using Pitch, they could easily collaborate together to create a beautiful brand pitch deck.
“It made sense,” says Jonas. “Working with Pitch was a great experience, so it was convenient to have everything in one place. “
The team also loved that they can all work in one presentation. Slide statuses helped them track progress, and with feedback they were able to share detailed feedback.
“It worked well for us because we didn’t have to coordinate on Slack or anywhere else to make sure we knew which slides we needed to work on,” says Jonas.
The winning deck
With their built-in Pitch deck, the team managed to raise $ 15.6 million in Series A funding by May 2021. They now have the capital they need to expand to more countries, create more. integrations and launch its API.
“This time around our deck was clearly 10✕ better than it was at the seed stage,” said Jonas. “During the fundraising process, we received a lot of praise from the investors we featured. They said the deck looked like something you’d expect to see much later and looked a lot more mature than what you would usually see for an A series. “
Here’s a look at their winning pitch deck:
“One thing that has made a huge difference for us is making sure there is a story as you move around the bridge,” says Jonas. Instead of using titles like “team” or “pull,” they made sure the titles contributed to a story.
“It didn’t really make sense to me at first. But once you have the final game and start flipping through the slides of a PDF, it makes perfect sense.
He put himself in the shoes of an investor, who could have three or four minutes to review a pitch deck. When they only have time to read a few sentences per slide, it is important that there is a clear narrative to follow.
With Pitch, Jonas was able to invest his time in providing the best possible pitch, not in designing his deck. By making the process of building their deck painless, Pitch helped the team focus on what mattered most: perfecting their pitch and securing their Series A.