DealDash: Market in the U.S.
DealDash is one of the most successful start-ups in Finland. It has brought in investments from well-known business angels and venture capitalists, it was voted Kasvaja (growth enterprise) of the year by Kauppalehti magazine, and its founder, William Wolfram was voted Entrepreneur of the Year in 2013.
Above all, the company has enjoyed explosive growth - and did so profitably. During the current fiscal period, company turnover climbed to EUR 40 million; only two years ago, its turnover was just over EUR 6 million.
However, DealDash is not as well-known in Finland, because the combination online shop and penny auction only has a presence on the U.S. market. CEO and founder William Wolfram has managed to make the Finnish-based company into one of the biggest in its field.
DealDash jumpstarted its growth with Young Innovative Companies funding from Tekes. The funding was used for scaling the company's marketing, product range and business model development.
The Young Innovative Companies funding is phased, with each phase bound to clearly-defined targets. Targets typically involve customer numbers, turnover and obtaining private equity.
DealDash exceeded its targets in all of these areas. The company managed to increase its turnover from EUR 2.2 million to EUR 8 million, with a set growth target of 105 per cent. The company succeeded in gaining 305,000 registered customers, with a set target of 200,000 customers.
Start-up companies need private and public equity to achieve rapid growth. The target set for DealDash was EUR 750,000 in private equity while receiving Young Innovative Companies funding; the company obtained EUR 1 million.
"With the Young Innovative Companies funding, we were able to evolve from being a start-up enterprise into an extremely fast-growing company, which is based in Finland," sums up Wolfram.