Ardoq Valuation, Funding & Investors

Ardoq is valued at $300M as of March 2022.

See full Ardoq profile

Last Ardoq valuation

$300M

Series D · Mar 2022

Last Ardoq funding round

$125M

Series D · Mar 2022

Cumulative funding Ardoq raised

$163M

across 5 funding rounds

Key investors in Ardoq

  • Idekapital
  • Bertel O Steen Kapital
  • EQT
  • One Peak
  • Startuplab
  • Norselab

Ardoq Overview

About Ardoq

Ardoq is an Oslo-headquartered enterprise architecture platform enabling organizations to model IT landscapes, strategies, and capabilities. The software integrates live data from surveys, APIs, and spreadsheets to visualize interdependencies across applications, infrastructure, and business processes. Used by firms like Volkswagen and Telia, Ardoq supports agile transformation with dashboards and scenario planning tools, headquartered in Norway with offices in the US and UK.


Founded

2013

HQ

NorwayOslo

Website

ardoq.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$300M (Mar 2022)

Ardoq Valuation

Ardoq is currently valued at $300M, based on its Series D in March 2022.

The $125M round was led by EQT, with participation from One Peak.

Ardoq valuation by funding round

Ardoq valuation by funding round
DateStageValuation
Mar 2022Series D$300M

Ardoq Funding History

Ardoq has raised a total of $163M across 5 funding rounds.

Ardoq's first fundraising round was a $1M seed round in January 2016. The most recent completed round was a $125M Series D in March 2022.

Ardoq funding rounds

Ardoq funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2022Series DEQT (lead); One Peak$125M$300MArdoq is a SaaS platform reinventing enterprise architecture for digital enterprises, providing tools that give organizations an accurate picture of their digital networks including resource allocation and potential security or data protection violations. The platform also flags system crashes and suggests remediation steps, with longer-term goals to build predictive analytics and digital twin modeling capabilities. In March 2022, Ardoq closed a $125 million Series D funding round led by EQT Growth with One Peak participating, valuing the company at over $300 million. The funding was intended to fuel global expansion, team growth, commercial platform investment, and product development. At the time of the round, the company demonstrated strong momentum with 80% year-on-year ARR growth in 2021, having raised less than $40 million cumulatively since its 2013 founding. By the end of 2022, Ardoq was recognized as a Leader in the Gartner Magic Quadrant for Enterprise Architecture Tools for the second consecutive year, with partner sales doubling during the year.
Mar 2021Series CBertel O Steen Kapital; Norselab; Idekapital$26M--
Jun 2020Series BBertel O Steen Kapital (lead); Idekapital$7M-Ardoq is an Oslo-based SaaS company developing enterprise architecture software to optimize application portfolios, map business capabilities, manage risks, ensure security, and support GDPR compliance for digital transformation. In June 2020, Bertel O. Steen Kapital participated in a share issue where Ardoq raised $7 million, with Haakon H. Jensen joining the board as chairman. This round preceded a Series C in March 2021 raising $26 million (NOK 225 million) from investors including Norselab, Altitude Capital, private investors, family offices, and pension funds, at which point founders owned 14.5% and employees 7.6%. Later, in 2022, Ardoq raised from EQT Growth and One Peak Partners at a NOK 3 billion valuation following the prior NOK 1 billion valuation in the Series C. Equity records list the June 2020 round as Series B with $6.6 million raised.
Feb 2019Series AIdekapital (lead)$4M-Ardoq is an Oslo-based SaaS platform for enterprise architecture and digital transformation, founded in 2013. The company provides tools to help enterprise architects, managers, and stakeholders visualize organizational processes and systems dependencies. Ardoq raised a Series A round of $3.8 million from Idekapital in February 2019. The company serves approximately 400 customers globally, including major corporations such as British Telecom, MUFG, Carlsberg Group, and ExxonMobil, and has offices in New York, London, Oslo, and Copenhagen. By 2023, Ardoq had achieved recognition as a leader in the Gartner Magic Quadrant for Enterprise Architecture Tools.
Jan 2016SeedStartuplab$1M--

Who has invested in Ardoq?

6 investors have backed Ardoq across its funding rounds, including Idekapital, Bertel O Steen Kapital, EQT, One Peak, Startuplab and Norselab.

Lead investors include EQT, Bertel O Steen Kapital and Idekapital.


Ardoq Investors

Investors in Ardoq by funding rounds participated
InvestorHQRoundsRoleFirst check
IdekapitalNorwayOslo3LeadFeb 2019
Bertel O Steen KapitalNorwayOslo2LeadJun 2020
EQTSwedenStockholm1LeadMar 2022
StartuplabNorwayOslo1ParticipantJan 2016

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Ardoq

Ardoq has acquired 1 company to date.

Last acquisition by Ardoq was on September 13th 2024. Ardoq acquired ShiftX for undisclosed valuation.


Latest Acquisitions by Ardoq

ShiftX
Description
ShiftX is a Norwegian software firm specializing in process mapping and optimization tools for technology and information companies. Its platform facilitates collaborative modeling of business processes, daily routines, and customer journeys, involving all organizational stakeholders for precise visualizations. Services encompass process improvement initiatives, optimization strategies, and enterprise architecture consulting, delivered through shiftx.com to enhance operational efficiency in the tech sector.
HQ CountryNorway
HQ City
Oslo
Deal Date13 Sep 2024
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Ardoq Competitors

Ardoq competitors include listed companies like Polaris Holdings and Netcad, and private ones like Multiplier, Delightree, aPriori Technologies and Aera Technology.

Public and private companies comparable to Ardoq
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MultiplierSingaporeSingaporePrivate--$300M-
DelightreeUnited StatesSan Francisco, CAPrivate$4M-$290M72.5x
Polaris HoldingsJapanJapanPublicly listed$312M$45M$283M1.3x
aPriori TechnologiesUnited StatesBoston, MAPrivate--$280M-
Aera TechnologyUnited StatesSan Francisco, CAPrivate--$330M-
NetcadTurkeyTurkeyPublicly listed$23M$14M$272M-

Ardoq Public Comps

Ardoq is still privately-owned, but its public comps include Science Group, Beijing YJK Building, Polaris Holdings, Netcad, Avant Group, The Hackett Group, Novetum, Fintel, ISG and Rejlers.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Science Group$150M$63M1.6x1.7x3.8x7.1x
Beijing YJK Building$19M($12M)12.0x-(19.7x)-
Polaris Holdings$312M$45M1.4x1.3x9.4x8.5x
Netcad$23M$14M11.6x-19.8x-
Avant Group$181M$35M1.0x0.9x5.3x5.7x
The Hackett Group$306M$29M1.1x1.2x11.7x5.7x
Novetum-($532K)--(500.6x)-
Fintel$115M$18M2.7x2.8x17.3x8.4x

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Common questions about Ardoq

When was Ardoq founded?Ardoq was founded in 2013.
Where is Ardoq headquartered?Ardoq is headquartered in Oslo, Norway.
Is Ardoq publicly listed?No, Ardoq is a private, VC-backed company.
What is Ardoq's valuation?Ardoq was last valued at $300M in its Series D in March 2022.
How much funding has Ardoq raised?Ardoq has raised $163M across 5 funding rounds.
What was Ardoq's last funding round?Ardoq's last funding round was a $125M Series D in March 2022, led by EQT.
Who are Ardoq's investors?Ardoq's investors include Idekapital, Bertel O Steen Kapital, EQT, Startuplab, Norselab and One Peak.
Which companies are comparable to Ardoq?Companies comparable to Ardoq include Multiplier, Delightree, Polaris Holdings, aPriori Technologies, Aera Technology and Netcad.
How many companies has Ardoq acquired?Ardoq has acquired 1 company, including ShiftX.

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