Norselab portfolio company 24onoff rebrands to Svenn, taking a stand for proud and responsible craftsmanship.
- With the rebranding of the company, the Svenn team is building an emotional connection with builders, hopefully giving them a strong competitive edge going forward.
Saas company 24onoff was welcomed to the Norselab portfolio in 2020. The team had come a long way with their software, offering subscription-based services to more than 1000 paying construction businesses despite a bootstrapped budget.
One of the key reasons CEO in Svenn, Sondre Blaasmo, wanted to bring on board Norselab as lead investor, was their dedication to active involvement in portfolio companies.
- We have come a long way as 24onoff, but we were looking for an investor that could help us grow and expand. Norselab has great experience building and growing industrial SaaS companies, and has a hands-on approach that brings value on a daily basis.
Staking out a new direction
As Norselab came on board, several strategic priorities were defined. One of them was a serious revamp of their brand.
- I was very impressed with the team and the values they conveyed in all our discussions. But the gap between their values and the way the company was presented immediately caught my attention, explains Maria de Perlinghi, Chief Communications Officer at Norselab.
- We knew that we lacked clarity on who we were and how our product was relevant in the bigger picture. We needed to set a clear direction to accelerate our growth, says Sondre Blaasmo, CEO in Svenn.
Together, they worked on staking out a new identity for the company using Norselab’s proprietary Brand Sprint. The team was very driven by the desire to give builders the tools they needed to focus on the craft, instead of administrative hassles. They were also very clear on their choice to build a solution for contractors who wanted to do things right, and strengthen them in the competition against players who are taking rules, regulations and quality less seriously.
It was equally clear that the company needed a new name to convey and represent what they stood for. Their choice fell on Svenn, which is indeed a well-known nordic first name that also has a more significant meaning; in old Norse, a svenn - or sveinn - was an accomplished craftsman having achieved a craft certificate. While being short and easily adaptable to global markets, the name had a solid meaning that reinforced the stand that the company wanted to take.
- Our old name, 24onoff, limited us as it did not resonate with what our offering. The new name, Svenn*, is easier to spell, pronounce and remember. It also represents what the product does, and how it supports craftsmen in their profession, Blaasmo shares.
At the starting point, the company was positioned mainly as a system for managing timesheets, and were thus vulnerable to competition.
At the end of the process, the company was ready to champion proud, quality-focused craftsmanship. Giving craftsmen a tool to make sure their companies are run in a responsible and profitable way, Svenn would give them freedom to spend more time on the work they love.
- I’m delighted that the team has dared to take the less-traveled path of most B2B tech companies, choosing to take a stand on something that’s important to them. With the rebranding of the company, the Svenn team is building an emotional connection with their target groups, hopefully giving them a strong competitive edge going forward, says de Perlinghi.
- We have made several attempts to rebrand the company before, but as it turns out, we never fully embraced how a strong brand would give direction to the entire organization. As Svenn, we have articulated what we truly believe in, and what we believe our customers value most, says Blaasmo.Since the rebranding, Svenn is experiencing higher growth in their monthly recurring revenue.
- As Svenn, our focus as a company has intensified around helping the builders who need it the most. We are also thrilled to see that more of the customers we really want are reaching out to us, Blaasmo adds.
Norselab’s Chief Investment Officer, Yngve Tvedt, is also enthusiastic about the company’s new identity:
- I’m really impressed with the achievements of the team so far. There is no doubt this company had great potential as 24onoff, but as Svenn I’m confident they will be an even more serious contender. Their go-getting team culture really stands out, with the new brand they have the foundation they need to go all the way, he says.
Svenn is currently focusing on growing their market share in Norway, while developing a solid product offering to provide what craftsmen need to run responsible and profitable businesses. Next in line is an ambitious international expansion plan to execute within the next couple of years.