Sindre Haaland

It's mainly because we've built out the machine.

At this point in time, one of the goals was to expand in North America.

We had the brand recognition.

We had most of the revenue in Europe.

we wanted to make like the shift towards north america and um that's when i moved to new york personally like into 2019 um and we started to to invest more in north america and build up that core team in 2020 uh naturally um you know building out a team in new york is a bit more expensive than in scandinavia let's just leave it at that um so you know it requires some money

uh at the same time as i said you know we 10x our annual contract value um and we saw lots of growth opportunities especially here in north america so we shifted our revenue from being like mainly um coming out of europe

and the Nordics to having one third of the revenue coming out of North America and growing very fast.

So what we did with 2020 and the COVID pandemic as well, we were presented with some options and choices, like when it hit, should you furlough people short term because of the uncertainty?

Being such an employee-owned company, that was like a no-go for us.

So in that first round of taking equity for the first time, we also sold some shares in the secondary.

um so we actually ended up putting most of that money back in as a loan um so that was one part of it of the two million dollars in 2017 how much of that was a secondary versus it was primary uh so what secondary was equal amount oh got it so two million was primary two million was secondary you raised four million yeah yeah i guess uh you can say so over two two rounds so that the second part came in 2020 so that was kind of like put back into the company mainly and then

We did a convertible note this year, just leading up to a bigger round.

No, I was only on a discount on the next round.

Right now, it's definitely going to be north of $120 million.

So that's undetermined yet.

We're in the process of preparing for this stage now, so I can't go into too many details on this.

First and foremost, it's North America.

It's just incredible how much low-hanging fruit there is right now.

But it's also in our Asia-Pacific region.

So we have an office in Singapore, and we're starting to break through there as well.