Norrsken VC's Onboarding Process with Vestberry

How long does it take to get onboard at Vestberry, what are the best practices, and how to choose the right implementation option for you?

Summary

Norrsken VC, leading Europe's largest ecosystem for impact tech entrepreneurs from Sweden, is a VC fund from Sweden that has successfully completed the onboarding to Vestberry within just 4 weeks.

The primary goal of the onboarding was to train the client how to use the Vestberry software and do a complete transition of data for all 30 companies within their portfolio as quickly as possible, including financial KPIs, transaction data, cap tables, and fund management data. The role of the Customer Success team was to do a data gap analysis, consolidate, and transfer data so that the client could get a clear value from using the software within a few weeks.

About Norrsken VC

A €123m, for-profit, impact VC fund, born out of Norrsken Foundation – a non-profit foundation founded in 2016 by Niklas Adalberth, co-founder of Klarna, with the belief that entrepreneurs building rapidly scalable businesses are our best bet to solving the hardest and biggest problems, such as poverty, famine, environmental issues, mental health, and integration.

Client's Challenge

The challenge that Norrsken VC faced is a similar one to many VC funds — unstructured and unconsolidated portfolio data spread across several Excel files which oftentimes led to increasing the risk of errors and lack of transparency. In addition, the client was not able to work with real-time data.

The whole implementation was supposed to take one month, with one project owner from the client's side. The client had limited resources and requested Vestberry to support and complete the data transition. The goal was to onboard the client fully to be able to present the tool internally and start using it as soon as possible. Norrsken VC also wanted to utilize all components of Vestberry and requested the Vestberry team to implement a complex set of historical portfolio data: financial KPIs, investments, fund management data, and cap tables.

Norrsken VC knew change was necessary, but the process of moving all the data from Excel files to portfolio management and reporting software is not always easy.

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Our Approach

1. 1. Kick-off call with the dedicated CSM, who prepared a tailored package. During the kick-off call, the milestones and essential deadlines were agreed upon.
2. 2. Throughout the entire implementation, the client had dedicated CSM support and also actively participated in training sessions.
3. 3. The client decided to further use Vestberry Excel templates to fasten the implementation, and after power-user training was able to work with Vestberry confidently, and train their own team.
4. 4. Thanks to all requested documents provided by the client on time, the CSM team was able to do the gap analysis, consolidate the data, and transfer it into the system within 35 hours.

Training & Consulting: 10h
Gap Analysis & Data Transition: 35h
Product Adoption: 45h
Onboarding Costs: €4.5k

Onboarding Was a Success

After only 4-week
onboarding, NorrskenVC was able to:

• Use Vestberry as a confident power user after 5 hours of training.
• See real-time consolidated portfolio data such as financial KPIs, invest-ments, cap tables, and information about financial rounds.
• See various fund KPIs such as multiple, IRR, TVPI, DPI, and RVPI, all visualized in dashboards and charts.
• Access and download multiple Excel reports such as portfolio sum-maries, KPI overviews, and others.

Thanks to Vestberry, 
Norrsken VC improved
their workflow by:

• Eliminating the risk of error caused by managing portfolio data in several Excel files, and achieving a single source of truth, and optimizing processes.
• Getting all data in one master database, with an optimized data collection and reporting process in place, enabling fast decision making.
• Having real-time tracking of portfolio and fund performance metrics, and export reports, for maximizing the performance and improving transparency.