Dear blq family,
As mentioned in our first quarterly report, we have since the outbreak of covid-19 worked closely with our portfolio companies to evaluate the financial and operational impact of the pandemic. Six months have passed and both Ingrid and Cinode have proven to be business critical for their customers and have therefore continued to grow. We still don’t know how and when the world will get back to “normal”, but we remain certain that our investment scope and the current trends we are looking at, are here for the long run.
We believe that at the end of the day execution is everything, and as such have put a lot of effort in introducing our operational approach toward our portfolio companies. We call this, the blq box. The companies that we have – and will invest in, all have a strong technical platform, it is more within the commercial field, where we are able to apply additional brainpower. Therefore the blq box contains four blocks within, Scale, Storytelling, Stickiness and Team. This will make our companies “bankable” towards other investors and their ticket out of the valley of death.
For Ingrid, the focus for the blq box during Q2 has been commercialisation. We have supported operationally to set up a commercial team working closely together with sales, marketing and customer success. The ambition is to create an organisation for scale and we have together with the Ingrid team ramped up the company for success with necessary infrastructure, team members and company management. This is reflected in a large increase in the number of packages during the quarter.
For Cinode, the focus has been to become a full-on SaaS business. During Q2 Cinode has landed impressive deals with both SEMCON and Telia. The company has also launched Cinode Partner Network, one step to becoming a full competence marketplace for companies, projects and giggers to connect with each other.
Our pipeline remains strong and during the second quarter we have met several companies that fit our investment criteria, that have also proven a steady growth during the first six months. One of them is our third investment Quickchannel AB (streaming and collaboration software). Quickchannel saw an increase in traction during the quarter, with +253% increase in leads, +642% increase in the platform and a +40% pipeline growth.
We are seeing interesting trends for the global economy, the stock markets are doing well, the EU has agreed on a corona fund and many markets have made necessary adaptations due to the pandemic. Many of the adaptations are enforcing a digital approach instead of the analog one, this is in favor for blq invest and I am therefore mildly optimistic of what the future has to offer.
Kamjar Hajabdolahi Founding partner