Founded in Sweden in 2016, Favro is a collaborative planning platform for fast-growing SaaS and live games companies. They raised $4.3 million in seed funding at the end of 2021, led by pan-Baltic venture capital fund Practica Capital and followed by Scale Capital and serial entrepreneur Christopher Beselin. Previous investors Inbox Capital and Creandum, an early investor in Spotify, also participated in the round.
The investment will help Favro scale its Lithuanian office, which will be the global center for marketing, sales, account management, and agile advisory. Edvinas Vosylius, Chief Sales Officer at Favro, told us everything you need to know.
🔵 Let’s start the interview by briefly discussing the product itself. We have all used Trello/Asana/Scoro/Notion/pick-your-productivity-tool. Why do teams around the world need another productivity app? How Favro differs from others?
Favro was created by industry veterans. They previously built Hansoft, a successful platform for agile software development, which is used by large companies in telecom, defence, electronics, and game development. Today, startups, enterprises, and game developers are all becoming SaaS businesses. Favro’s founders realised that to stay competitive, these companies have to make the whole organisation agile, not just development.
Favro was designed to tackle these challenges with collaborative agile planning that allows all teams to stay in sync autonomously. Executives and managers can apply a modern approach to leadership – be facilitators managing the flow of work rather than micromanagers of tasks.
🔵 Favro launched in Sweden back in 2016. Where are you today?
At the moment, Favro has more than 1500 clients, including world-renowned brands such as Wolt, Xbox, Disney, SAP and EA. Our team is only 26 people with international talent from 6 different countries.
🔵 In addition to HQ in Sweden, Favro already has offices in Vietnam & Ukraine, and now you are expanding to Lithuania. How did Favro find Lithuania and you as the head of its global sales operations?
In order to build an international team and attract multinational tech companies as clients, one needs a global network.
I met Patric Palm, CEO & Founder of Favro, in 2017 at one of Rotary’s global events. We kept in touch afterwards, and I found myself discussing SaaS and global expansion with Patric in December 2019. It turned out that my experience and Favro’s needs matched perfectly. Now, our Lithuanian office already has 8 employees.
🔵 Why do you think Vilnius is the best place for a new office out of all the potential options?
Vilnius has a unique community of young, ambitious, experienced, yet humble professionals. The local talent is appreciated due to their business mindset and strong drive. The work done over the past decade to develop the startup ecosystem shows tangible results, but there’s always room to improve.
🔵 Patric Palm, Founder and CEO of Favro, said that the Vilnius office launch coincides with a shift from “organic growth to more structured organisation development”. Could you expand on what that means?
For the first three years, Favro’s growth was solely led by the product, with the help of some social media marketing. The company didn’t have a team for sales and account management.
However, we noticed that both enterprises and startups were eager to speak with us since the product builds upon deep agile management thought-leadership. They want to learn straight from the experts before buying the product. So, we developed a new strategy to support global growth with a team for sales, account management and product/agile advisory based in Lithuania.
We are also recruiting more developers, but that team is fully remote so brilliant candidates for those positions can really live anywhere.
Favro’s go-to-market leadership team. From the left: Edvinas Vosylius, Chief Sales Officer, Patric Palm, CEO & Founder, and Jarune Preiksaite, Chief Marketing Officer.
🔵 How do you plan to build those teams out? What are your plans to attract top talent to join the company?
The Favro Lithuania team already has eight full-time employees. They were headhunted for their already proven brilliant skills. I build teams on the highest level of trust, where the right attitudes, drive, and ability to work autonomously is more important than a long CV.
Stock options are a key part of our talent attraction efforts. Once they have passed the trial period, every employee is included in our stock options program. This way, everyone is personally invested in the growth of the company – If Favro grows, the value of stock options grows as well.
The third reason for top talent to consider joining Favro is the possibility to work directly with senior leaders at Fortune 500 clients and hyper-innovative companies using Favro. There are not many startups in Lithuania where you could close deals with Electronic Arts, Amazon, Xbox, Wolt, SAP or Tobii. It’s one thing to close SMB customers, but working with globally recognised brands is a totally different experience.
🔵 Who are you hiring at the moment? What are the main qualities you look for in new people joining your team?
We follow the principle that “A-players” want to work with other “A-players”. So even though Favro’s team is only 26 people strong, our results look like we had an army. We operate with a very flat organisation where everyone is trusted with a lot of autonomy to manage their work in alignment with company objectives.
At the moment, we are looking for Sales Development Representatives, Account Executives, Account Managers, Marketing Specialists, e.g., Content Managers, Digital Media Specialists (PPC). We especially value candidates with experience working with agile methods and/or at a startup. Gamers are extra welcome – We would love to hear what games you like to play.
Check out open positions on MeetFrank:
- Content Manager
- B2B Digital Media Specialist (PPC)
- Account Executive
- Sales Development Representative
- View all open positions on Favro’s career page
🔵 And the final question. I know that you officially opened Favro’s Lithuanian office only recently, in autumn 2021, but where do you think it will be in the next 2-3 years?
The plan for the Lithuanian office was to hire a top team of sales and marketing professionals and raise a successful seed round by the end of 2021. We successfully reached those goals. This year, the Favro Lithuania office will grow to 20 people and then we will go full speed towards an IPO in a few years.
Team of Favro Lithuania with CEO & Founder Patric Palm (in the middle).
