Icelandic startup Sling, the maker of non-desk communication software by the same name, signed a $2.5 million licensing deal with an undisclosed American company.
“The sale is an acknowledgement of our development and the need for a mobile-first solution for businesses where the staff work in shifts,” says CEO Helgi Hermannsson.
Sling will white-label a version of their solution to the buyer, which will add a version of Sling to their product offering.
The buyer has paid an upfront payment of $2.5 million (~325 million ISK) for the licensing of Sling. This means the company will postpone raising a venture round, which had been in their plans. “We might raise a round this summer, however,” Helgi adds.
“The deal won’t affect Sling as a product – it will still be available and under development,” says Helgi. “Our partnership with the USFoods is doing well, and we’re adding exciting new features like labor cost analysis, which we’re excited about.”
Sling is a product of Gangverk, an Icelandic app studio, that has previously raised $500,000 from NSA and BoldStart Ventures.