IdeaBits enters 5th year of building and scaling global startups

Founded by Dennis Surendra and Mayan Narendran, IdeaBits has entered its 5th year of success working with global startups to build and scale their tech platforms. With offices in both Sweden and Sri Lanka, IdeaBits has worked with over 50 startups across multiple domains since 2018.

“IdeaBits was founded on the passion for technology, business and entrepreneurship”, says CEO Dennis Surendra. “It is this combination that allows us to provide great value for our partners. We provide the one-two punch of technical expertise and business know-how that allows us to truly engage with our startups and build great solutions together.”

A software engineer by profession, Dennis has over 20 years of experience working in the Swedish startup ecosystem and has seen their exponential growth first-hand.

“Having worked in companies that grew from just a handful of people to become billion-dollar companies, I became acutely aware of the growth potential in the Swedish startup ecosystem. This type of hyper-growth is only possible within the startup ecosystem by leveraging the scalability of software and technology”, Dennis continues.

This led to the birth of IdeaBits along with fellow founder & COO Mayan Narendran, an entrepreneur with a passion for technology.

“With Sweden being a fertile breeding ground for startups and having produced over 35 unicorns to date, we saw the opportunity to connect this thriving startup environment with the amazing tech talent pool in Sri Lanka”, says Mayan. “We work with startups across all stages; from the early-stage where we help turn great ideas into MVPs, to the late-stage where the focus is on growth and scaling”.

“Our model is built on quality, agility, transparency, and a growth-mindset while providing both tech and business expertise. Our biggest strength today is our amazing team and when you combine that with passionate entrepreneurs and startups, that’s where magic happens.”

With competencies in software development, quality assurance, business analysis and UI/ UX design, IdeaBits provides startups with experienced teams that can scale quickly on demand to meet their growth needs.

Despite the challenges of the pandemic and the recent economic struggles in Sri Lanka, IdeaBits has achieved over 70% year-on-year growth over the last two years and is on track to continue this trend this year.

IdeaBits has also implemented a plan for longer-term value creation by investing in some of their startup partners.

“We have invested in three early-stage startups over the last few years across Insurtech, Edtech and Fitness Tech” says Mayan, “and the value of these companies have grown to over USD 10 million today. We hope to see our portfolio expanding in 2023 and beyond, with a focus on innovative, growth-driven startups that are looking to disrupt their markets”. A people-first company, IdeaBits was one of the first to react to the Sri Lankan Rupee devaluation in March this year by implementing a permanent 15% salary increase for all their employees while also pegging all salaries to the Swedish Krona.

IdeaBits is co-owned by Fredrik Månsson, a serial entrepreneur and investor, and Charlotte Boij, an investor and former CEO with decades of experience in the financial sector. Together, the IdeaBits team looks to continue on their journey towards becoming the preferred Tech Partner for tech startups around the world.

For more information on IdeaBits, visit www.ideabits.se