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SWTCH Energy Secures $27.2mn in Series B Funding to Eliminate EV Charging Gaps in Buildings

Alantra

EV charging solutions provider achieves 10x year-over-year growth of its charging network and secures funding to further scale charger deployments in multifamily and commercial buildings across North America

SWTCH Energy (“SWTCH”), a company pioneering electric vehicle (EV) charging solutions for multi-tenant buildings across North America, today announced that it raised $27.2mn in Series B funding. The round was led by Blue Earth Capital (“BlueEarth”), the specialist global impact investor, on behalf of its investment vehicles with participation from Alantra’s Energy Transition Fund, Klima. Additional Series B investors include Active Impact Investments and GIGA Investments Corp. This new funding will enable SWTCH to accelerate charging in multi-tenant buildings, following a tenfold increase in the company’s charging network since its Series A, and advance its innovative EV charging and integrated energy management solutions for real estate customers.

SWTCH is meeting the massive demand for multifamily EV charging as EV sales hit an inflection point and governments amend building codes and zoning ordinances to require properties to be EV-ready. SWTCH’s turnkey EV charging solutions tackle the main deployment challenges for new and aging multifamily buildings from upfront costs and limited electrical capacity to charger reliability. The company’s energy management solution, SWTCH Control™, for example, provides unmatched visibility into building electrical loads and available capacity for EV charging. It allows building owners to install and manage 10 times more EV chargers with existing electrical infrastructure, future-proofing properties while avoiding costly upgrades.

With this raise, SWTCH is leveraging machine learning and artificial intelligence to advance SWTCH Control and its other market-leading EV charging solutions. The company is also expanding integrations with industry-leading software solutions to create a seamless experience for both property managers and tenants who drive EVs.

“Today, a third of Americans live in multifamily buildings, largely without home charging access. As right-to-charge laws and energy efficiency mandates continue to gain traction, SWTCH is in a unique position to help real estate customers close this gap,” says SWTCH CEO Carter Li. “We’re always looking for ways to push our solutions forward to make EV charging a no-brainer. With this new capital, we will scale our EV charging solutions to ensure no building, and no driver, is left behind in the EV future.”

“As a mission-driven, global investment firm with a strategy of scaling companies addressing climate change, Blue Earth Capital is proud to invest in SWTCH’s work to expand EV charging access,” says Kayode Akinola, Head of Private Equity at Blue Earth Capital. “We’re pleased to see SWTCH’s innovative deployments and technological leadership to date, and are excited to partner with the company to support their pivotal growth stage. Electrification and supporting the energy transition is a key investment theme for our climate growth strategy, and an important component of this is the continued expansion of EV infrastructure. The multifamily space served by SWTCH offers a valuable market opportunity to grow our clean energy economy.”

“We believe the multifamily housing market in North America is under-served with EV charging infrastructure. SWTCH’s capital-efficient, building-integrated model is the best we have seen in this space. We are proud to support SWTCH’s expansion, enabling them to enhance the EV charging experience for both drivers and property managers,” says Manuel Alamillo, Managing Director at Alantra’s Energy Transition Fund, Klima.

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Global Insights Series: the Future of Renewable Energy

DIF

DIF Capital Partners recently hosted its Global Renewable Energy & Storage Industry Days. This two-day event brought together industry advisors, portfolio company leadership and DIF’s global team of in-house energy transition experts, to discuss industry trends, opportunities and challenges in the evolving renewable energy landscape.

Renewable Energy

This Global Insights Series publication summarizes the key takeaways of the event.

As a leading global mid-market infrastructure manager, DIF is proud to have a proven track record of investing in and scaling up companies that are enabling the energy transition.

The decarbonization of the global economy represents a large-scale and attractive investment opportunity – from renewable power generation, to more efficient heating and cooling of buildings via district heating and geothermal solutions, to conversion of waste into energy, to the electrification of transport.

The themes addressed in the report include:

  • The push to achieve science-based carbon reduction targets coupled with rising electricity use has led to accelerating demand for renewable energy from governments, utilities, corporates and individuals alike.
  • Providing renewable energy direct to corporates and industrials is a growing market for renewables providers, with many large businesses still unaware of how it can help them hit their net zero targets.
  • A significant amount of public and private capital will be required to execute the energy transition.
  • The influx of capital into building intermittent renewable generation, but without the commensurate investment into upgrading and reinforcing power grid infrastructure is resulting in widespread grid congestion and curtailment. However, colocation with storage or other technologies, and strategic siting of assets can help to mitigate this risk.
  • Geopolitical disruption in Europe (and the world) has further increased focus on security of supply and reducing reliance on fossil fuels. In North America, the Inflation Reduction Act represents the largest government incentive package for the renewable energy industry to date.

Read the report here: DIF Global Insight Series – The Future of Renewable Energy (April 2024).

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TA-backed Fincare Small Finance Bank Merges with AU Small Finance Bank

TA associates

The merger creates a pan-Indian retail banking franchise focused on financial inclusion

April 18, 2024 – TA Associates (“TA”), a leading global private equity firm, is pleased to announce that Fincare Small Finance Bank Limited (“Fincare SFB”) has merged with and into AU Small Finance Bank Limited (“AU SFB”), effective 1st April 2024. The merger marks a significant milestone for Fincare SFB and the Indian banking sector, creating a pan-Indian retail banking franchise committed to promoting financial inclusion. TA first partnered with Fincare in 2017 and will remain a shareholder in the combined AU SFB group.

Fincare SFB caters to the banking needs of micro enterprises enabling their financial inclusion, while also providing innovative banking services along with digital solutions to metro and urban customers across Southern and Western India. AU SFB is the largest Small Finance Bank in India and is a Fortune India 500 company. Following the transaction, the combined entity will serve more than 10 million customers, with over 43,500 employees and a network of over 2,350 physical touchpoints across 25 states and union territories.

In addition to expanding resources and geographic reach, the merger will significantly strengthen and diversify the combined entity’s product portfolio. Post-merger, all 5.9 million customers of Fincare SFB will be able to experience and enjoy the best-in-class digital services and flagship products of AU SFB including its offerings like credit cards, QR code and video banking. Additionally, Fincare SFB’s rural, inclusion-focused microfinance, mortgages and gold loan businesses will bolster AU SFB’s financial inclusion charter.

“Over the last seven years, we have supported the Fincare SFB team as they have successfully scaled and delivered on their mission of providing rural and semi-urban communities with essential financial services,” said Dhiraj Poddar, Managing Director and India Country Head at TA. “This transformative merger with AU SFB, which has a complementary geographic footprint, product portfolio and importantly, a shared ambition to redefine banking excellence in India, marks an exciting new chapter for the business. We look forward to supporting the combined group as it continues to create a more inclusive banking ecosystem.”

As part of this merger, Mr. Rajeev Yadav, former MD & CEO of Fincare SFB, has been designated as the Deputy CEO of AU SFB and shall continue to lead all key asset businesses of Fincare SFB, now housed within the Fincare Unit at AU SFB.

“This is a defining milestone in our journey towards facilitating financial inclusion in India,” added Mr. Rajeev Yadav. “By joining with AU SFB’s strong franchise, we are confident in building a world-class bank with a robust balance sheet and a truly national franchise.”

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries—technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

About AU Small Finance Bank
AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established itself as the largest SFB in India since starting its banking journey in April 2017. Established in 1996 by Mr. Sanjay Agarwal, a first-generation entrepreneur, AU SFB boasts of a 28 years-legacy with deep understanding of the rural and semi-urban markets and customer segments. The Bank operates a sustainable business model that facilitates credit to the unserved and underserved retail and MSME customer segments while providing complete banking solutions to its deposit and branch banking customers. As a tech-led Bank, AU has a strong digital presence with innovative products and services like 24×7 video banking, credit card, personal loan, UPI QRs, payments, merchant lending, WhatsApp Banking, Chatbot etc. and its digital bank application AU0101 remains among the highest rated banking apps in India.

The Bank operates from 1,049 banking touchpoints across 21 States & 3 Union Territories serving 46.8 Lac customers with an employee base of 28,904 employees. As on 31st Dec’23, the Bank has a net worth of ₹12,167 Crore, deposit base of ₹80,120 Crore, Gross Advance of ₹67,624 Crore and a Balance sheet size of ₹1,01,176 Crore. AU SFB enjoys the trust of marquee investors and is listed at both NSE and BSE. It has consistently maintained high external credit Rating and is presently rated ‘AA/Stable’ by CRISIL, CARE Ratings and India Ratings, while the Bank’s FD is rated ‘AA+/Stable’ from CRISIL Ratings. For more information, please visit the company’s website at www.aubank.in.

About Fincare Small Finance Bank
Fincare Small Finance Bank is a ‘digital-first’ small finance bank offering banking services through banking outlets, ATM, WhatsApp, Video Banking, Mobile Banking, Internet Banking and website Chatbots. The bank aims to transform banking through automated processes, instant account opening, and seamless transactions. Powered by technology, on one hand, Fincare Small Finance Bank caters to the banking needs of micro enterprises enabling their financial inclusion, and on the other, provides innovative banking services along with digital solutions to metro and urban customers. The Bank offer a comprehensive suite of financial products and services, ranging from savings account, fixed deposit, loans as well as digital banking solutions, designed to simplify banking and enhance convenience for customers.

Fincare Small Finance Bank commenced banking operations on 21st July 2017 under Section 22 of the Banking Regulation Act, 1949. It was included in the Second Schedule to the RBI Act, 1934 published in the Gazette of India dated April 13, 2019. As of December 31, 2023, Fincare Small Finance Bank’s Gross Loan Portfolio amounted to ₹13,352 Crore, while Deposits reached ₹9,734 Crore. The Bank efficiently caters to a customer base exceeding 59 Lakhs+, supported by a robust team of over 14,800 dedicated employees. With a widespread presence, the Bank boasts 1,303 touch points strategically located across 20 states and 3 Union Territories.

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The tech firm Embention partners with Amazon to enhance its drone division

Axon

Embention, a portfolio company of the Axon Innovation Growth IV Fund, the only financial investor in the business, has just signed a commercial agreement with Amazon. Amazon has selected Embention’s autopilot technology to be installed in all the drones it is developing for aerial package delivery.

The Spanish technology company will be a key player in the ultra-fast aerial delivery service that the group founded by Jeff Bezos has already launched in the United States and is expected to reach the United Kingdom by the end of the year.

Based in Alicante, Embention is a world leader in the design and manufacture of autopilots and components for unmanned aerial vehicles (UAVs) and urban aerial mobility (UAM) solutions, including eVTOL (electric vertical take-off and landing) solutions that aim to revolutionise urban transport. The company works with aircraft manufacturers worldwide, installing the Veronte autopilot system or advising on developing customised solutions.

Its products are essential for industrial use in drones (in sectors such as firefighting, agriculture, or package delivery, among others). The company has more than 500 customers in over 70 countries (95% of turnover outside Spain) and a robust pipeline of new customers. These include Toyota of Japan, Airbus, and IAI of Israel.

The company’s revenues were €3.3m in 2022 and €4.7m in 2023 (44% growth).It is estimated that they could quadruple this year thanks to the pipeline and the Amazon deal. The Amazon contract represents revenues of €17m to be generated over the next three years and will significantly impact the company.  In addition to the commercial agreement, Amazon has obtained the right to invest in the company with warrants in Embention. This will enable Amazon to participate in the company up to 21% of the capital, which could be increased to 27% if Amazon doubles its purchases in the following years (i.e. exceeding €30m in turnover). This is a significant commitment by Amazon, not only because it trusts in technology as a strategic supplier but also because it believes in the important opportunity that the company currently has in such a disruptive market as urban air mobility solutions.

The Axon Innovation Growth IV Fund entered the technology group in 2022 by injecting €7.5m of capital, with which it obtained the aforementioned minority stake. In the same year, the company went public on the Euronext Access Paris market (ticker: MLUAV), a market for small growth companies.

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BPP acquires Buttercups Training

Tdr Capital

BPP, a leading provider of professional and vocational higher education, has completed the acquisition of Buttercups Training, a market-leading training provider delivering high-quality programmes to pharmacists, pharmacy technicians, and support staff working in hospitals, community pharmacy and primary care.

Buttercups’ deep understanding of the sector, combined with their experienced team of professionals, has resulted in them becoming the number one training provider for the UK’s largest pharmacy groups, creating a significant positive impact on the UK healthcare workforce. This acquisition adds an exciting new discipline to BPP’s portfolio by creating a presence in the pharmacy sector.

Graham Gaddes, CEO of BPP, added: “The acquisition of Buttercups Training introduces a new discipline into our healthcare portfolio. There is an unprecedented demand for Pharmacists and Pharmacy Technicians in the UK, and this shortfall is set to continue to increase. The acquisition of Buttercups will allow us to support their growth plans and through exceptional training programmes, focus on bridging the skills gap in the healthcare sector. This in turn builds on our vision of ‘Building Careers Through Education’. The highly experienced team at Buttercups Training are a great cultural fit for BPP, and we look forward to welcoming them into the BPP Education Group.”

Learn more about our investment in BPP.

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Ardian welcomes the successful IPO of Planisware, the leading project management software provider

Ardian, a world-leading private investment house, welcomes the successful IPO of Planisware, a leading B2B SaaS software provider in the fast-growing Project Economy space. As part of this transaction, Ardian has partially exited its investment in the company, with Planisware’s co-founders retaining a majority stake.

Since 1996, Planisware has enabled companies to improve their Project Portfolio Management (PPM) processes, from strategy definition to detailed tracking of deliverables. With its 12 offices and c. 700 employees, the company currently supports more than 545 customers, from SMEs to large corporates, in 38 countries.

The Growth team at Ardian acquired a stake in Planisware in 2003, with the co-founders remaining majority shareholders. Throughout this period, the Ardian team has shared its expertise to support Planisware’s growth through four pillars of acceleration:

  • Strategically supporting the company’s transition to a Software as a Service (SaaS) model, while preserving its DNA of profitable growth;
  • Accelerating the group’s international expansion, particularly in the United States;
  • Helping M&A strategy, with the acquisition of NQI in 2018 and the integration of Japanese subsidiary IFT in 2023;
  • Supporting the liquidity process, throughout the structuring and monitoring of the IPO project.

In just a few years, the business has become a market leader, recognised by leading independent technology research organisations such as Gartner and Forrester. In 2023, the company, which employs c. 700 people, achieved sales of c. 156 million euros, with annual growth of 20% and an Adjusted EBITDA margin of 33%.

Planisware’s IPO will enable the company to increase its visibility and brand awareness, further accelerating its development. The company’s shares will list on Euronext Paris (ticker: PLNW) with a market capitalization above 1 billion euros. Ardian will continue to support Planisware after the IPO and remains aligned with the future value creation of the company through its c. 5% remaining stake.

“Planisware’s successful IPO is a recognition of the quality of our team and our solutions. I want to take this opportunity to thank Ardian which, since joining our capital and my first discussions with Dominique Senequier 20 years ago, has constantly demonstrated a true entrepreneurial spirit in supporting Planisware through its various growth phases. Their support has fully met our expectations.” Pierre Demonsant, Co-Founder & Chairman, Planisware

“I would like to thank the founders of Planisware for the trust they have shown in Ardian and congratulate them and their teams for this exceptional journey. This transaction perfectly illustrates Ardian Growth’s positioning and our commitment to back management teams in their development projects. Our purpose is to support the profitable growth of European category champions, enabling them to fully unlock their potential and establish themselves as global leaders.” Alexis Saada, Head of Growth & Senior Managing Director, Ardian

“As a close partner with a strong entrepreneurial mindset, understanding Planisware’s management DNA has been the foundation of our collaboration. We are pleased and proud to have been able to accompany the company until this listing milestone.” Geoffroy de La Grandière, Managing Director Growth, Ardian

LIST OF PARTICIPANTS

  • ARDIAN

    • INVESTMENT TEAM GROWTH: ALEXIS SAADA, GEOFFROY DE LA GRANDIÈRE, ALEXANDRA DA SILVA
    • LEGAL ADVISOR: HOGAN LOVELLS (MATTHIEU GROLLEMUND, JEAN-MARC FRANCESCHI, CHARLÈNE JOUËT)

  • PLANISWARE

    • FOUNDERS: PIERRE DEMONSANT, YVES HUMBLOT, MATTHIEU DELILLE
    • INDEPENDENT FINANCIAL ADVISOR: ROTHSCHILD & CO (STÉPHANIE ARNAUD, PIERRE-HENRI CHAPPAZ, FRANÇOIS WAT, SÉBASTIEN TRAVERS, MARGAUX CHEVILLARD, GUILLAUME DUVERGER, ELENA STANISLAV)
    • EIGHT ADVISORY (MYRIAM MONTILLOT, JULIE RUSSEIL)
    • CLEARY GOTTLIEB STEEN & HAMILTON CORPORATE (MARIE-LAURENCE TIBI, JOHN BRINITZER, ALICE CHAVAILLARD, OMEED FIROOZGAN, CLÉMENT PIELA)
    • CLEARY GOTTLIEB STEEN & HAMILTON TAX (ANNE-SOPHIE COUSTEL)
    • FINANCIAL COMMUNICATIONS ADVISOR: BRUNSWICK (HUGUES BOËTON, TRISTAN ROQUET MONTÉGON)

  • JOINT GLOBAL COORDINATORS: BNP PARIBAS

    • BNP ECM: ALEXIS LE TOUZÉ, ISABELLE STOECKLI, STEFANO MARIORENZI, BAPTISTE CHAROY, NICOLAS VINEL
    • BNP INVESTMENT BANKING: ALEX BIHUN, SIMON EDERY, ALEJANDRO FERNANDEZ BATLLE, LOUIS BAROIN, LISA BOVEDA
    • BNP EQUITY SYNDICATE: ANTOINE BOVYN, TRISTAN TASSI
    • BNP SENIOR BANKER: SYLVINA MAYER

  • JOINT GLOBAL COORDINATORS: CITIGROUP

    • CITIGROUP ECM: VALÉRY BARRIER, CHARAF BAQOUAH, NICHOLAS GILL
    • CITIGROUP INVESTMENT BANKING: DAVID IBANEZ, PIERRE DREVILLON, JEAN-MELCHIOR DE ROQUEFEUIL, NICHOLAS KAPLAN, ISMAËL SENHAJI
    • CITIGROUP EQUITY SYNDICATE: NAVEEN MITTEL, CHRISTINA MICHELSON
    • CITIGROUP SENIOR LEADERSHIP: LAURENCE PARISOT, GRÉGOIRE HAEMMERLÉ, BRIAN TRUESDALE

  • JOINT BOOKRUNNERS: BERENBERG

    • BERENBERG ECM: ANDREAS FRANZEN, EDOUARD SENLIER, PIERRE SERTOUR, LORENZO VANNUCCI
    • BERENBERG INVESTMENT BANKING: RUBEN MOSES, CHARLES-ALFRED GASQUET
    • BERENBERG EQUITY SYNDICATE: NORBERTO GOMEZ DEL MORAL, BASTIAN SCHIEDAT
    • BERENBERG COVERAGE: DAVID MORTLOCK

  • JOINT BOOKRUNNERS: BANK OF AMERICA

    • BANK OF AMERICA ECM: JÉRÔME RENARD, MAXIME SERVAN
    • BANK OF AMERICA INVESTMENT BANKING: THOMAS KOEHRER, ADELINE DEJAEGHERE, GEORGE KACHARAVA
    • BANK OF AMERICA EQUITY SYNDICATE: ANDREW BRISCOE, VICTOR DUMAS VORZET
    • BANK OF AMERICA SENIOR LEADERSHIP: LAURENT DHOME

  • JOINT BOOKRUNNERS: LEGAL ADVISOR

    • WHITE & CASE: THOMAS LE VERT, BORIS KREISS, SÉVERIN ROBILLARD, QUENTIN PIPIERI, MAX TURNER

ABOUT PLANISWARE

Planisware is a leading B2B SaaS software provider in the fast-growing Project Economy sector. Planisware’s mission is to provide solutions to help organizations transform the way they design, plan and deliver their projects, project portfolios, programs and products.
With nearly 700 employees in 12 offices, Planisware operates on a large scale, serving around 545 customers in a wide range of verticals and functions in more than 38 countries, spanning Europe, North America, Asia-Pacific and the Middle East. Planisware’s customers include leading international corporations, mid-sized companies and public sector entities.

planisware.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Flatpay rings up $47M to target smaller merchants with simple payment solutions

Dawn

As the world waits for $65 billion payments tech giant Stripe to go public, a wave of smaller startups continues to roll into the market to pick up more payments business. In one of the latest developments, Danish company Flatpay, which builds payment solutions for small and medium physical merchants like shops, restaurants and salons, has raised €45 million ($47 million), led by Dawn Capital.

Flatpay had raised just under $21 million before this latest Series B, and with this new funding, it’s now valued at well over $100 million. The company plans to use the money to expand into new markets in Europe and to build out more products alongside the point-of-sale and card terminals that it sells today. Some of these products might involve AI but only as an enabler of certain features, rather than a core service, said Flatpay’s CEO Sander Janca-Jensen.

“We have been able to raise money without mentioning the AI buzz word,” he said. “It seems to be rare these days.”

That €45 million is a strong Series B in the current market in Europe, especially when you consider the size of the startup. Founded in 2022, Flatpay currently has just 7,000 customers across Denmark, Finland and Germany.

Even with its revenues and customer base both growing at a monthly rate of 15%, Flatpay’s business is just a drop in the merchant ocean.

There are more than 24 million SMBs in Europe; point-of-sale terminals in the region number more than 17 million; and there are hundreds of other payments services — including Stripe, Adyen, SumUp and PayPal, as well as smaller players like SilkPay — all targeting the same customers as Flatpay.

But investors think there is a lot of potential in the startup, enough to bet early and strong, even in the current economic climate.

Janca-Jensen, who co-founded the company with Rasmus Busk, Rasmus Hellmund Carlsen and Peter Lüth, said the gap Flatpay spotted in the market was a lack of really simple solutions for merchants who want the convenience that technology can bring, without the harder aspects that come along with it, such as troubleshooting, understanding the intricacies of charges, and integrating products into their business flow.

The startup’s approach to addressing that gap comes in three ways, he said. On the customer side, Flatpay works with a defined size of customer: only merchants that process over €100,000 annually, and the customers cannot be multiple-location chains or franchises. Janca-Jensen said that it regularly rejects customers if they don’t meet those parameters.

On the technology side, it has matched its target customer size with the unit economics of its payment solutions to come up with very basic, flat fees (hence the startup’s name) of 0.99% for terminal transactions and 1.49% for POS purchases. Flatpay then doesn’t set a minimum charge for single transactions, and it doesn’t charge fees if customers are paying with international cards. Janca-Jensen admitted that its model means that Flatpay sometimes loses money on transactions, but it overall lowers the bar for usage and encourages more spend and overall revenue for the company.

Perhaps most interestingly, on the sales side, despite its focus on streamlined technology, Flatpay only sells via live sales visits. No online sales (although there are specialists who will help arrange those in-person sales visits and handle support), no virtual visits, and no plans to introduce either.

Janca-Jensen said he and his co-founders developed a fondness for direct field sales when they were selling home alarm systems in a previous life.

As with payments hardware and software, security can be a hard sell to customers. Flatpay found that the only way it could reliably seal deals was by selling in person. And the only way that salespeople can sell in person is by understanding the products really well.  “You have to get salespeople to understand the product enough to explain it well to buyers. It sets high standards for how simple your product must be,” said Janca-Jensen. “We like that challenge.”

Around half of Flatpay’s 200 employees are on the sales side, he said, split between those who help arrange sales visits and handle support and those who visit customers in person. Typically, they are recruited from other retail roles rather than software sales.

“We steer clear of SaaS account executives and fintech people,” he said. In his opinion, SaaS sales are so easy that people who work in that area are “too lazy and complacent” to make the grade for field sales.

So far, in the three markets where Flatpay operates, the aim has been to recruit very local salespeople who understand the nuances of their respective markets. That seems to raise a lot of questions about how well this can scale longer term, but Janca-Jensen brushes that concern aside, and investors are equally bullish.

“The field sales model, when done well, works. You can localize and roll out teams in a cost-efficient way to explain on a local basis why a product makes sense,” said Josh Bell, a general partner at Dawn Capital who focuses on fintech.

He pointed out that iZettle — another company Dawn backed — was also an early mover in using field sales to sell its fancy new tech to non-technical customers. “They were a winner, but even they never did it as well as Flatpay does this. Payments is huge, and Flatplay has touched just at a fraction of the opportunity.”

Denmark’s Seed Capital also participated in this round, along with other unnamed investors.

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Veesual raises a $7.5 million Seed round

AXA

AI-Powered Virtual Try-On Technology Platform For The Fashion Industry Veesual Raises $7.5 Million, Announces US Expansion With New EILEEN FISHER Partnership

Investment for market leader of image generation technology for fashion brands and retailers in Europe will now support US customers looking to overcome inclusivity challenges

New York, NY—April 17, 2024—Veesual, a Paris-based virtual try-on platform for the fashion industry that revolutionizes the way online shoppers experience digital retail, today announced the closing of a $7.5 million dollar Seed round led by AVP (AXA Venture Partners) and Techstars. The investment will accelerate delivery of the company’s plans to expand into the US market by opening its first US-based office, recruiting senior US talent, enhancing its current product offering for US apparel companies and more. A cornerstone of Veesual’s US expansion is a new partnership with leading women’s fashion brand EILEEN FISHER. Under the terms of the collaboration, Veesual’s augmented shopping experiences powered by next-generation virtual try-on technology have been integrated into the EILEEN FISHER online shopping experience.

Founded in 2020, Veesual is on a mission to transform the online shopping experience for all customers, independent of style, fit and fashion preferences. Through its Augmented Shopping solutions Mix&Match, Switch Model and Look Inspiration, Veesual’s proprietary 2D-based Image Generation Engine (IGT) was designed specifically for fashion brands to deliver high-quality imagery at scale, and to be able to adapt several pieces of clothing on any model, with natural renderings and precise fitting. Veesual works with leading brands and retailers in Europe including premium (Claudie Pierlot), kids fashion (Sergent Major and DPAM), and popular fashion (La Redoute and Gemo).

While brands are working to reflect diversity for e-commerce shoppers by featuring models of different ethnicities, ages and body types, it can be extremely costly to shoot individual products on various models. Veesual’s Switch Model experience allows customers to choose a model they identify with while simultaneously accelerating online sales and reducing returns for brands.

“We are thrilled to be the first US brand to partner with Veesual on this innovative new virtual try-on tool,” notes Blair Silverman, Vice President of E-commerce at EILEEN FISHER. “EILEEN FISHER is committed to inclusivity, designing clothes that cater to every body shape. Navigating online shopping poses challenges, particularly in predicting how garments fit diverse body types. Our collaboration with Veesual addresses these challenges head-on and we are proud to be launching a tool that is sure to be a new standard for e-commerce.”

While 3D-based try-on technology can be expensive and time-consuming, 2D image solutions offer a scalable and cost-effective solution for brands that engage shoppers. According to recent data published by Insider Intelligence, by 2026 e-commerce is expected to total over $8.1 trillion and 24% of retail purchases are expected to take place online. Veesual enables brands to create a more seamless and inclusive shopping experience for customers and in turn, yield higher sales and a lower return rate, allowing them to capture a larger percentage of online sales.

“We are proud to invest in Veesual, in order to accelerate its commercial roll-out and pursue its technological developments, as well as its international expansion,” said François Robinet, Managing Partner of AVP. “We believe in Maxime and his team’s vision. They have demonstrated a strong ability to execute and understand market challenges by offering fashion brands solutions to optimize their customer experience. With a presence on both sides of the Atlantic, AVP’s teams will be able to support Veesual in the next stages of its development.”

To support aggressive growth in the US, Veesual is working to recruit more senior talent and will open its first US office in New York in 2025. In addition to e-commerce, Veesual aims to create value for brands by displaying generated images on their acquisition and retargeting channels.

“The global fashion ecosystem is undergoing a seismic shift right now. The industry is increasingly focused on sustainable production, a better, more relevant buying experience and upcycling as a new standard. At Veesual, we’re meeting those changes by drastically improving how shoppers buy online which creates a more inclusive retail experience while also improving fit and reducing waste,” said Veesual Co-Founder and CEO, Maxime Patte. “This fundraise is critical for our plans as we scale in the United States with brands who are pioneering the augmented shopping experience. We anticipate significant growth in 2024 and beyond.”

About AVP

AVP is a global venture capital firm specializing in high-growth, technology-enabled companies, managing more than $2 billion in assets across four investment strategies: Venture, Growth, Late Growth, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Growth stages in the US and Europe. With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. AVP operates under AXA IM- Alts, the alternative investment business unit of AXA IM.

For more information, visit axavp.com
Contact: Sébastien Loubry, Partner Business development (sebastien@axavp.com)

About Veesual

Founded in 2020, Veesual was developed when co-founders Maxime Patte and Damien Meurisse recognized the limited means of fashion brands to visually engage diverse customers online. The platform offers solutions that leverage the power of images to create inclusive experiences that engage all customers. Globally, brands including Claudie Pierlot, Sergeant Major and La Redoute use Veesual. To date, these partnerships have outperformed expectations, with a 75% average increase in conversation rate and a more than 20% increase in average order value for shoppers who engaged with one of Veesual’s solutions. Veesual, a Techstars portfolio company, was part of Station F’s Founders program and has raised $7.5M to date. For more information, please visit https://www.veesual.ai/.

About EILEEN FISHER, Inc.

EILEEN FISHER has been making a system of simple, timeless clothes for nearly 40 years. A socially conscious company, EILEEN FISHER designs its clothing to be part of a responsible lifecycle, starting with sustainable materials, then taking back its clothes to be resold (Renew) or remade into something entirely new (Waste No More). The company became a B Corp in 2016, which means it voluntarily meets high criteria for social and environmental performance, accountability and transparency. The company’s clothes are sold online at eileenfisher.com, in more than 50 EILEEN FISHER stores in North America and over 500 department and specialty stores globally. Good-as-new pieces are resold at eileenfisherrenew.com, in two EILEEN FISHER Renew stores, and select EILEEN FISHER retail stores nationwide.

Media Contact

Courtney Page
Rally Point PR courtney.page@rallypoint.pr

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Altura raises 3 million euros in funding. AI-driven bid management software changes way of working.

Fortino Capital

Increasingly, government agencies, as well as private and public organisations, are using formal procurement processes such as a Request for X (RFX) to find a supplier for their contract. These processes are known for their complexity and the enormous amount of documentation required of participants. Altura has developed software to simplify the entire process around creating and managing proposals with the help of AI.  In the coming years, this development promises to dramatically change interactions between governmental organisations and companies, as well as business-to-business collaborations. With an investment of three million euros, Netherlands based Altura is poised to change the playing field in the world of proposal procedures.

Matthijs Huiskamp, founder and CEO Altura: “I see inefficiency in how companies and governments do business with other parties. This is because there is so much manual work and unnecessary steps. With the knowledge and automation in our software, those factors are removed and with that there is more room for vision, creativity, strategy and focus. AI plays the leading role in this.”

Matthijs Huiskamp, founder and CEO Altura

Future of doing business

Increasingly, business purchases are being completed through an RFX. In fact, in recent years, we are seeing smaller organisations purchasing through this route as well. RFX deals include a Request for Bid (RFB), Request for Information (RFI), Request for Proposal (RFP), Request for Quotation (RFQ) and a Request for Tender (RFT).

An RFX is an orderly step for an organisation to fairly compare all parties. The government is already required to follow this process in the form of tendering. For participating organisations, an RFX is often an expensive and time-consuming process with stacks of documents involving days of manual work.

From a database with insights into previous proposals, Altura can easily form the right strategy, price and text to increase the likelihood of success.

 

3 million euros funding

Altura launched the first version of its software two years ago. When founders Matthijs Huiskamp and Jordi van der Hek started exploratory talks with investors for a new round of growth, Curiosity VC was immediately enthusiastic and interested. Because of their focus on Artificial Intelligence, Curiosity turned out to be the perfect partner. Subsequently, they found a suitable co-investor in Fortino Capital with the necessary international knowledge and experience.

Wouter Goossens, Investment Director at Fortino Capital: “We see that companies are increasingly buying through RFXs. Matthijs and Jordi have the ambition to become category leaders with software to make bid management more efficient and effective. This objective and the speed at which the company is currently growing really appeal to us.”

Wouter Goossens, Fortino Capital

With the growth money, Altura will further improve their software. There will be a significant investment in tech talent to expand the platform.

The plan is to implement more products and provide even more quality support
to create a perfectly streamlined process.

Herman Kienhuis, managing partner at Curiosity VC: “We have researched the whole market in the field of AI in bid software and see that Altura is the best party. They use new AI technologies for finding and analysing tenders and RFXs, for automating time-consuming manual tasks and also as an assistant for proposal writing. This growth capital will allow them to accelerate their product development and commercial rollout.”

 

AI is storming the proposal management market

Bid management is now subject to AI disruption. That means the manner in which big companies do business and how the government spends is going to be changed. In five years, the field of RFX and procurement will look completely different. Altura is using AI to embrace and accelerate that change. All manual tasks will be solved with artificial intelligence and contextual data from companies. That leaves more time for the work that really matters.

The bid management software uses Large Language Models (LLMs), Retrieval-Augmented Generation (RAG) and Custom Prompting. Vector database technology and Graph database technology is deployed.

Thus, Altura’s software can support every step, providing a complete proposal process, from identifying new opportunities to project management and data analysis. The software can scrape product data from platforms, very accurately scan information from documents, estimate financial risks, summarize and organise content in a knowledge library. Based on the information found in the documentation, automated actions are created such as a schedule, task list, text for the proposal and other content. This significantly reduces manual tasks.

 

About Altura

Altura is the market leader in bid management software. The software combines data with technology for a winning proposal process. With Altura, teams can make better proposals by getting the right data insights and administrative tasks are automated by AI. Learn more: https://altura.io

 

About Curiosity VC

Curiosity is a Dutch venture capital fund focused on early-stage investments in AI software startups in the Benelux, Nordic and Baltic countries. Curiosity is led by two experienced operator investors, Herman Kienhuis and Maurice Beckand Verwee, supported by a community of expert advisors and portfolio entrepreneurs who are all co-owners of the fund. Learn more: https://www.curiosityvc.com

 

About Fortino Capital

Fortino Capital is a European investment company focused on high growth B2B software companies. From its offices in Belgium, the Netherlands and Germany, Fortino supports ambitious entrepreneurs and founders.

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Bridgepoint agrees sale of investment in Dorna Sports to Liberty Media

Bridgepoint

Bridgepoint today announced the sale of its investment in Dorna Sports S.L. to Liberty Media in a transaction which values the company at €4.2 billion.

Dorna is the international sports management, media and marketing company which holds the global rights to organise the MotoGP and WSBK Championships, which together represent the two pre-eminent motorcycle racing series in the world. Bridgepoint has been an investor in the business since 2006.

The transaction represents a full realisation of Bridgepoint’s existing stake along with that of Canada Pension Plan Investment Board (‘CPP Investments’) and management, to Liberty Media, which holds the exclusive commercial rights for the FIA Formula One World Championship.

William Jackson, chairman of Bridgepoint Group plc and of Dorna Sports S.L. said: “We’re proud to have partnered with Dorna and its management team for the past 18 years during which time Moto GP has become one of the true global sports brands and enjoys huge success. The partnership has seen MotoGP grow its fan base across five continents and become the world’s most exciting sport.”

The transaction is subject to customary conditions and regulatory approvals. The transaction is expected to complete later in 2024.

Advisers for Bridgepoint included: Financial – Moelis (company, Bridgepoint, CPP); Morgan Stanley (CPP); Legal – Latham & Watkins; Garrigues (management); Uria (company); Accounting – Deloitte; Tax – EY.

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