Beezy, the software company founded in 2013 has recently closed a venture debt round for a total of €1,500,000 to continue with its ambitious international expansion process. The performance and scalability of its business model had been validated with the strong growth it is experiencing in the past months.
The company is led by Jordi Plana, who has been able to transform the nature of the company's income, migrating from a traditional license sale to a recurring SaaS business model. Beezy offers a complete integration of the company's different communication and information channels based on Microsoft's productivity platform, streamlining company processes, improving the employee experience and enhancing collaboration, while allowing the complete integration of all the available information in a new unified environment.
The company has been backed by Inveready who has chosen to finance the expansion through a Venture Debt financing. This kind of financing is suitable for companies that have demonstrated the recurrence and scalability of their business model, allowing current shareholders to minimize dilution in relation to a traditional capital increase.
Carlos Conti, General Partner of Inveready and responsible for the hybrid-funds of the firm, commented:
We are pleased to contribute to the development and growth of such a remarkable software solution as Beezy and at the same time, we are delighted to confirm the strong fit of this type of financing in SaaS models. We are very happy with the timing of the deal maximizing the value for both parties. We have closely followed the evolution of the company for some time and have witnessed the acceleration of its recruitment of new customers and maturation as a SaaS product company.
Beezy has annualized recurring revenues above €4,500,000 and shows a 92% retention of its users. The company has clients in different verticals and geographies, whose clients include companies such as: BASF, Hermes, Vodafone or Monster.
Jordi Plana, CEO, founder and major shareholder of Beezy expressed: Signing a venture debt agreement with a strategic partner such as Inveready will help us boost the commercial development of the company, to strengthen our commercial partners network as well as easing the incursion into new markets. Moreover, the capital inflow will allow us to continue with our R&D investments in Artificial Intelligence and UX of the product thus gaining competitiveness in the international market.
Founded in 2013, Beezy markets collaborative software that improves the adoption and usability of Microsoft Office365 and SharePoint products. This improves the internal communication, experience and productivity of the employee, as well as the processes within the organizations.
In 2018, Beezy will exceed six million euros in turnover with a sustained growth of more than 100% year after year in the SaaS division. Only in the last two years, the company has multiplied by five the recurring revenue. In addition, Beezy has achieved a positive EBITDA in the past three years demonstrating its profitability.
About Inveready Technology Investment Group
Inveready Technology Investment Group (www.inveready.com) is the first Spanish Investment Group focused on innovative companies in their early stages of life and with financial needs of between 0.5 and 4 million euros. Inveready has offices in Barcelona, Madrid and San Francisco.
Inveready has 9 investment vehicles with managed resources of over € 125 million, more than 80 participated as WineisSocial, MasMovil, Bitext, Palo Biofarma, Bilua, Odilo or Catchoom. Inveready has supported reference operations in the market such as the sales of Password Bank to Symantec, 3Scale Networks to Red Hat, Indisys to Intel and Masmovil, the first Spanish unicorn. In 2018, the Venture Debt vehicle has sold iSalud to CNP Assurance and Respiro to the VW/SEAT group.