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The start-up Vertuoza raises 4 million - Companies

The start-up Vertuoza raises 4 million – Companies

Vertuoza, publisher of site management and monitoring software for SMEs in the construction sector, today announces a new fundraising round of 4 million euros. Enough to sustain its beautiful growth.

Dominique Pellegrino is smiling. The boss of Vertuoza can announce a rather special fundraising, carried out with the French fund Xange already in its capital and with Fortino. In total, 4 million euros. However, Vertuoza, saas management software for building professionals, didn’t really need it.

“At the end of 2021, we started to receive proposals from Anglo-Saxon funds, when we were not looking to raise money”, recalls the CEO of Vertuoza. The start-up then jumped at the chance and started a roadshow. In a position of strength since it had reached 1 million euros in annual recurring income (ARR), using only half of the first fundraising made a year earlier.

If, according to Dominique Pellegrino, some high-flying foreign funds offered large sums to the start-up, the management of Vertuoza did not follow them. “We wanted to be as diluted as possible,” explains the CEO. This type of fund requires, in fact, some 20% of the start-ups in which they invest. Vertuoza does not want to “let go” so much and hopes not to sell much more than 10% of its capital.

And it was through discussions with its current investors, including the Frenchman Xange, that Vertuoza found a much better solution at this stage of the project’s progress: It was then that an agreement was reached with its shareholders, carrying out a a bit of a “pre-series A” hybrid. While letting in the Belgian fund Fortino Capital (launched by Duco Sickinghe, ex-telenet). Investors agree to intervene up to 4 million euros for a capital investment much lower than 20%. And that at a valuation of 28 times the ARR which, according to our calculations, would bring the value of the company to just under 40 million euros. Something to delight Dominique Pellegrino who not only sees his link with Xange, a leading investor (they had invested in Odoo). It is a good point that this fund continues to show its confidence in the young company experiencing very strong growth. But in addition, Vertuoza sees the entry of Fortino Capital, a large Belgian fund which will be able to provide it with its expertise and access to the Flemish and Dutch markets.

Without forgetting that the duo at the helm of the start-up manages to minimize its dilution. Today, the founders left only a quarter of the capital to investors and therefore remain the majority.

The fundraising should enable Vertuoza to continue its astonishing growth. Indeed, the Walloon start-up has grown to 49 people in less than 2 years. And it expects to climb to 65 people quickly before reaching 120 by the end of 2023. As for its income, it is counting on an ARR having tripled (to almost 3 million therefore) in less than a year. To support its growth, it intends to hire top profiles and attack new markets. The Netherlands, for example. Hence the interest, according to Dominique Pellegrino, of bringing Fortino Capital on board the capital…

Dominique Pellegrino is smiling. The boss of Vertuoza can announce a rather special fundraising, carried out with the French fund Xange already in its capital and with Fortino. In total, 4 million euros. However, Vertuoza, saas management software for building professionals, didn’t really need it. “At the end of 2021, we started to receive proposals from Anglo-Saxon funds, when we were not looking to raise money”, recalls the CEO of Vertuoza. The start-up then jumped at the chance and started a roadshow. In a position of strength since it had reached 1 million euros in annual recurring income (ARR), using only half of the first fundraising made a year earlier. If, according to Dominique Pellegrino, some high-flying foreign funds offered large sums to the start-up, the management of Vertuoza did not follow them. “We wanted to be as diluted as possible,” explains the CEO. This type of fund requires, in fact, some 20% of the start-ups in which they invest. Vertuoza does not want to “let go” as much and hopes not to sell much more than 10% of its capital. And it is through discussions with its current investors, including Frenchman Xange, that Vertuoza has found a much better solution at this stage. progress of the project: It was then that an agreement was reached with its shareholders, to carry out a somewhat hybrid “pre-Series A” tour. While letting in the Belgian fund Fortino Capital (launched by Duco Sickinghe, ex-telenet). Investors agree to intervene up to 4 million euros for a capital investment much lower than 20%. And that at a valuation of 28 times the ARR which, according to our calculations, would bring the value of the company to just under 40 million euros. Something to delight Dominique Pellegrino who not only sees his link with Xange, a leading investor (they had invested in Odoo). It is a good point that this fund continues to show its confidence in the young company experiencing very strong growth. But in addition, Vertuoza sees the entry of Fortino Capital, a large Belgian fund which will be able to provide it with its expertise and access to the Flemish and Dutch markets. Without forgetting that the duo at the helm of the start-up manages to minimize its dilution. Today, the founders left only a quarter of the capital to investors and therefore remain the majority. Fundraising should allow Vertuoza to continue its astonishing growth. Indeed, the Walloon start-up has grown to 49 people in less than 2 years. And it expects to climb to 65 people quickly before reaching 120 by the end of 2023. As for its income, it is counting on an ARR having tripled (to almost 3 million therefore) in less than a year. To support its growth, it intends to hire top profiles and attack new markets. The Netherlands, for example. Hence the interest, according to Dominique Pellegrino, of bringing Fortino Capital on board the capital…

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