Paris-based Wegrow, a digital platform for companies to efficiently share and implement best practices for improved collaboration and profitability, announced on Monday, July 17, that it has raised €5M in a fresh round of funding.
The investment came from Shapr Ventures, Scalefund, Grow Invest, She1K, and VU Venture Partners.
According to Harvard Business Review, the Fortune 500 loses $31.5B in value every year due to a failure to properly communicate best practices.
Wegrow is tackling this issue by assisting its clients in saving time, and resources and driving ROI to combat inflation. The company says that its sales increased by 250 per cent over the previous year despite the global crisis.
Wegrow’s founder and CEO, Arnaud Sliwa-Biset, says, “Wegrow is addressing the value void of best practice sharing by providing a platform for companies to share their best practices, driving return on investment by improving business efficiencies, replicating successful growth actions, and engaging employees.”
“Essentially, we help businesses to avoid ‘re-inventing the wheel’. We are helping global & local teams to really ‘win as a team’. Central teams are able to drive efficiencies, and local teams feel recognised & can access a repository of high-quality best practices that they can ‘steal with pride’ in minutes,” adds Sliwa-Biset.
The French company has negotiated worldwide contracts with Coca-Cola in consumer goods, Reckitt in pharmaceuticals, and Circet in telecommunications in the last quarter alone. Its clients also include Unilever, Kraft Heinz, Mondelez, Henkel, Suntory, Barilla, Louis Delhaize, and Puig among others.
According to Wegrow, the money will help drive margins in major firms by sharing and re-applying best practices in marketing, sales, HR, and supply chain.
The funds will also help Wegrow speed up its global expansion, which now operates 90 per cent of its company outside of France and 50 per cent outside of Europe with a workforce of 40 people.
Sliwa-Biset says, “This fundraising will also help develop the use of artificial intelligence within Wegrow to detect faster best practices and scale them in more markets.”
“Our objective will be to increase the savings per business unit per year from €1M today to €10M by 2025. We will also develop customised versions of Wegrow adapted to new verticals such as transportation, banking & technology.”