Madrid-based Faraday Ventures Partners, a venture capital fund manager that actively searches for innovative projects and teams with high potential, announced on Tuesday that it has realised its sixth exit with Woffu. Faraday invested in Woffu in 2019.
Jaime Biel, Partner at Faraday, says, “We are very proud of our investment in Woffu and of having been able to support the company in its development and growth. It has been a real pleasure to work with the founding team and we wish them all the best for the future.”
Prior to this, the European VC fund manager claims to have a track record of ‘excellent’ returns and exits in companies such as Habitissimo, Bodeboca, Signaturit, Codigames, and PlaySpace.
“Revolutionising time management”
Barcelona-based Woffu is a cloud-based platform created to optimise time management with the purpose of maximising communication and transparency between all departments of a company. The company was founded in 2015 by Miguel Fresneda and Victor D. Pérez Rodríguez.
Woffu, which will continue to operate under its brand after the acquisition by Norwegian technology company Visma, has grown over the years, driven by the introduction of the working time control regulations in 2019. It has a workforce of 55 people.
Currently, the company’s solution is used by over 130,000 employees to optimise their time, request vacations, manage absences, and comply with working hours regulations. The acquisition by Visma, which already acquired five tech companies in Belgium in the last two years, will enable Woffu to continue to grow internationally and benefit from its solutions and increased resources.
Faraday Venture Partners’ sixth exit
Founded in 2011 by Gonzalo Tradacete, Faraday Venture Partners is a private investors club that claims to offer an exclusive investment service to its partners. The firm analyses innovative startup projects in need of private financing and offers projects for investment to partners, co-investors, and business angels.
Faraday offers project analysis and selection services to carry out a strictly confidential due diligence process and active management and assessment of investment stake, to offer diligent acquisition and sales assessment of customers’ existing investment with the company itself. It also offers empowerment of entrepreneurial initiatives and custom exit strategy assessment, to maintain a close relationship with portfolio companies, offering personalised support and resources.
With five exits realised in the last five years, the exit of Woffu creates interesting perspectives for its venture capital fund Faraday Europe I, FCRE, which was launched in December, 2020. This fund, with a target size of €40M and backed by the Spanish public “fund of funds” Fond-ICO Global, invests in startups with ‘great’ potential for rapid value creation, employment, and profitability for its investors.
Faraday invests in early-stage startups across Europe deal by deal via its Clubs, located in Spain since 2012, in Germany since 2019, in Benelux since 2021, and soon in Italy, or the whole fund via its venture capital fund.