Nivelles, Belgium-based Vertuoza, a provider of SaaS-based project management software for construction businesses, announced on Thursday that it has secured €4M in a Pre-Series A round of funding led by XAnge and Fortino Capital.
The company says it will use the funds to accelerate its growth by boosting recruitment and internationalisation. The announcement comes after raising €1.2M in a Seed round in July 2021.
“This new financing stage allows us to serve construction companies further. Beyond the software, Vertuoza is also a community that is growing exponentially and redefining the codes of the sector’s organisation,” says Dominique Pellegrino, co-founder and CEO of Vertuoza.
Vertuoza: What you need to know
Launched in January 2021 by Antoni Di Filippo, Kevin Vermeulen and Dominique Pellegrino, Vertuoza helps construction professionals focus on the essential elements of their business and ease their administrative management.
The platform offers an easy-to-install monitoring and managing solution for construction sites. It is aimed at small and medium-sized companies from 2 to 120 people, corresponding to 99 per cent of the construction sector, a market of 4,000,000 companies.
Vertuoza claims to have tripled its annual recurring revenue (ARR) in one year, reaching the €1M mark in early 2022.
The company claims that more than 3,000 users are currently active in its ecosystem. Vertuoza is operational in Belgium, Luxembourg, France, and Switzerland. The company employs 45 people.
XAnge is a European venture capital firm with bases in Paris, Berlin, and Munich. With €600M in Assets Under Management, the company invests in European early-stage innovative technology companies operating in the fields of Digital consumer, Enterprise & Data, Fintech, and Deeptech.
Since its inception, XAnge has backed more than 200 fast-growing companies in their entrepreneurial journeys.
“The Vertuoza model, with its commercial efficiency perfectly under control, its costs always close to balance, and an impeccable product-market fit, meets the expectations of investors in 2022,” says Cyril Bertrand, managing partner of the XAnge fund in Paris.
Fortino Capital Partners is a European investment company focusing on high-growth B2B software solutions managing two private equity funds and two venture capital funds.
Filip Van Innis, Investment Director at Fortino Capital, says, “Our passion is to help ambitious founders seize opportunities that allow them to accelerate their growth in a rapidly changing market continuously. After Doctolib in the medical world, Toast in the US, Sides in the EU restaurant industry, and Salonkee in the beauty sector, we are convinced that Vertuoza can take the lead in digitalising the SME construction market in Europe.”