Startup Studio Hexa acquires a majority partition in Veevart, vertical SAAS platform for museums

Hexa Trying something new. Instead of encouraging startups from the beginning and incubs them for the first year, or so, the Paris -based startup studio acquires a majority share in WaterVertical Museum Service Software Company that provides ticket solutions, fundraising, CRM and collection management.

Hexa is a well -known name in the French technological ecosystem. The startup studio initially launched its life in 2011 as Efounders and regularly offers ideas for new technology companies. He tries to find the right founder and helps them in the design of the product, the strategy for working in the market, hiring and raising funds.

After this first phase, companies become correct, independent start -ups, but Hexa retains a significant share of the CAP table. Some successful hexa portfolio companies include Front., Aircall., Strestsk and SwanS

But Veevart is not a new startup. It was founded in 2014 and now works with 160 museums and cultural institutions of all sizes around the world. With its team of 70 Veevart is already profitable.

The product is designed as a platform for everything in one for museums built on top of Salesforce. Museums that use Veevart can create and manage events, sell tickets online and locally, manage membership, automate donor communications and integrate with the museum store.

Many museums use multiple tools for all these tasks. The presence of a platform facilitates management and maintenance over time.

The reason that Weevart relies largely on Salesforce is reduced to Veevart’s founder Antonio Velasco Echeveri – earlier in his career he worked with Accenture and Salesforce.

“I would not say that” I chose “to upgrade to the top of Salesforce. People often accept that these decisions are deliberate, but frankly, luck plays a big role. We didn’t choose Salesforce – it was just the technology I knew best, “Velasco Echeverry told TechCrunch.

Despite some limitations of the platform, he added that building the top of Salesforce has some advantages such as security, scalability and access to the entire Salesforce ecosystem.

Veevart has been charged over the last decade and has been profitable for some time – “not incredibly profitable but profitable,” said Velasco Echevery.

“So when we started talking to Hexa, we didn’t look too much about money, but more about a partner who could help us get to the goals of our revenue faster and less pain,” he added.

With this investment, Hexa acts as a kind of practical partner for private capital. The startup studio invests € 5 million ($ 5.4 million in current currency courses) to become a major shareholder in Veevart.

“Our goal is that Hexa can help us achieve $ 20 million (annual repetitive revenue), apply best practices around the product ((Go-to-Market), sales and leadership,” said Velasco Echeverry.

Private capital companies usually do not participate in small deals like this, while VC companies usually look for companies with high growth potential. But Hexa believes that he can raise Veevart to the next level by providing surgery to accelerate the growth of the company.