Belgian construction software startup Vertuoza has raised €4m (£3.5m) in a pre-series A funding round led by XAnge and Fortino Capital.
The company says it will use the funds to grow its headcount and continue to expand internationally.
Dominique Pellegrino, co-founder and CEO of Vertuoza, commented: “Despite the high interest for a large round from multiple European and US investors, we believe it makes more sense to go for this fit-for-purpose pre-Series A round allowing to continue our high-speed growth while building shareholder value.
“This round will enable us to optimally prepare for a large Series A round with the international funds that have already placed us on their radar.”
Founded in January 2020 by Antoni Filippo, Dominique Pellegrino, and Kevin Vermeulen, the startup has developed a SaaS-based project management software for construction businesses.
The platform helps construction professionals focus on the essential elements of their business and ease their administrative management.
Cyril Bertrand, managing partner of the XAnge fund in Paris, said: “The Vertuoza model is very predictable and therefore attractive for investors – 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.”
Filip Van Innis, Investment Director at Fortino Capital, added: “Our passion is to help ambitious founders seize opportunities that allow them to continuously accelerate their growth in a rapidly changing market.
“After Doctolib in the medical world, Toast in the US and Sides in the EU restaurant industry, and Salonkee in the beauty sector, we are convinced that Vertuoza can take the lead in the digitalisation of the SME construction market in Europe.”
Vertuoza claims to have tripled its annual recurring revenue (ARR) in one year, reaching the €1m mark in early 2022.
Image credit: cybrain/Shutterstock
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