Amounting 1.1 million euros, this fundraising was carried out thanks to Finance&Invest Brussels, the BeAngels network and several private investors (Belgian and French). Among the latter, we find in particular Alessandro Mazzocchetti, the financial director of Odoo, who will join the board of Recovr. “It’s a chance, confides Alessandro Drappabecause he obviously knows the world of software very well and, as CFO, he represents the target we are targeting”.
Significantly reduced payment terms
Recovr has in fact developed a “Software-as-a-Service” (SaaS) solution for financial management of customer accounts. Its target is medium-sized companies with a significant volume of invoices. “As soon as an invoice is issued, Recovr takes care of its follow-up until payment. We manage to reduce payment times by 30 to 50%. Since the start of this year, we have already enabled our customers to recover more than a billion euros.”.
Belgian start-ups highly courted by large French groups at VivaTech
Until 2023, Recovr’s customers were (almost) exclusively Belgian. “Our ambition is European”Alessandro Drappa explained to us during the 2023 edition of the VivaTech trade show in Paris. The young Belgian company had just been selected by Cegid, one of the European leaders in the digital transformation of SMEs, to integrate its Data Lab at Station F (the largest start-up campus in the world created by Xavier Niel ). A nice springboard to attack the French market.
France as a strategic market
A year and a half later, France has become Recovr’s priority. The new fundraising, which follows a first fundraising of 800,000 euros carried out at the end of 2021, should be used to accelerate the expansion of Recovr on the French market. Today, Recovr’s solution has already been adopted by more than 1,000 users in several hundred companies located in Belgium, Luxembourg and France. In the medium term, the fintech aims to become a European leader in customer account management.
gull“Within two years, we are targeting an annual recurring income of 3 million euros.”
In the space of three years, the young CEO indicates that Recovr, which today employs fifteen people, has multiplied its recurring revenues by eight and significantly increased its average basket, in part thanks to a strategic repositioning towards larger companies. “We have spent time achieving solid product-market fit, with excellent retention rates and very cash-efficient growth. These solid foundations now allow us to confidently accelerate our growth”explains Alessandro Drappa. “Within two years, he addswe are targeting an annual recurring income of 3 million euros”.
