Sherpany, a Zurich based meeting management software company has raised growth capital from Cadence Growth Capital and existing investors. With a strong customer base comprised of over 350 customers including large and well-known companies, growing revenues and fresh capital, the company is ready for expansion across Europe.
Sherpany is a Software-as-a-Service (SaaS) business that provides senior executives and boards with a meeting room to organize, prepare, conduct and follow-up formal meetings in a more agile way increasing meeting productivity thanks to ita meeting framework Azend. The company serves more than 350 enterprise customers including company’s like Arkema, Axpo, Borealis, Clariant, Firmenich, Hilti, ING, Röchling, RKW, Helvetia, SwissRe, Sberbank, Zurich Airport and Zurich Insurance Group.
Increasing demand results in 30% annual growth
The demand for Sherpany’s SaaS has been increasing in Europe, resulting in increased revenues at a compounded annual growth rate of more than 30% for the last four years. This year, as Covid-19 struck, most customer meetings were held remotely, enabled by Sherpany. Subsequently, the company attracted some 40 additional customers, which expanded its client base by 15% in just two months. Just recently, Sherpany closed a deal with a large bank to be rolled out for thousands of users in Switzerland, with the potential to be used globally.
The impressive track record across several industries such as energy, banking, pharma, healthcare, construction, and retail shows that Sherpany’s solution is universally applicable. Based on its success, the company, with over 110 employees across offices in Berlin, Lisbon, Milano, Paris, Wrotzlaw and Zurich, is ready to expand across Europe, which represents a CHF 8 billion market opportunity.
Growth funding to boost expansion
The recently obtained funds from the Swiss Software company, Cadence Growth Capital (CGC) and existing investors including Investiere will enable Sherpany to invest in its existing full-stack platform and adjacent product categories. The funds will also flow into scaling sales and boosting marketing activities in Europe.
“Cadence Growth Capital brings a unique combination of competencies that will support our international expansion. The need for efficient meeting management solutions is rapidly increasing across markets as more and more meetings happen remotely, hence asynchronously, which is exactly what our SaaS is built for and which has increased usage of the Sherpany tool significantly during Covid-19.”
(Press release/RAN)
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