- Swiss meeting management software company Sherpany raises growth capital from a Swiss Software entrepreneur, Cadence Growth Capital (“CGC”) and existing investors
- Sherpany’s Software-as-a-Service (“SaaS”) meeting management solution enables over 350 enterprise customers to organize meetings more efficiently to take decisions faster and remain compliant with corporate guidelines
- Sherpany will use the proceeds to invest in its existing full-stack platform as well as adjacent product categories and scale its sales and marketing organization in Europe
Sherpany, a European leader of meeting management software, today announced that CGC recently invested alongside a highly successful Swiss entrepreneur into Sherpany to accelerate growth. The investors and CGC will partner with Sherpany’s management team to further accelerate Sherpany’s product innovation, grow its partner network, enhance sales and marketing efforts, as well as continue strengthening its position in Switzerland and extending depth in the European markets focussing on Germany, France, Italy and UK.
Sherpany is headquartered in Zurich, Switzerland, with over 110 employees across offices in Berlin, Lisbon, Milano, Paris, Wrotzlaw and Zurich. The Company supports a European customer base in managing formal meetings of senior executives and boards. Sherpany is industry agnostic and customers include Arkema, Axpo, Borealis, Clariant, Firmenich, Hilti, ING, Röchling, RKW, Helvetia, SwissRe, Sberbank, Zurich Airport and Zurich Insurance Group. Customers are highly satisfied hence loyal and last year over 98% of clients renewed their contracts.
Sherpany is a 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. Sherpany’s sophisticated meeting framework Azend© helps companies to #GetTimeBack. Data security is taken enormously seriously, therefore all the data is hosted in Switzerland.
The demand for Sherpany’s SaaS has been increasing in Europe along with customer awareness of potential solutions to manage meetings more efficiently and more effectively. The Company has increased revenues at a compounded annual growth rate of more than 30% for the last 4 years. Sherpany is the undisputed market leader in Switzerland and is on track to double recurring revenues in 2020 compared to 2018.
The impressive track record across several industries such as energy, banking, pharma, healthcare, construction, and retail shows that Sherpany’s solution is universally applicable, which in turn means large revenue potential. High customer satisfaction is resulting in a churn rate that beats standards for SaaS companies.
This year, as Covid-19 struck, most customer meetings were held remotely, enabled by Sherpany. The company reacted and launched a crisis-response campaign, which showed remarkable results, convincing almost 40 additional customers of its unique offering. Thus, Sherpany expanded its client base by 15% in just two months. Just recently, Sherpany closed a deal with a very large bank to be rolled out for thousands of users in Switzerland, with the potential to be used globally. Sherpany has become one of Switzerland’s most successful SaaS companies. Now Sherpany is ready to expand across Europe, which represents a CHF 8 billion market opportunity.
“We are excited about the partnership with our new investors and we look forward to working with them to fulfil our joint vision to serve enterprises around the world with our meeting management solution”, said Tobias Häckermann, CEO and Co-Founder of Sherpany. “Throughout Sherpany’s journey we have felt strongly that it is indeed possible to grow a company with a Swiss foundation, so this was also important in our evaluation of potential investment partners and we are very happy that we are able to partner with a Swiss entrepreneur and CGC who has a very strong network in the DACH region.”
“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.”
“We are incredibly excited to back Sherpany’s world-class founding team and to invest alongside a highly successful Swiss entrepreneur, the European Investment Fund (“EIF”) and existing investors and we look forward to partner with Sherpany and to support its ongoing international expansion”, says Leonard Clemens, Managing Director at Cadence Growth Capital. “We are convinced that Sherpany’s cutting-edge software suite combined with its comprehensive customer centric service offering provides both enterprises and small and medium-sized businesses (“SMBs”) with an end-to-end solution that fulfils their complex mobile meeting management needs across the board. Sherpany is a strong fit with CGC’s strategy of investing and supporting B2B software companies with a strong local presence and global ambitions and products that solve important customer pain points. We have been very impressed by the whole team, which the founders have built around the vision of Sherpany and the outstanding positive customer feedback to #GetTimeBack with very low churn rates and long customers lifetime values.”
About Sherpany (Agilentia AG)
Sherpany was founded in 2011 with a vision to create a world where every meeting counts. Today, the Swiss company is the European market leader for meeting management software and helps over 6000 business leaders increase the productivity of their meetings. The privately owned and award-winning company employs over 100 people in six offices across Europe. Learn more about Sherpany’s innovative approach to meeting management here: www.sherpany.com.
About Cadence Growth Capital
Cadence Growth Capital (CGC) is a DACH (German speaking countries) focused growth private equity firm with a focus on partnering with software and technology-enabled companies with strong organic and inorganic growth prospects. CGC provides expansion capital, operating expertise and access to its extensive network of entrepreneurs with a view to help transform innovative businesses into lasting, category-defining leaders. CGC serves as active owner and partner to the founders and management teams to develop portfolio companies with a view to create long-term value driven by growth. The partners at CGC have been investors in more than 20 transactions with a combined investment experience of over 30 years. CGC regularly co-invests with the European Investment Fund (EIF). Sherpany is the first investment in the Cadence Growth Capital Fund I. Learn more about CGC here: www.cadencegrowthcapital.com