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In a momentous stride towards fostering entrepreneurship, Spanish startup Jeff has achieved an extraordinary feat by securing a substantial €90 million in Series C funding. Spearheaded by the esteemed DX Ventures, a fund backed by Delivery Hero, the funding round was thoughtfully divided between debt and equity, underlining the company’s unwavering pursuit of profitability in the upcoming year.
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Since its inception in 2015, Jeff has been a beacon of support for aspiring entrepreneurs, empowering them to embark on their business endeavors and subsequently oversee their operations across a diverse array of verticals, encompassing laundrettes, fitness clubs, beauty salons, massage studios, coffee shops, and coworking spaces.
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The path to launching a business with Jeff begins with prospective entrepreneurs securing and renting suitable premises, followed by an initial investment of €50,000. These funds are judiciously allocated towards acquiring essential equipment and supplies, effortlessly sourced through Jeff’s well-established supply chains and extensive network of suppliers. According to the visionary Founder, Eloi Gómez, leveraging the platform allows businesses to be launched within an impressive 45-day timeline.
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By paying a nominal monthly fee of €400, entrepreneurs gain access to a gamut of business management tools, underscored by Jeff’s reputable brand. Among the diverse range of tools are a meticulously designed step-by-step marketing plan, a comprehensive partnerships guide, a customer-facing frontend app facilitating seamless bookings, and invaluable insights gleaned from consumer data.
Valenciabased Jeff’s resounding success is evident in the over 2,000 businesses it has successfully launched, leaving an indelible impact in an astounding 42 countries worldwide.
In response to prevailing economic challenges that deter raising capital from venture capitalists, Jeff, like many resilient startups, has decisively redirected its focus from expansive growth to the pivotal pursuit of profitability. Eloi Gómez revealed that this transformational journey towards profitability would be achieved through strategic intensification of efforts in the laundrette vertical. Furthermore, the company is steadfast in fortifying the team responsible for developing their groundbreaking AI-driven business advice tool.
To augment its groundbreaking initiatives, Jeff intends to leverage the debt facility secured from the funding round to fuel the growth of its innovative business financing product, aptly named Jeff Capital. This revolutionary offering, introduced in April of the preceding year, proffers monetary assistance to users seeking liquidity to expedite their entrepreneurial ventures.
Jeff’s trajectory towards breakeven is considerably eased by prudent cost-cutting measures, which have included significant staff reductions in recent years. As per data from Dealroom, the company’s employee headcount was halved between 2020 and 2022.
The funding round witnessed a notable cohort of investors, with the Berlin-based DX Ventures taking the lead. The consortium of investors further included Clean Ventures, Stelac, and Prism, alongside the continued support from existing backers Nalpa and Alcor.
While Jeff’s franchising business model remains a distinctive hallmark among startups, it is not the sole European tech company making waves in supporting brick-and-mortar businesses, as several others have garnered substantial funding in recent times. For instance, Belgian restaurant point-of-sale platform Deliverect successfully secured $150 million in January 2022. Similarly, Spanish Factorial, specializing in human resource platforms for SMEs, raised an impressive $120 million in October 2022. Additionally, Berlin-based Uberall, pioneering enhanced online visibility for brick-and-mortar businesses, triumphed in raising $115 million in June 2021.
Jeff’s resounding triumph in securing significant funding underscores its paramount role in cultivating a fertile ground for entrepreneurship to flourish, while steadfastly focusing on attaining financial viability in a rapidly evolving business landscape.