re:ceeve increases seed funding to $13.5M led by Seaya Ventures to consolidate its leadership as the end-to-end collections automation platform in Europe
re:ceeve, the leading SaaS provider of a no-code collections platform solution, has increased their seed funding to $13.5M with venture capital funds Seaya Ventures and 14W. Existing backers, Mangrove, Speedinvest and Seedcamp participated in the expansion round – bringing re:ceeve’s total war chest to more than $12M to accelerate growth throughout Europe.
The company offers a cloud-native platform that enables in-house collections and recovery teams to take a no-code, digital-ﬁrst approach to resolving overdue claims while supporting customer control and experience. From self-service to intelligent assignment of NPLs, the platform’s seamless experience is built on an innovative foundation of technology and behavioral science. In-house teams are empowered by the no-code platform to quickly and easily automate processes and apply insights for maximum recovery across the entire credit management value chain – from collections to portfolio assignment or sale. re:ceeve targets industries providing financing and subscription services (e.g. banks, alternative lenders, utilities and telcos) and helps them digitalize and automate their in-house collections processes end-to-end.
re:ceeve was founded in 2019 by Paul Jozefak and Michael Backes, seasoned entrepreneurs with expertise in the collections sector as well as experience in venture capital, innovation labs and company building. The company launched its product in Q4’19 and is already processing hundreds of thousands of claims monthly in 12 countries. Powered by this funding round, re:ceeve’s $12M war chest will be invested to grow its employee base, to consolidate its no-code collections automation leadership in Europe and to expand the debt servicing and brokerage capabilities of the platform even further over the next 12 months.
“We are excited to raise additional capital to further accelerate our growth. Seaya and 14W, together with our participating investors Mangrove, Speedinvest and Seedcamp, saw the opportunity to accelerate our growth earlier than initially planned and we are happy to have them on board. We will grow faster in the markets we started out in but will also be able to address new markets with the support and reach of Seaya and 14W.” Paul Jozefak, co-founder and CEO of re:ceeve.
“Hundreds of billions of dollars have been invested in the last few years digitalizing financial and other services, focused on acquiring and assessing the creditworthiness of clients. Nevertheless, collections operations remain very manual and archaic resulting in frustration for customers and lost money for service providers. As European household finances and debt obligations are expected to come under pressure in the near term, we expect the urgency to modernize collections to increase substantially and re:ceeve is well-placed to help organizations do so. We are delighted to back re:ceeve’s outstanding team and support them in accelerating the impressive commercial traction they have already achieved in such a short time.” says Aristotelis Xenofontos, from Seaya Ventures.
“Accelerating re:ceeve’s funding trajectory makes perfect sense in light of the fantastic customer response re:ceeve has had in its first year in the market. These are exceptional early signs of product market fit, notably in enterprise tech and a testament to the team’s expertise”, adds Hans-Juergen Schmitz, co-founder and Partner of Mangrove Capital Partners who seed funded category leading software companies such as K Health, WalkMe or Wix.
About re:ceeve GmbH
re:ceeve is a cloud-native platform that enables your in-house collections teams to take a technology-ﬁrst approach to resolving overdue claims while supporting the customer experience. Our AI-driven approach drives efficiencies and results end-to-end across the collections & recovery ecosystem. The no-code platform’s seamless experience is built on an innovative foundation of technology and behavioral science. In-house organizations are empowered to quickly and easily automate processes, and apply insights for maximum recovery across the entire credit management value chain – from collections to portfolio assignment and/or sale.
We don’t believe that it makes sense to give away the most important relationship: that with your customers to third-parties. The interests of your customers are not aligned with third-party collections agencies; why throw away the hard-won relationship and all the effort you invested into building it? Our approach sees our software and collections processes as a part of customer service, driving a win:win solution for both our clients and their customers.
To find out more, visit www.receeve.com
About Seaya Ventures
Seaya Ventures is a leading European & Latin-American Venture Capital firm based in Madrid, Spain, investing in exceptional entrepreneurs who are building global technology companies. Since raising its first fund in 2013, Seaya manages an aggregated volume of €300M across three early-stage funds. Seaya Ventures accelerates startup growth by working with the founders to enhance their strategic vision, putting at their disposal its global platform, its strong network of founders, investors and corporates, as well as Seaya’s experience in scaling leading companies such as Glovo, Cabify, Wallbox, Clarity, Clicars and Savana. For more information, please visit www.seayaventures.com.
14W is a Venture Capital firm based in New York, focusing on the intersection of technology and consumer behavior. More information on www.14w.com
Further Information: www.receeve.com
Image: re:ceeve founders (c) re:ceeve