AddWorking raises 6 million euros
ADDWORKING RAISES 6 MILLION EUROS TO ESTABLISH ITS SUBCONTRACTOR MANAGEMENT SOLUTION ACROSS EUROPE
AddWorking, a subcontractor management solution, has closed a 6 million euro funding round led by iXO Private Equity, a leading regional private equity firm. The round, which also drew in the company's existing investors (Edenred Capital Partners, Seed4Soft and Club Holnest), gives AddWorking the means to broaden its product's functional scope and to build a sales team capable of establishing the solution across Europe. External resources and subcontractors: complex, time-consuming processes
Compliance checks, contracts, invoices, payments, assignment tracking. Managing external resources (subcontractors, service providers, independents, freelancers and the rest) means an ever-growing volume of exchanges, transactions and data. Companies lack effective tools to cope, which often leaves them falling back on email and Excel spreadsheets.
It was in answer to that gap that Julien Pérona and Charles Liénart created AddWorking in 2018. Their goal: to secure, simplify and guarantee the handling of external resources so that companies gain in performance while making their processes consistent and standardised.
AddWorking, a flexible and fast solution for optimising the management of subcontractors and every other external resource
In practice, AddWorking has built an agile solution that eases the management of multiple data flows and administrative or financial processes by centralising and simplifying them on a single platform. Companies are relieved entirely of management tasks that cost both time and money. AddWorking also secures every relationship with external resources by limiting data-entry errors and the loss of information or documents, and by addressing legal risks, from contracting through to reclassification, with constant monitoring.
More broadly, by connecting clients and providers into a network, AddWorking creates value for the whole ecosystem. It makes new partnerships easier to set up, for instance, and by centralising provider and supplier invoices it cuts payment times considerably and heads off unpaid bills. A funding round to establish itself in Europe
Alone on the market today in offering companies a solution for managing external resources, AddWorking has already won over 2,500 mid-caps and SMEs, along with large groups such as Sogetrel, Spie Batignolles, Soprema and Edenred. Each of its clients may work with several thousand subcontractors and providers, and they come from every sector: construction, transport, telecommunications, delivery, consulting and IT, logistics, services. A fast-growing startup, AddWorking has doubled its revenue every year since launch.
On the strength of that success, AddWorking has just closed a 6 million euro round to accelerate its growth. Led by iXO Private Equity and followed by its existing investors such as Edenred Capital Partners, the deal will let the startup build out its sales teams to intensify its roll-out in France and Europe, and invest in R&D to open the platform up to new features.