Series B: Bayern Kapital invests in VEACT
Landshut/Munich — The Bavarian Growth Fund, managed by Bayern Kapital, is investing in VEACT GmbH from Munich as part of a Series B financing round. The start-up has developed a software-based platform that can significantly increase the efficiency of marketing processes in the automotive industry. The mid-seven-figure financing round is led by new lead investor FIDURA Private Equity Fund. The previous investors Seventure, Senovo, UnternehmerTUM and KfW also participated in the capital increase. The contact between investors and VEACT came about at one of the BayStartUP Venture Conferences, where outstanding young growth companies meet renowned venture capital representatives, public capitalists and business angels from all over Germany.
Through consistent use of data, VEACT significantly increases the efficiency of marketing and sales processes in the automotive industry. VEACT uses all relevant invoice, vehicle and service data from the manufacturer or dealership and identifies the optimal target group for each marketing campaign with its self-developed customer vitality analysis. Using the VEACT Campaign Manager, employees can then launch a suitable customer communication with a tailored offer. As a result of this data-driven marketing, campaign sales can be increased by up to 200 percent — while simultaneously reducing marketing costs.
VEACT was founded in Munich in 2011, has around 70 employees and plans to grow to over 100 employees. The start-up aims to develop new digital products and services for targeting customers and to drive internationalization. To this end, VEACT recently opened foreign offices in Vienna and Madrid. VEACT is thus active in the DACH region, the Iberian Peninsula, France, Great Britain, Italy, and numerous countries in Southeastern Europe.
Bavaria’s Minister of Economic Affairs Franz-Josef Pschierer says: “VEACT has developed extraordinarily well. I therefore expressly welcome the fact that the Bavarian Growth Fund is supporting the further development of VEACT’s promising technology and helping to continue the start-up’s success story. VEACT’s clever combination of data analysis and artificial intelligence has the potential to redefine the relationship between customers and companies in the automotive sector. And that’s what the Bavarian Growth Fund is all about: accompanying companies with innovative ideas into the next phase.”
VEACT GmbH develops and distributes a software-based platform for the digitalization of marketing processes in the automotive industry. With self-learning technology and a broad automotive know-how, VEACT supports its customers in making marketing and sales processes more efficient through data. To do this, VEACT uses all available data sources — e.g. invoices, service histories, satisfaction queries, and campaign data — and condenses them into a customer profile. The aim is to process this information qualitatively in such a way that it can be used to create individual customer profiles and recommendations for action (predictive customer intelligence). Car dealerships and manufacturers benefit from lower process costs, improved customer loyalty and thus higher sales. VEACT currently employs around 70 people.
About Bayern Kapital
Bayern Kapital GmbH, based in Landshut, was founded in 1995 as a wholly owned subsidiary of LfA Förderbank Bayern on the initiative of the Bavarian state government. As the venture capital company of the Free State of Bavaria, Bayern Kapital provides equity capital to the founders of innovative high-tech companies and young, innovative technology companies in Bavaria. Bayern Kapital currently manages eleven investment funds with an investment volume of around 325 million euros. To date, Bayern Kapital has invested around 273 million euros of equity capital in around 260 innovative technology-oriented companies from a wide range of sectors, including life sciences, software & IT, materials & new materials, nanotechnology and environmental technology. As a result, more than 5,000 jobs have been permanently created in Bavaria in sustainable companies. www.bayernkapital.de