The Belgian startup launched its construction management and monitoring platform in January 2021. The tools and efficiency gains that Vertuoza is offering to small SMEs used to be only available to large enterprises. But that is a thing of the past – and construction companies are eager to get on board.
12 months after launch, the team broke through the €1M barrier in annual recurring revenue. It is on track to triple its revenue by the end of 2022. The founders grew the team from 5 to 45 people, raised the first financing round, and are now helping over 3,000 construction companies to digitize and manage their businesses.
It pays off that co-founder and Chief Vision Officer Antoni Di Filippo built and ran the most structured mid-sized construction company in Belgium. The team and their customers speak the same language and share the same experiences. This makes the company poised to become a major player in the digitization of the construction industry.
The customer base is growing fast: “We are able to win half of all first-time appointments, and two-thirds of these new customers are closed within 1.5 hours,” says co-founder and CEO Dominique Pellegrino.
Customer success is one of the key drivers of their efficient sales funnel. “Construction is a tough business,” says Dominique. “Many of our customers are simply looking for serenity and a better overview of all the moving parts in their business. We can give them both: Peace of mind and a positive impact on their business.” On average, Vertuoza can raise the profit margin for their customers to 12% – three times the market average.
Besides strong sales, one thing that stands out about the growth of Vertuoza is its ability to grow near break-even. While the team raised the new round, they still have half of the seed round in the bank. It’s the ability to scale without a huge burn rate that offers them a strong position in a cooling market situation.
Other companies have shown that it’s absolutely feasible to scale while operating near profitability. Not far away from Vertuoza (both in terms of sector and geography) our portfolio company Odoo has been growing profitably for over four years beyond $200M ARR.
A second important pillar for the growth of the company is its focus on strong company culture. Culture is easy to get lost when a company grows fast. But, when the team can keep the culture intact while scaling the company – it’s an important sign that the company will be able to grow into a major player in its market. It’s a model that helped other companies like Ledger to become unicorns.
We are sure that Vertuoza has all the right ingredients to achieve the same.
If you are interested in joining the team, now is a great time: Vertuoza is hiring across many departments.