CorpLife secures mid-six digit investment from tecnet equity
CorpLife, founded in 2015 by Mario Nowak (CEO), Lucia Nowak (CPO) and Wolfgang Weibl (CSO), secures a mid-six-figure investment from the equity investor tecnet equity. According to Nowak, the valuation is now just under a double-digit million amount.
This financing will be used to expand the in-house development department and put the planned market entry in Germany on track. "We are in the process of expanding the tech team at CorpLife and thus adding new functions," says Nowak to brutkasten. In addition, there is a planned scaling up to Germany. Here CorpLife already has a few customers with whom it would like to get off to a good start with a "soft launch".
CorpLife digitizes time-consuming and repetitive HR processes and makes them easy to use so that employees can work more efficiently and enjoy their work. Administrative tasks such as employee benefits (discounts & benefits for leisure activities), tax-free meal allowances, employee bonuses and expenses or travel costs are covered by the software solution from CorpLife. Among the more than 150 customers are for example Erste Bank, A1, Siemens, Gebrüder Weiss and Wiener Städtische.
In addition to the three founders and tecnet equity, Wideford Services GmbH, JCCI GmbH, Philipp Stampfer, Patrick Volkert, Peter Kraus and Jens Wirsching are also involved in CorpLife. On the part of tecnet equity, the investment is managed by Jürgen Milde-Ennöckl.
In January and February the start-up made a five-digit profit. "That was a bombastic start to the year," says Nowak. The plan was to make the expansion from cash flow - then Corona thwarted the start-up (as it did many others). Now the money from the investment is used for expansion. However, this is not an "emergency round", as Nowak emphasizes - but an intermediate round for expansion.
Because: "After the funding is before the funding," says Nowak. CorpLife wants to make the next round of financing in mid 2021 in order to be able to scale further. On the basis of the current investment, this should succeed well.
Nowak also gives an outlook on the operating business: "By the end of 2021 we want to increase our annual sales to over three million euros. And before the end of this year, we will expand our core product 'Employee World' with digital meal vouchers and the associated tax benefits for employees and employers.
Nowak also finds positive words for tecnet equity. "The investment process with tecnet equity was pleasant and quick", he says: "After the outbreak of COVID-19 and the first contact, the first meeting took place within a few days. The due diligence took three weeks. And after only a short time the deal was sealed".
Doris Agneter, CEO of tecnet equity, adds: "CorpLife has an outstanding corporate culture that makes success and excellence of the entire team possible. Mario Nowak and his co-founders have not only succeeded in getting all employees excited about CorpLife, but also in winning an impressive number of corporate clients. We see a high potential for scaling and internationalization, which is now being realized with our investment".