Paris-based Wegrow, a cutting-edge digital platform designed to enable companies to efficiently exchange and implement best practices, revealed that it has successfully raised €5M in a new funding round. The platform aims to foster enhanced collaboration and profitability among businesses.
Shapr Ventures, Scalefund, Grow Invest, She1K, and VU Venture Partners are the notable investors contributing to this investment.
The Vision Behind Wegrow
Harvard Business Review reports that the Fortune 500 experiences a staggering $31.5B loss in value annually due to inadequate communication of best practices.
Wegrow is combatting this issue by providing invaluable assistance to its clients, helping them save time, resources, and boost ROI amid inflation challenges. Remarkably, the company achieved a remarkable 250% increase in sales from the previous year, even amidst the global crisis.
Arnaud Sliwa-Biset, Wegrow’s visionary founder and CEO, explains, “Our platform addresses the crucial value void caused by the lack of best practice sharing among companies. By facilitating the exchange of successful growth strategies and streamlining business efficiencies, we drive substantial returns on investment and foster employee engagement.”
Essentially, Wegrow empowers businesses to avoid “re-inventing the wheel” by facilitating knowledge-sharing across global and local teams. This approach enables central teams to enhance efficiencies while local teams gain access to a repository of high-quality best practices, allowing them to implement successful strategies within minutes.
In the past quarter alone, the French company has successfully negotiated worldwide contracts with prominent industry players such as Coca-Cola in consumer goods, Reckitt in pharmaceuticals, and Circet in telecommunications. Wegrow’s impressive client list also includes industry giants like Unilever, Kraft Heinz, Mondelez, Henkel, Suntory, Barilla, Louis Delhaize, Puig, and several others.
As per Wegrow’s statement, the funding will play a pivotal role in boosting margins for prominent firms through the efficient sharing and implementation of best practices in marketing, sales, HR, and supply chain domains.
Moreover, these funds will serve as a catalyst for the startup’s accelerated global expansion. Presently, the company operates in 90% of its business outside of France and 50% outside of Europe, supported by a workforce of 40 employees.
According to Sliwa-Biset, this fundraising endeavor will not only aid in the development of artificial intelligence within Wegrow but also accelerate the process of identifying and scaling best practices across various markets.
The company’s ambitious goal is to raise the savings per business unit per year from €1M today to an impressive €10M by the year 2025. Additionally, Wegrow intends to diversify its offerings by creating customized versions tailored to cater to new verticals, including transportation, banking, and technology sectors.