B2X Secures €6 Million Funding for Continued Growth from Harbert European Growth Capital
Harbert facilitates additional funding round enabling B2X to accelerate full digitalization of customer care and after-sales processes for mobile brands
MUNICH – June 15, 2016 – B2X, the leading technology provider of customer care solutions for smartphones and IoT devices, today announced a new round of growth capital funding of €6 million from Harbert European Growth Capital Fund I (HEGCF). B2X is using the funding to accelerate worldwide expansion of its Smart Service Platform for mobile device customer care.
B2X grew its revenues at a Compound Annual Growth Rate (CAGR) of 59% since 2011 and was ranked third on the 2016 Inc. 5000 list of fastest growing private companies in Europe by US business magazine Inc. The B2X Smart Service Platform is today used by some of the world’s leading mobile brands such as Apple, Motorola and Xiaomi who leverage the B2X platform to provide their customers with a superior service experience.
The investment will play a key role in fuelling an accelerated growth strategy for B2X. Additional focus market segments for B2X are insurance companies entering the mobile and IoT insurance market with mobile protection programs as well as supporting Chinese smartphone brands to expand into global markets. With the SMARTCARE Technology Platform, a global network of more than 400 service partners and operations in more than 100 countries, B2X is the only global customer care company that can offer a fully digitalized customer care ecosystem.
“We are impressed by B2X’s track record over the last years. The company has realized rapid growth by helping mobile brands deliver world-class customer service. We are excited to provide growth capital to B2X to accelerate its business expansion into additional target markets including the insurance industry and Chinese smartphone brands”, said David Bateman at HEGCF.
“There is a tremendous market opportunity for insurance providers in the mobile and IoT sector with nearly 70% of the world’s population being connected through networked devices. This market alone is a $50 billion opportunity for insurances. Furthermore there is a large group of cool Chinese mobile brands anxious to expand outside of China and we want to be the partner of choice. Harbert’s investment will help us to expand even faster into these market segments and accelerate the development of our technology. We’re thrilled to secure this deal,” said Rainer Koppitz, CEO of B2X.
B2X is now well positioned to accelerate the digitalization of customer care and after-sales processes for leading mobile brands and insurance companies, having raised total funding for growth of €15 million over the past year.
B2X is the leading global provider of end-to-end customer care solutions for mobile and IoT devices. Founded in 2007, B2X helps many of the world’s leading mobile and consumer IoT companies deliver a superior after-sales service experience. The company’s unique positioning is based on its global service partner network and its SMARTCARE Technology platform that connects everything to a digitally integrated customer care ecosystem. With more than 1,000 employees and over 500 trusted partners in 140 countries worldwide, B2X is the premier after-sales service provider for manufacturers, insurance providers, carriers and retailers.
About Harbert European Growth Capital
Harbert European Growth Capital Fund I, LP finances high‐growth and innovative European companies, both private and publicly traded, and is actively seeking investment opportunities. Additional information about HEGCF can be found at www.harbert.net/investment-strategies/private-capital/european-growth-capital/. HEGCF is an investment strategy of Harbert Management Corporation (“HMC”).
Harbert Management Corporation
HMC is a privately owned firm formed in 1993 to sponsor alternative asset investment funds. HMC is a cornerstone sponsor of HEGCF along with a number of institutional investors. HMC serves foundations and endowments, funds of funds, pension funds, financial institutions, insurance companies, family offices and high net worth individuals across multiple asset classes. Investment strategies include European and U.S. real estate, seniors housing, European and U.S. growth capital, mezzanine debt, independent power, U.S. private equity and public securities. HMC, an alternative asset management firm had approximately $4.3 billion in Regulatory Assets Under Management as of April 30, 2016
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B2X Care Solutions