Faraday Ventures Partners, a European Venture Capital fund manager with a consistent track record of excellent returns and exits in companies such as Habitissimo, Bodeboca, Signaturit, Codigames, and PlaySpace, achieves its sixth exit with the sale of Woffu.
Faraday invested in Woffu, a SaaS B2B company focused on efficient time management by digitalising the time-keeping process, in 2019. Woffu, who will continue to operate under its brand name after the acquisition by Norwegian technology company Visma, was founded in 2015 by Miguel Fresneda and Victor Perez. In this time, the company has experienced great growth driven by the working hour control regulations established in Spain in 2019, and today has a workforce of 55 people. Further, around 130,000 employees are using its solution to optimise their time management, request vacations, manage absences and comply with working hours regulations. The acquisition by Visma will enable the company to continue growing internationally and to benefit from its complementary solutions and increased resources.
After five divestments in the last five years, the exit of Woffu reaffirms Faraday’s investment track record and endorses the experience and skills of its management team, which in December 2020 launched its European Venture Capital fund Faraday Europe I, EuVECA.
The fund, with a target size of €40M, backed by Fond-ICO Global, the first Spanish public VC “fund of funds”, invests in innovative companies born during the COVID-19 crisis, fully focused and adapted to the new economic environment, with great potential for rapid value creation, employment and profitability for its investors. It also offers geographic and sector diversification, with exposure to some of the most interesting entrepreneurship ecosystems in Europe (Spain, Germany, Benelux and soon Italy), generating important synergies between the fund and the investment activity of its Clubs, at the best historical moment for Venture Capital investment.
Jaime Biel, Partner at Faraday comments: “We are very proud of our investment in Woffu and of having been able to support the company in its development and growth. It has been a real pleasure to work with the founding team and we wish them all the best for the future”.
Media sources: Silicon Canals