Oct 2020

kShuttle increases its capital with help from Odyssée Venture

Customers and counterparties

kShuttle, born from a spin-off of ESN Nell’Armonia completed in 2016 by its co-founder Ména Dogan, develops and publishes financial and non-financial performance management applications.

Based in Levallois-Perret, kShuttle has developed an SaaS mode platform and deploys various applications for digitising management’s business processes. Initially focused on improvement of financial processes (IFRS 16, for example), kShuttle is expanding its offering with solutions for managing non-financial performance such as ESG and CSR. Given the changes in the health and regulatory environment, companies are required to publish an increasing number of sustainable development indicators, through documents such as the DPEF (Non-Financial Performance Document), and implement and monitor over time action plans to improve their performance. kShuttle’s portfolio of applications also includes processes tailored to a company’s culture and business for departments such as Human Resources, Operations and Risk.

In a fast-growing performance management market, the company offers a comprehensive solution to multinational customers such as SGS, Schneider Electric and Michelin and already generates nearly 15% of its revenue internationally.

The founding partners of kShuttle, which has more than €6.5 million in revenue, appointed PAX Corporate Finance a few weeks before the lockdown with the aim of raising €5 million.

The purpose of the additional amount is to accelerate the roll-out of the solution in Europe and in the still relatively immature US market. The managers, of course, want to continue with R&D while building a larger sales team.

This first major transaction for the company should enable it to move closer to an ARR of €20 million, expected by 2023. The founders are not ruling out the possibility of a new capital increase between now and 2023 to consolidate their position as a developer of a leading solution in the EPM and Regtech sectors in France and abroad.

“We are proud to support kShuttle in this first financing round. With a high-quality management team and sound technological fundamentals, the company has become a key player in EPM, IFRS 16 and ESG processes. Its steady sales traction attests to the high market demand for ESG criteria management solutions, which are crucial to companies. This financing puts kShuttle in an ideal position to assert its leadership and ramp up its development in France and internationally,” said Matthieu Boilet, Odyssée Venture.
Ména Dogan stated: “At kShuttle, we have a mission – ‘To help the company’s businesses converge by breaking down the silos between the different departments’ – and a solution – ‘a transversal, collaborative business platform that allows technological convergence’. Our goal is to ensure that the digitization of management's business processes is no longer slowed down by technology.”

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