B2X, a Germany-based tech provider of customer care solutions for smartphones and IoT devices, has raised 6 million euros in funding. The investor was Harbert European Growth Capital.
MUNICH, GERMANY–(Marketwired – Jun 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 EUR 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 EUR 15 million over the past year.
B2X is a technology company providing customer care services for mobile devices and other consumer electronics to manufacturers, insurance providers, carriers and retailers. B2X helps its clients to deliver the most seamless customer care experience for people using mobile devices.
The company’s disruptive business model is based on its Smart Service Platform consisting of its SMARTCARE Technology, global presence and a trusted and reliable service partner network across 100 countries. SMARTCARE Technology is the leading platform serving the global customer care ecosystem for electronic devices integrating hundreds of partners and thousands of data points. The platform allows clients to optimize the entire customer care journey of consumers with their devices through real-time data, ensuring an excellent and consistent customer care experience.
SMARTCARE Technology is a best-in-class enterprise architecture with a mix of self-developed and best-in-class components that is designed for purpose. The platform is scalable by design and can scale for millions of users. The entire platform is proven, modern, scalable and secure.
With B2X people stay online and return to their digital life fast.
For additional information, visit www.b2x.com, B2X Twitter, B2X LinkedIn.
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