B2X, a provider of customer care services for smart mobile and consumer IoT devices, has secured 6.25 million euros (about $7.7 million) in funding. The investor was Cipio Partners.
Munich, March 14, 2018 – B2X, the leading provider of customer care services for smart mobile and consumer IoT devices, announced today that it has successfully completed a new growth funding round with private equity firm Cipio Partners. The Munich and Luxembourg-based firm has invested 6.25 million euros to drive further growth in B2X’s global after-sales services and support business for major smartphone and IoT device makers, including Apple, Google, Samsung and Xiaomi. This completes the funding round in which Seligman Private Equity Select already invested 4.25 million euros in July 2017.
With average annual growth of 25% over the last five years and revenues exceeding 100 million euros, B2X plans to speed up its successful international business expansion. “We have an expansive customer portfolio and are seeking additional business opportunities across the world”, said Rainer Koppitz, Chief Executive Officer of B2X. “After this new round of funding, we will further strengthen our operations and technology platform to support our clients’ expansion into new international markets.”
Many new business opportunities have opened up for B2X with its entry into the direct to consumer arena and the out-of-warranty service sector. In order to expedite new business opportunities, B2X plans to expand and strengthen its operational and IT organization. B2X is already active in 140 countries as a global customer care provider, and is using the new capital to speed up growth with new customer projects and further develop its SMARTCARE technology platform.
“We have recently rolled out five very large customer projects in Brazil, Europe, India, Vietnam and the United States with major brands. Cash flow is positive and the fresh capital from Cipio Partners gives us the opportunity to expand with our clients even more quickly, which, in turn, will have a positive effect on our earnings,” said Sven Merkel, Chief Financial Officer of B2X.
The customer care leader is currently expanding its business relationships globally with key industry players such as Google, Lenovo/Motorola, OnePlus, Samsung and Xiaomi.
Furthermore, B2X is evolving its service management beyond smartphones to other smart consumer devices and home appliances, resulting in significant new market potential.
“B2X’s impressive customer portfolio and its ambitious growth plans make it a very exciting business success story and we are excited to be able to support the company as an investor,” commented Dr. Hans-Dieter Koch, Managing Partner of Cipio Partners and a new member of the Advisory Board at B2X. “Our investment will help B2X expand into new global markets to accelerate sales growth and increase profits.”
Cipio Partners joins existing investors that include Earlybird Venture Capital, Barkawi Group, Grazia Equity and Seligman Private Equity Select.
B2X is the leading global provider of end-to-end customer care solutions for smartphones and consumer electronics. Founded in 2007, B2X helps many of the world’s leading consumer electronic 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.
For additional information, visit www.b2x.com.
About Cipio Partners
Cipio Partners is a leading investment management and advisory firm in the secondary direct and growth capital market. Founded in 2003, Cipio Partners manages an international portfolio of growth stage technology investments from offices in Luxembourg and Munich.
For additional information, visit www.cipiopartners.com.