Fuzey, the platform that centralises small businesses’ communications, payments, marketing, and calendars, has raised a €4 million ($4.5M / £3.4M) seed round.
Fuzey offers a digital one-stop-shop for SMEs and independent contractors, allowing them to more easily grow and manage their businesses and focus on the services they provide. Founded in 2020, the London-based startup employs 10 people and will use this funding to grow its team and expand into new markets across Europe and North America.
The round was led by Nordic venture capital firm byFounders, with participation from Flash Ventures (which led the startup’s pre-seed round), Global Founders Capital, Ascension, and prominent business angels Stephane Kurgan (Venture Partner at Index Ventures) and Sheel Tyle (Founder and CEO of Amplo VC).
SMEs generate more than £4 trillion of revenue in the UK annually, account for 99% of UK companies, and 60% of private sector jobs according to recent government figures. Despite this, service-based SMEs and independent contractors such as plumbers, electricians, and mechanics, often lack the technological tools to compete in an increasingly digital world.
Particularly since the COVID-19 pandemic, customers now demand new ways to communicate with local businesses, such as instant messages and social media, have moved their purchasing decisions online, and rely heavily on internet reviews for brand trust.
“Local businesses are the backbone of every community, and yet too many have been left behind in this rapidly changing digital landscape,” comments Fuzey co-founder and CEO, Henrik Lysgaard Jensen. “That’s why we want to equip every SME with a digital toolkit that allows their company to flourish. We’re on a mission to transform the way that local businesses attract, transact with, and retain, their customers, so they can focus on doing the work that really matters.”
Alex Boyce, Fuzey co-founder and COO, adds “Fuzey helps local businesses forge meaningful relationships with their customers. We’re working to empower service-based SMEs by providing accessible, intuitive technology tailored to their needs. The COVID-19 pandemic changed how we all live and work, and now more than ever local businesses need a tool like Fuzey so they can offer efficient, convenient services to the communities they serve.”
Sara Rywe, investor at the community-driven new Nordic VC, byFounders, comments: “The SME segment has been terribly underserved when it comes to innovation: until now! With simplicity at its core, Fuzey’s all-in-one messaging system is built for those small business owners in need of a time-saving tool to help them streamline everything from customer communication to invoicing. We have full conviction in the founding team and are confident that they will be able to leverage their unique experiences from fast-paced companies like Wise, Bolt, Disperse, Lineten, and Ubeeqo when scaling Fuzey to the next level.”
Lorenzo Franzi, Partner at Flash Ventures, adds: “We have known and supported Fuzey from the very beginning and are very happy to continue supporting them. We are big believers in the team’s vision to empower small businesses with the digital tools they need. We have been impressed by the rapid traction and positive impact on their users’ businesses.”