Hexa, a well-known Paris-based startup studio, is shifting its strategy. Rather than solely incubating startups from inception, Hexa is now acquiring a majority stake in Veevart, a vertical software-as-a-service (SaaS) company that specializes in museum management. Veevart provides solutions for ticketing, fundraising, customer relationship management (CRM), and collection management, making it a key player in the cultural sector.
Previously known as eFounders, Hexa has been a significant force in the French tech ecosystem since its inception in 2011. The startup studio is renowned for creating and supporting tech ventures by assembling strong founding teams and guiding them through product development, go-to-market strategies, hiring, and fundraising.
Once a company completes this initial incubation phase, it transitions into an independent startup, while Hexa retains a notable equity stake. Some of its successful ventures include Front, Aircall, Spendesk, and Swan—all thriving businesses with strong market positions.
Veevart: A Profitable SaaS Solution for Museum
Unlike Hexa’s usual startups, Veevart is not a new entrant in the tech space. Founded in 2014, Veevart has built a solid reputation, serving 160 museums and cultural institutions worldwide. With a team of 70 employees, the company is already profitable, proving its business model’s sustainability.
Veevart offers an all-in-one platform for museums, built on Salesforce technology. It streamlines operations by integrating ticketing, event management, membership handling, donor communications, and museum shop transactions into a unified system.
Many museums rely on multiple tools to handle these functions, which can be inefficient and costly. Veevart’s centralized approach simplifies management, ensuring better operational flow and easier long-term maintenance.
The decision to use Salesforce as the foundation for Veevart stems from the background of its founder, Antonio Velasco Echeverry, who previously worked with Accenture and Salesforce. While this choice wasn’t entirely strategic, it provided inherent benefits, including robust security, scalability, and access to Salesforce’s extensive ecosystem.
Why Hexa Invested in Veevart
For the past decade, Veevart has operated without external funding, relying on organic growth to achieve profitability. However, when discussions with Hexa began, Velasco Echeverry wasn’t looking for financial backing alone but rather a strategic partner to accelerate revenue growth.
“So when we started conversations with Hexa, we were not looking too much for money, but more for a partner that could help us get to our revenue targets faster and with less pain,” he explained.
Hexa is investing €5 million ($5.4 million) in Veevart, securing a majority ownership stake in the company. This move positions Hexa as a hands-on private equity-style partner, offering strategic expertise to help Veevart scale its business efficiently.
Veevart aims to leverage Hexa’s operational expertise to reach $20 million in annual recurring revenue (ARR). The collaboration will focus on enhancing product offerings, refining go-to-market strategies, optimizing sales processes, and strengthening leadership.
Unlike traditional private equity firms, which typically engage in larger deals, and venture capital firms, which focus on high-growth startups, Hexa sees an opportunity to bridge the gap. By injecting capital and expertise into an already profitable business, Hexa aims to elevate Veevart to a new level of success.
As Hexa expands its investment approach beyond incubation, this acquisition could signal a new era for startup studios, blending venture-building with strategic growth partnerships.
