Subbyx, a startup that enables the flexible, simple and sustainable subscription of technology products and small household appliances, announces that it has closed a seed round, following the pre-seed round in the summer of 2023, bringing its total funding to EUR 20 million. The round was led by the Azimut Venture Capital Digitech Europe funds, managed by Azimut Investments, which avails itself of the strategic support of FNDX, which provides venture capital and private equity funds with the necessary expertise to invest in companies with a strong technological and digital character. Azimut Eltif Venture Capital funds ALIcrowd III and IV also participated in the round.
The investment comes at a key period for the growth of Subbyx, which in just one year since its arrival on the market already has more than 7,500 active subscriptions, of which more than a third have been taken out for used devices, and has reached a turnover of EUR 1 million with EUR 2.5 million in annual recurring revenue (ARR) by the end of 2024.
A rapid evolution that reflects a very clear vision: to enter the market as a game changer to revolutionise people’s access to goods and services based on the subscription economy formula, aiming to become a truly innovative and flexible hub where users can manage and monitor all their subscriptions.
“The closing of this important funding round and the support of a highly experienced and prominent investor such as Azimut, confirm the validity of our project and the potential of Subbyx’s innovative model,” said Filippo Rocca, CEO and co-founder of Subbyx (in the photo), in a note. “Thanks to this injection of capital, we will continue to invest in the development of our platform, consolidating our presence in the Italian market. In fact, in addition to a constant focus on the end customer and a continued desire to spread knowledge about the advantages of this new economic approach, our 2025 objectives also include strengthening both b2b and retail partnerships and becoming a leader in the subscription economy market in Italy’.
Edoardo Guerrieri, partner at FNDX, comments: ‘Subbyx embodies the spirit of innovation and sustainability that we seek in our investments. The company has already demonstrated in its first 12 months of operation a strong entrepreneurial drive and a solid go-to-market strategy. This is why we strongly believe in Subbyx’s positioning, both on the B2B and B2C side, as well as the need for business models focused on sustainability and the circular economy, capable of promoting business growth with positive impacts on the environment. We are excited to support the Subbyx team on this growth path, believing that they have the potential to redefine the way people access and use technology”.
Guido Bocchio, head of venture capital at Azimut Libera Impresa, comments: “Even before investing in products and services, doing venture capital means investing in people. We believe that Subbyx’s management team, with its consolidated and successful entrepreneurial experience, possesses the skills and strategic vision necessary to guide the company’s development towards the achievement of ambitious goals. In addition, we believe that the company’s business model is positioned at the centre of the digital transition in the consumer technology sector, creating value for both customers and end-users as well as for distributors and manufacturers of consumer technology hardware’.
In addition to the development of the platform, the capital increase will support the growth of the Italian startup’s workforce: which started with a team of 12 people at the beginning of 2024, there are now more than 40 people working at Subbyx, and the intention is to bring new talent on board until it reaches around 60 people by the end of 2025.
A further aim is to increase the network of partnerships with retail outlets where Subbyx subscriptions can be taken out, currently around 150, with the intention of reaching 450 outlets by the end of 2025.
Subbyx also boasts more than 120 partner companies that have chosen to abandon the outdated concept of operational rental or leasing and adopt its innovative formula as a solution for the tech equipment of their employees, and aims to triple the number in the coming months.
Subbyx’s offer is constantly evolving: after debuting on the market with a selection of technology products such as smartwatches, headphones, computers and tablets, it now also includes personal care devices and household appliances, such as hairdryers, electric brooms, air purifiers and coffee machines.
In addition to new products, Subbyx also offers preloved products that are strategic for its growth. These are used devices that are fully functional and are put back on the market after being tested, sanitised and restored. This approach makes it possible to prolong the life of products, thus reducing the impact of manufacturing new devices and limiting the exploitation of raw materials, in antithesis to the excesses of the linear economy and low-cost mass production. Putting used devices back on the market is not only the concrete expression of a business devoted to circularity and environmental sustainability, but also a necessity to feed Subbyx’s business, whose aim is to free itself from the peculiarities of the product in order to focus on offering a service.
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