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Romanian startup Smarthuts aims to raise 140,000 euro from investors

Romanian startup Smarthuts aims to raise 140,000 euro from investors Smarthuts founders Ion Gavrilescu and Cristian Dragomir Source: Smarthuts

BUCHAREST (Romania), November 15 (SeeNews) - Romanian field services digitalisation startup Smarthuts said on Monday it aims to raise up to 140,000 euro ($160,209) from investors through crowdfunding platform SeedBlink, which it plans to use for expansion in the CEE region, the UK and Nordic countries.

Smarthuts' target for the current round of financing is 100,000 euro, with the rest of the amount up to 40,000 euro pre-engaged as a follow-on round by current investors, the company said in a press release.

The startup's solution, launched at the beginning of last year, is aimed at companies with between 10 and 250 employees, which provide services with field teams, active in areas such as maintenance and repairs, IT installations and maintenance or cleaning. The target market in Romania comprises over 6,500 companies, with an approximate value of 20 million euro per year. Globally, the value of this market is estimated at an $3 billion per year, according to a Gartner Market Evaluation.

Since its launch in 2020, Smarthuts booked total revenues of 293,000 euro. This month, it has reached recurring monthly revenues of over 15,000 euro. The startup currently employs 8 people.

Smarthuts aims to increase its recurring annual revenues to 500,000 euro by the end of 2022, and launch its solution globally in November 2022.

($=0.8739 euro)

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