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Bespot: Second round of funding to accelerate overseas expansion

By Matina Harkoftakis

Bespot is setting sail for a second round of financing in order to secure the required funds, which will help it accelerate the pace of expansion of its presence outside the Greek borders. About three years after its inception, the startup, which analyzes the psychology and preferences of consumers, supplying businesses with the data they need to understand the needs of their customers, already counts partnerships with 4,000 retail stores in the Greek market such as for example with large supermarket chains, cafes and OPAP agencies, while also activating content in public spaces, such as squares with the most recent example being the creation of an application for the municipality of Athens through the Athens digital app in the context of the festival that took place last May.

The aim is to cooperate with 50,000 stores in the Greek market over a period of three years

“Our goal is within three years to reach 50,000 stores where we will enable location-based services and provide valuable data,” he notes in Capital.gr the co-founder and managing director of Bespot, Leon Gavalas, who was distinguished in the Forbes 30 Under 30 Greece 2021 list.

In this direction, the Greek startup is in discussions with various companies from different sectors of the domestic retail market, mainly with large players, while at the same time it has solutions, which are also aimed at smaller stores through the provision of tools to trade associations and municipalities for the support of local entrepreneurship. During this period of time, the company has not only managed to gain the trust of its partners but also of institutional investors.

It is considering a second round of funding in the coming months

About a year and a half ago, in the first round of financing it raised 1 million euros with Uni.Fund as a key investor, while in the coming months it plans to seek “fresh” funds, which will be used primarily to accelerate the expansion of its footprint in foreign markets, giving particular importance to that of the USA. “In America, there are specific legislative regulations that require the use of technological solutions like ours,” explains Mr. Gavalas about why the American market has been put at the center of Bespot’s cross-border expansion strategy.

The remarkable performances

In the last year, the company has recorded remarkable performance, which is reflected both in the number of its employees, who today exceed 40, and in its financial results, estimating that the turnover of the current year will reach several million euros. This upward trajectory has not gone unnoticed as he was recently named among the winners of this year’s Envolve awards. “This is one of the most important institutions in its category at the moment,” says Mr. Gavalas and continues by saying: “Apart from the monetary prize of 50,000 euros, which will contribute to our further development, an important parameter is also the support provided through the network and Libra”.

Source: Capital

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