PMV & Vlaio participate in Metamaze’s growth story withadditional investment and subsidy
In December 2021, the Antwerp company Metamaze closed a seed capital round that raised 1.5 million euros in growth capital. Both PMV and Vlaio decided to join the growth story in the 1 st quarter of 2022 and provided additional capital of 700k euros. The company ultimately raised 2.2 million euros (3.2 million if you include préseed).
While companies are constantly looking for ways to optimize existing processes to stay fit for the future, the war for talent is adding even more fuel to the fire. “Many companies with document heavy processes (such as banks, insurers, logistics companies, …) are having hard times. While customers keep expecting more and more in terms of customer service, these companies are trying to optimize their processes as much as possible. Often by hiring extra people who will have to do repetitive document processing work.”, says CEO Niels Van Weereld. “But the search for those people is not without struggle, with many unfilled vacancies as a result.”
Speeding up processes and having satisfied employees, it’s possible!
Metamaze is an Intelligent Document Processing SaaS platform. Using A.I. technology, it can automatically process documents. This means: recognizing documents and extracting the right data so that other business processes can be triggered. “Previously, this type of work was often done manually. But our customers feel that it is becoming increasingly difficult to find administrative staff who want to do this manual data entry work.”, said CEO Niels Van Weereld. “On the other hand, manual document processing is a slow process that often contains a lot of errors.” With Metamaze, companies can automate that entire process. This results in faster back-office processes and employees who can perform their work in a different way (and are often happier).
Metamaze raises 3.2 million euros in (pre)seed
The Antwerp company exists since October 2020 and has since raised 3.2 million euros in seed capital. 1 million in pre-seed and 1.5 million at the end of 2021. In the first quarter of 2022, this growth capital was further expanded with 700k thanks to support from Vlaio and co-financing from PMV. This provides a total growth capital of 3.2 million euros. On the one hand, this capital will be invested in further R&D to further develop the state-of-the-art A.I. technology behind the Metamaze platform. On the other hand, the go-to-market can be accelerated further. “Thanks to these investments, we are confident that we can accelerate our plans for 2022, and look forward to a Series A by early 2023.”, according to a satisfied CEO Niels.
Kjell Verley, credit analyst at Flemish Investment Company PMV believes in the future of Metamaze
“We are convinced that the AI-based platform that Metamaze has developed to process documents can contribute to more efficient processes in organizations. In the the future, the applications of the platform will only increase: the market is there. Moreover, the fact that Metamaze has already succeeded in convincing various customers (and investors), and also has a solid team, led to our decision to grant co-financing as part of the financing mix.”
About PMV
PMV is do and dare company that is shaping the future of the Flemish economy. It provides funding for promising companies, from the day they first open their doors, through their various growth stages and even on to operating internationally. It offers tailor-made financial solutions to all entrepreneurs with a good business plan and a strong management team. (with capital, loans and guarantees) In addition, PMV realizes projects that are important for prosperity and well-being in Flanders (with and for the government and other partners). PMV has a portfolio of 1.6 billion.
