Hexa Expands Through Acquisition of Veevart
Hexa, a well-known name in the French tech scene, is changing its approach. Instead of its usual method of incubating startups from the ground up, the Paris-based startup studio has acquired a majority stake in Veevart. Veevart is a software-as-a-service (SaaS) company that offers vertical solutions for museums. Its platform provides tools for ticketing, fundraising, customer relationship management (CRM), and collection management.
Hexa, formerly known as eFounders since its inception in 2011, has a history of generating ideas for new tech companies. It identifies potential founding teams and assists them with product design, go-to-market strategies, hiring, and fundraising. Once the initial phase is complete, these companies become independent startups, with Hexa retaining a significant share.
Hexa’s portfolio includes successful companies like Front, Aircall, Spendesk, and Swan. Unlike these, Veevart is not a new venture. Founded in 2014, Veevart currently serves 160 museums and cultural institutions worldwide.
With a team of 70 employees, Veevart is already a profitable company. The product is designed as an all-in-one platform for museums, built on the Salesforce platform. Museums using Veevart can manage events, handle online and on-site ticket sales, manage memberships, automate communications with donors, and integrate with the museum shop. The integration streamlines operations compared to museums that use multiple tools for these tasks.
Veevart’s reliance on Salesforce stems from the founder, Antonio Velasco Echeverry’s background. He worked with Accenture and Salesforce earlier in his career, explaining his familiarity with the platform. “I wouldn’t say I ‘chose’ to build on top of Salesforce. People often assume these decisions are intentional, but honestly, luck plays a big part. We didn’t choose Salesforce — it was simply the technology I knew best,” Velasco Echeverry stated.
Building on Salesforce, he further explained, despite some limitations, offers security, scalability, and access to Salesforce’s wider ecosystem. Veevart has operated independently for a decade and has been profitable, although “not incredibly profitable, but profitable,” according to Velasco Echeverry. When discussions with Hexa began, the primary goal was not funding, but finding a partner to expedite 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 added.
With this investment, Hexa will function as a hands-on private equity partner. The startup studio is investing €5 million (approximately $5.4 million) to become Veevart’s majority shareholder. Velasco Echeverry stated that Hexa’s objective is to achieve $20 million in annual recurring revenue while implementing best practices in product development, go-to-market strategies, sales, and leadership. Hexa believes it can use its operational experience to significantly accelerate Veevart’s growth, a strategy that sets it apart from traditional private equity or venture capital firms.
