Goldman Sachs, 83North et al. in USD 335m round for Exotec

Further investors in the round include global venture capital firm 83North and existing investor Dell Technologies Capital. Previous investors include BPI France, Iris Capital, 360 Capital Partners and Breega.

The latest funding round will enable Exotec to launch deployment in Europe, North America and Asia, and hire 500 new R&D engineers by 2025 to further develop its warehouse operations technology. According to the company's website, its forecasted turnover in 2021 was EUR 105m – it was EUR 47m in 2020 and EUR 20m in 2019.

83North closed its recent fund, 83North VI, in May 2021 on USD 550m. The fund will focus on Europe- and Israel-based businesses and entrepreneurs in technology and software. It will also back startups across healthcare and the automation sector, deploying the remaining additional growth funds into existing portfolio companies, according to Unquote Data.

Back in January 2017 and June 2018, Mergemarket listed Exotec as a company to follow in France. Mergermarket also reported back in October 2018 that Exotec was considering options to finance its growth in 2019.

Growth capital investments have created several unicorns in recent years, including UK-based payment processor Checkout.com (valued at 40bn in January 2022); Germany-based grocery delivery startup Flink (valued at USD 2.85bn in December 2021, as reported); fellow German delivery startup Gorrillas (valued at USD 2.1bn); France-based online bank Qonto (valued at EUR 4.4bn in January 2022); Mollie, a Netherlands-based e-payments software developer (valued at USD 6.5bn in June 2021); and Worldremit, a UK-based cross-border payments platform (valued at USD 5bn in August 2021).

Previous funding
Exotec has secured USD 477m in funding to date from investors including Goldman Sachs, BPI France, 83North, Dell Technologies Capital, Iris Capital, 360 Capital Partners and Breega.

In September 2020, 83North led a USD 90m Series C for Exotec, with participation from Iris Capital, Dell Technologies and Breega. According to a press release, since this funding round the company has doubled its revenue and tripled its customer base.

Crunchbase reported that the company had previously raised USD 21.2m in seed, and Series A and B rounds.

Company
Exotec was founded in 2015 by Renaud Heitz and Romain Moulin, and employs more than 300 professionals. The company is headquartered in Lille and its proprietary Skypod system is available in 10 countries. It has offices in France, Germany, Japan and Atlanta, US.

The company designs robotic order-picking systems that can reach a height of 36 feet to retrieve orders in warehouses. The company's customer roster includes sports retailer Decathlon.

People
Exotec – Romain Moulin (CEO, co-founder).
Goldman Sachs Asset Management – Christian Resch (managing director).

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• Topics
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• France
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• Goldman Sachs Asset Management
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