Hexa, named eFounders until 2022, is a

startup studio A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship includes all new businesses including self-employment and businesses that do not intend to ...

created in 2011 in

Brussels Brussels, officially the Brussels-Capital Region, (All text and all but one graphic show the English name as Brussels-Capital Region.) is a Communities, regions and language areas of Belgium#Regions, region of Belgium comprising #Municipalit ...

and Paris, by Thibaud Elzière and Quentin Nickmans. The concept of the company, which initially specialized in

software as a service Software as a service (SaaS ) is a cloud computing service model where the provider offers use of application software to a client and manages all needed physical and software resources. SaaS is usually accessed via a web application. Unlike o ...

(SaaS), is to start

startups A startup or start-up is a company or project undertaken by an Entrepreneurship, entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship includes all new businesses including self-employment and businesses tha ...

by partnering with founders and providing them, at project launch, with the idea,

seed money Seed money, also known as seed funding or seed capital, is a form of securities offering in which an investor puts capital in a startup company in exchange for an equity stake or convertible note stake in the company. The term ''seed'' suggest ...

and strategic advice. Hexa's

business model A business model describes how a Company, business organization creates, delivers, and captures value creation, value,''Business Model Generation'', Alexander Osterwalder, Yves Pigneur, Alan Smith, and 470 practitioners from 45 countries, self-pub ...

is based on identifying and solving specific problems encountered by the studio's founders or startups, from which it launches each new project with an average investment of 800,000 euros. The studio then recruits two co-founders, a CEO and a CTO, and sets up a team dedicated to initial product development. The studio raises its first funds in 2015 and 2016, of five million euros each. In 2018, eFounders reaches a significant milestone with six of its startups raising a total of 100 million euros and proceeds with the sale of its first company, TextMaster. In 2022, eFounders launches a new studio, 3founders, dedicated to the

Web3 Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. This is distinct from Tim Berners-Lee's concept of th ...

, and begins its restructuring. It then takes the name Hexa, while the eFounders brand is maintained for the historic SaaS studio. The studios thus become verticals dedicated to their own themes. By the end of 2022, Hexa manages a

portfolio Portfolio may refer to: Objects * Portfolio (briefcase), a type of briefcase Collections * Portfolio (finance), a collection of assets held by an institution or a private individual * Artist's portfolio, a sample of an artist's work or a ...

of forty startups with a collective valuation of five billion dollars, having created around 2,800 for jobs and raised 700 million euros. In 2023, the studio announces a further fundraising round of 20 million euros, to support the launch of thirty new startups a year. In the same year, Hexa introduces Hexa Scale, a program designed to support mature startups in their development.

History

eFounders then Hexa

Hexa was founded in

and Paris in 2011 under the name eFounders, by French Thibaud Elzière and the Belgian Quentin Nickmans. It is a

: the principle is to launch a startup by providing the founders, recruited directly by the studio, with the idea, initial funding and strategic and operational support. Its activity is therefore similar to that of a

business incubator A business incubator is an organization that helps startup companies and individual entrepreneurs to develop their businesses by providing a fullscale range of services, starting with management training and office space, and ending with venture ...

, with the notable difference that the founders are provided with a turnkey project. eFouders raised five million euros on two occasions, in 2015 and 2016. The first time with Oleg Tscheltzoff, co-founder of Fotolia with Thibaud Elzière in 2004, the second time with forty

angel investor An angel investor (also known as a business angel, informal investor, angel funder, private investor, or seed investor) is an individual who provides capital to a business or businesses, including startups, usually in exchange for convertible de ...

s and European

family office A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with at least $50–100 million in investable assets, with the goal being to effectively grow and transfer ...

s. The startup studio crossed a symbolic threshold in 2018 with a total sum of 100 million euros raised by six of its startups: Spendesk, Aircall, Forest, Front, Slite and Station. These capital increases were dealt with well-established

venture capital Venture capital (VC) is a form of private equity financing provided by firms or funds to start-up company, startup, early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in ...

firms, such as

Index Ventures Index Ventures is a European venture capital firm with headquarters in both San Francisco and London. It invests primarily in tech companies. History Index Ventures has its origins in a Switzerland, Swiss bond (finance), bond-trading firm cal ...

Accel Partners Accel, formerly known as Accel Partners, is a global venture capital firm. Accel works with startups in seed, early and growth-stage investments. The company has offices in Palo Alto, California and San Francisco, California, with additional ope ...

Sequoia Capital Sequoia Capital Operations, LLC is an American venture capital firm headquartered in Menlo Park, California, specializing in seed stage, early stage, and growth stage investments in private companies across technology sectors. the firm had appro ...

. It was also that year, in April, that eFounders sold its first startup, TextMaster, to Technicis. Other startups, such as Front, also joined the

Y Combinator Y Combinator, LLC (YC) is an American technology startup accelerator and venture capital firm launched in March 2005 which has been used to launch more than 5,000 companies. The accelerator program started in Boston and Mountain View, Californi ...

program. The following year, eFounders replaced Yousign's existing investors. This was the first time the startup studio had invested in a startup it had not launched itself. The valuation of the twenty-five startups eFounders had launched reached 1.5 billion euros in 2020, up from 1 billion the previous year.

Opening of new verticals and name change

In 2022, eFounders ratified its reorganization into several studios, renamed "verticals", and changed its name to Hexa, in reference to the hexadecimal system, which is understandable by both humans and machines. Thibaud Elzière and Quentin Nickmans were joined by Amaury Sepulchre, who became co-founder of Hexa. The eFounders brand was retained for one of its components, the historic vertical dedicated to softwares as a service, while a second vertical, named 3founders and dedicated to

, was created. By then, the startup studio had launched some forty startups and had a portfolio valued at five billion dollars, with around 2,800 jobs created and 700 million euros raised. Hexa's aim is to launch several verticals capable of scaling several startups a year, where eFounders alone could only scale one or two per quarter. Hexa raised a further 20 million euros in 2023, to launch thirty new startups a year by the end of the decade. Like the first in 2011, it was done with entrepreneurs and

s. On this occasion, Hexa also announced the opening of its Parisian office, named ''la Cristallerie''. Hexa Scale, an initiative to support mature startups financially, strategically and operationally, was launched in 2023. Its function is similar to that of

growth capital Growth capital (also called expansion capital and growth equity) is a type of private equity investment, usually a minority interest, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets ...

private equity Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...

funds, but on a smaller scale. Hexa takes a minority or majority stake, and intervenes directly in the startup's day-to-day operations. The aim is then to trigger a new phase of growth, with support over twelve to eighteen months, during which the startup's founders can sell part of their shares and a new CEO be appointed. The following year, after Hexa AI, a vertical focused on

artificial intelligence Artificial intelligence (AI) is the capability of computer, computational systems to perform tasks typically associated with human intelligence, such as learning, reasoning, problem-solving, perception, and decision-making. It is a field of re ...

, Hexa launches Hexa Health, a vertical dedicated to improving the

healthcare system A health system, health care system or healthcare system is an organization of people, institutions, and resources that delivers health care services to meet the health needs of target populations. There is a wide variety of health systems aroun ...

. Julien Méraud, a former Doctolib board member, joins the studio to create it. The organization of this vertical differs from the previous ones: a physician is recruited to become its full-time

medical director A medical director is a physician who provides guidance and leadership on the use of medicine in a healthcare organization. These include the emergency medical services, hospital departments, blood banks, clinical teaching services, and others. ...

, while each startup is launched equally by an experienced doctor and a future CEO.

Method

Hexa is a

, a company that creates startups by relying on founders recruited at the launch of a project, to whom the studio provides funds and advice. Hexa's

is based on the creation of startups aimed at solving the problems encountered by previous ones. Thus, the studio was created by launching several companies working on problems encountered by Thibaud Elzière himself, while he was running Fotolia. Once an idea emerges, Hexa submits the project to entrepreneurs with whom it partners. Four or five startups are launched each year. On average, up to 800,000 euros are invested in each project. This investment is particularly used to recruit two founders, a CEO and a CTO, and to set up a team of ten to fifteen employees to build the first version of the product, generally a

. After around eighteen months, the startup is officially launched and becomes independent, notably to go in search of investors. Hexa then takes a 30% stake in the startup's capital, the majority being retained by the founders. Hexa records around one exit per year, as was the case with the buyout of Briq by the

unicorn The unicorn is a legendary creature that has been described since Classical antiquity, antiquity as a beast with a single large, pointed, spiraling horn (anatomy), horn projecting from its forehead. In European literature and art, the unico ...

Swile or that of Mailjet by its American competitor

Mailgun Mailgun Technologies Inc is an email delivery service for sending, receiving, and tracking emails. History Mailgun Technologies Inc was founded in 2010 by Ev Kontsevoy and Taylor Wakefield. In 2011, Mailgun Technologies, Inc. was selected for ...

, for sums reaching several tens of millions of euros. The startup studio has a 6% failure rate, with projects such as Bonjour, a platform to boost sales performance, and Station, a web browser for businesses, having ceased. This compares with the average survival rate of a startup, estimated at between 10 and 20%.

Startups launched

Hexa has launched forty-one

since 2011, all specializing in softwares as a service. Most of these are affiliated with the historic eFounders vertical, as is the case, for example, with Folk, a contact management application, or Tengo, which aims to democratize access to invitations to tender from

government procurement Government procurement or public procurement is the purchase of goods, works (construction) or services by the state, such as by a government agency or a state-owned enterprise. In 2019, public procurement accounted for approximately 12% of GDP ...

s. The first startups in the other verticals were recently launched, like Numeral, which facilitates the automation of bank transfers and

direct debit A direct debit or direct withdrawal is a financial transaction in which one organisation withdraws funds from a payer's bank account. Formally, the organisation that calls for the funds ("the payee") instructs their bank to collect (i.e., debit) ...

s for companies or Cohort, focused on user account management, linked to

. Hexa startups have raised a total of 700 million euros, mostly from

funds such as

, and from

s, individual investors betting on fledgling projects. Since 2018 and the first acquisition of a startup from the studio, Textmaster, by Technicis, six of them have been acquired by competitors, such as Mailjet, taken over in 2019 by the American

. Canyon and Okko also became the first two startups to be acquired by another company that had itself grown out of the studio, the former in 2022 by Yousign and the latter in 2024 by Spendesk. The studio is behind the creation of three

unicorns The unicorn is a legendary creature that has been described since Classical antiquity, antiquity as a beast with a single large, pointed, spiraling horn (anatomy), horn projecting from its forehead. In European literature and art, the unico ...

, startups valued at over a billion dollars: Front, which enables centralized management of incoming flows such as emails or

private message In computer networking, a private message, personal message, or direct message (abbreviated as PM or DM) refers to a private communication, often text-based, sent or received by a user of a private communication channel on any given platform. Unli ...

s, became a unicorn in 2022; Spendesk, in the same year, specialized in managing means of payment for businesses; Aircall, a

telephony Telephony ( ) is the field of technology involving the development, application, and deployment of telecommunications services for the purpose of electronic transmission of voice, fax, or data, between distant parties. The history of telephony is ...

solution company, has been a unicorn since 2021. The latter has also become a centaur, a term qualifying startups with annual recurring revenues exceeding one hundred million dollars.

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, date=2 May 2018 , access-date=27 March 2024 , language=en {{Cite journal , last1=Dillet , first1=Romain , title=Bank-as-a-service startup Swan helps other companies issue cards, accounts and IBANs , url=https://techcrunch.com/2020/09/15/bank-as-a-service-startup-swan-helps-other-companies-issue-cards-accounts-and-ibans/ , journal=

, date=15 September 2020 , access-date=27 March 2024 , language=en {{Cite journal , last1=Dillet , first1=Romain , title=Startup studio eFounders raises $5.3 million because it can't get enough of SaaS , url=https://techcrunch.com/2016/12/08/startup-studio-efounders-raises-5-3-million-because-it-cant-get-enough-of-saas/ , journal=

, date=8 December 2016 , access-date=27 March 2024 , language=en {{Cite journal , last1=Charlot , first1=Christophe , title=Trois millions pour Catalog, une start-up qui facilite l'e-commerce B2B , url=https://trends.levif.be/entreprises/start-up/trois-millions-pour-catalog-une-start-up-qui-facilite-le-commerce-b2b/ , journal= Le Vif/L'Express , date=5 March 2024 , access-date=27 March 2024 , url-access=subscription , language=fr {{Cite journal , last1=Bregeras , first1=Guillaume , title=Fleex, l'équipementier des télétravailleurs , url=https://www.lesechos.fr/industrie-services/conso-distribution/fleex-lequipementier-des-teletravailleurs-1312251 , journal= Les Échos , date=4 May 2021 , access-date=27 March 2024 , url-access=subscription , language=fr {{Cite journal , last1=Chardenon , first1=Aude , title=eFounders launches a startup studio, Logic Founders, dedicated to fintech , url=https://www.usine-digitale.fr/article/efounders-lance-un-startup-studio-logic-founders-dedie-a-la-fintech.N1053944 , journal=L'Usine Digitale , date=27 January 2021 , access-date=28 March 2024 , language=fr {{Cite journal , last1=Lovens , first1=Pierre-François , title=A young man from Liège raises 3 million euros with the help of Xavier Niel , url=https://www.lalibre.be/economie/entreprises-startup/2018/01/15/un-jeune-liegeois-leve-3-millions-deuros-avec-laide-de-xavier-niel-OHBKOUFIVBFATPT5DDLRVLJE6Y/ , journal=

, date=15 January 2018 , access-date=30 March 2024 , url-access=subscription , language=fr {{Cite journal , last1=Charlot , first1=Christophe , title=The six startups from Hexa to watch , url=https://trends.levif.be/a-la-une/tech-medias/les-six-start-up-dhexa-a-surveiller/ , journal= Le Vif/L'Express , date=2 November 2023 , access-date=28 March 2024 , url-access=subscription , language=fr {{Cite journal , last1=Bys , first1=Christophe , title=Collective.work lève 7 millions pour accélérer une nouvelle organisation du travail , url=https://www.usinenouvelle.com/editorial/collective-work-leve-7-millions-pour-accelerer-une-nouvelle-organisation-du-travail.N1168377 , journal=L'Usine Nouvelle , date=22 December 2021 , access-date=31 May 2024 , url-access=subscription , language=fr {{Cite journal , first1=Romain , last1=Dillet , url=https://techcrunch.com/2019/09/05/upflow-grabs-2-7-million-to-streamline-payment-processes/ , title=Upflow grabs $2.7 million to streamline payment processes , journal=

, date=5 September 2019 , access-date=31 May 2024 {{Cite journal , first1=Romain , last1=Dillet , url=https://techcrunch.com/2021/06/14/upflow-raises-15-million-to-manage-your-outstanding-invoices/ , title=Upflow raises $15 million to manage your outstanding invoices , journal=

, date=14 June 2021 , access-date=31 May 2024 {{Cite journal , last1=Marin , first1=Jérôme , title=Elba lève 2,5 millions d'euros pour sa plateforme de cybersécurité centrée sur les employés , url=https://www.usine-digitale.fr/article/elba-leve-2-5-millions-d-euros-pour-sa-plateforme-de-cybersecurite-centree-sur-les-employes.N2139722 , journal=L'Usine Digitale , date=6 June 2023 , access-date=31 May 2024 , language=fr {{Cite journal , url=https://www.lecho.be/entreprises/yaka/cycle-leve-6-millions-d-euros-grace-a-60-business-angels-de-chez-google-meta-co/10450310.html , title=Cycle raises 6 million euros thanks to 60 business angels from Google, Meta & co , journal=L'Écho , date=28 February 2023 , access-date=31 May 2024 {{Cite journal , title=Roundtable lève 3 millions pour aider d'autres start-ups à lever des fonds privés , url=https://www.lecho.be/entreprises/yaka/roundtable-leve-3-millions-pour-aider-d-autres-start-ups-a-lever-des-fonds-prives/10455038.html , journal=L'Écho , date=21 March 2023 , access-date=31 May 2024 , language=fr {{Cite journal , first1=Romain , last1=Dillet , url=https://techcrunch.com/2022/02/04/numeral-wants-to-turn-bank-accounts-into-microservices/ , title=Numeral wants to turn bank accounts into microservices , journal=

, date=4 February 2022 , access-date=31 May 2024 {{Cite journal , first1=Romain , last1=Dillet , url=https://techcrunch.com/2023/02/06/dotfile-is-a-one-stop-identity-verification-api-for-compliance-purposes/ , title=Dotfile is a one-stop identity verification API for compliance purposes , journal=

, date=6 February 2023 , access-date=31 May 2024 {{Cite journal , first1=Romain , last1=Dillet , url=https://techcrunch.com/2021/06/10/yousign-raises-36-6-million-to-build-a-european-alternative-to-docusign/ , title=Yousign raises $36.6 million to build a European alternative to DocuSign , journal=

, date=10 June 2021 , access-date=3 June 2024 Companies based in Brussels Business services companies established in 2011 Entrepreneurship organizations Belgian companies established in 2011