With roots as a consulting company, Nuxeo pivoted to a rich content management platform focused on document management, digital asset management, or case management. Today, we chat with CEO Eric Barroca to get the inside scoop on the company’s funding and its future funding.
Who were your investors and how much did you raise?
We closed a $10M investment round, led by Kennet partners. This was our Series B round.
Tell us about your product or service.
Nuxeo provides an extensible and modular Enterprise Content Management Platform enabling architects and developers to easily build and run business applications. The Nuxeo Platform offers modern technologies, a powerful plug-in model and extensive packaging capabilities for Document Management, Digital Asset Management and Case Management applications. Over 1,000 organizations rely on Nuxeo to run business-critical applications, including the IRS, Electronic Arts, Verizon, Sharp, Capital One, and the U.S. Navy. Nuxeo is headquartered in New York and Paris.
What inspired you to start the company?
Nuxeo started as a consulting company. It was born from the need to advise companies on how to handle their digital content. After few years, Nuxeo decided to create its own platform in order to provide the best answer to their client: how to get a flexible and robust platform for the ECM market.
How is it different?
Nuxeo’s architecture is way more flexible and powerful than any other platform on the market. The extension points architecture, and the native integrations provided by the Nuxeo Platform allow organizations to build custom and scalable applications to manage their digital context, even the most complex, rich and unstructured content. Principal differences with the competition regards to our capacity to gracefully handle data model changes without breaking client compatibility, underlying core technology for scaling and delivery unmatched throughput as well as the very modular architecture and development patterns we allow,
What market you are targeting and how big is it?
Our target is mostly large organizations in the US, Northern Europe and Asia, which have complex needs that can’t be answered by legacy systems.
What’s your business model?
Nuxeo is an open source product. We derive our revenue from annual license sold to the developers who will be building the applications, to provide them with support from our team and maintenance of the software, as well as development tools which will help them to easily customize their app.
Can you tell us more about your sponsorship of MongoDB World 2016?
MongoDB integration has been a huge step for us last year. This integration allows to reach unmatched performance and scalability. Our repository has been tested up to the tune of 1B documents, with documents processing 15-18x faster than any other SQL implementation.
MongoDB can be used with the Nuxeo Platform as a persistence back end (instead of or alongside a SQL database) and fully compatible with any existing application built on the Nuxeo Platform. For MongoDB developers building enterprise applications, the Nuxeo Platform provides an advanced set of content management features, enabling the developer to focus on other important aspects of the application.
We have been doing several events in collaboration with MongoDB last year and MongoDB World is a good place to showcase this technical integration.
What was the funding process like?
Open and pretty efficient.
What are the biggest challenges that you faced while raising capital?
Our revenue mix, 50% US 50% International is rather untypical, as well as our business model.
What factors about your business led your investors to write the check?
Revenue growth, booking traction as well as solid recurring revenue metrics (CAC, payback ratio, churn and expansion)
What are the milestones you plan to achieve in the next six months?
Continue to grow at a pretty steady pace, triple our sales capacity in the US and double internationally. Increase our product teams and customer success teams by 30%. We will also be opening offices in London and Germany.
Where do you see the company going now over the near term?
Continue to scale in the US, we have still a lot of market to cover. J So we are adding sales, customer success and engineering talent to our teams in NY and Los Gatos, CA.
And we plan to expand in APAC starting mid next year.
Where is your favorite bar in the city for an after work drink?
Hotel Delmano in Williamsburg (very close to our offices)