Exporo is an online real estate investment platform based in Hamburg, Germany. Its technology platform allows private investors to invest in real estate projects. Investors are able to gain access to professional real estate assets while property developers and asset owners are able to source a more flexible financing solution that gives them quicker access to capital than through traditional finance channels.
Paris-headquartered Partech was considering an investment in Exporo and approached Intuitus for technology due diligence.
Partech Growth Fund is a growth investor. It focuses on later-stage venture capital companies that are growing very quickly. Victor Huberson, Principal at Partech explains, “Our vision is to grow Exporo over the next few years and so we needed to make sure its tech platform is state of the art, easy to extend and very flexible. There’s obviously a lot of development the company will do over the coming years in terms of product and so it was critical for us to understand if they had what it takes from a technology perspective to be able to sustain that growth.”
How Intuitus helped
Partech approached Intuitus to provide technology due diligence on Exporo.
“Because of the stage of the companies we invest in we really want to understand if the technology is of high quality. Is the platform state of the art?” says Victor, “And so, when we choose a tech advisor we’re looking for someone who can go a bit further than just ticking the box. Intuitus was able to really get to know the company, understand what it’s about and how the tech fits in. And we saw that Intuitus was working with other very reputable companies in the private equity space, some of whom were doing very similar things to us. We also wanted to conduct this transaction relatively fast and Intuitus was able to flex to meet these timescales.”
“With the type of companies we invest in it is very important to have two sides in due diligence and Intuitus was able to deliver both. There’s the operational side to make sure everything is being done properly and the platform is sound. The company told us about their tech architecture but we wanted to validate this information matched what was there. The company was transitioning from a monolithic structure to microservices and so Intuitus’ work helped us better understand where the company was in that transition, how far through the project it was. Exporo was very advanced but of course, it’s always important to make sure that is the case.”
“The other side is having recommendations for how to take the company to the next level and scale quickly. It’s so important for us that due diligence workstreams don’t just point to shortcomings but also look to the future and think about what the company should do to enable their growth.”
“Intuitus highlighted two areas we’ll focus on going forward. The first was security. Security is obviously very important for Exporo and the Intuitus report confirmed that Exporo has best-in-class systems in place. They also offered some suggestions to further strengthen Exporo’s process around security and make it even more robust. Intuitus were able to bring a different perspective to the organisation as it looks at security on a daily basis across 100s of organisations.”
“From an organisational perspective, Intuitus was also able to understand if Exporo had the right people in place? Does Exporo have the right processes for recruitment? What about leadership? All of these elements are important to us and so we needed a holistic approach to that, not just top-level but something much deeper. Intuitus was able to give us best-in-class recommendations on the processes around recruiting for a company growing and scaling at speed.”
Results and Future Plans
Partech invested in Exporo in June 2019. Both companies are now working together to consider next steps and how to continue Exporo’s growth.
“Exporo is a young organisation with people who are very smart, very talented, but of course they are not experts in everything,” says Victor, “Having focused, professional experts who can bring them an external perspective is not something they get very often. The recommendations Intuitus provided for scaling the business will be very important to Exporo going forward.”
“We’ve built the roadmap with the team using the Intuitus report. Now we’re focused on the next stage of growth, both deepening Exporo’s presence in Germany and potentially expanding to markets such as the Netherlands and France.”