GO Ventures has just added an investment in the device lifecycle management platform Servify to its portfolio, taking part in the Series C financing round for the five-year-old start-up that to-date raised in excess of €41 million.
Servify works closely with enterprises such as Apple, Samsung, OnePlus, Xiaomi, Nokia, Motorola, and Airtel and handles after-sales services such as device protection, exchange, and trade-in programs for its partners. The start-up, which offers its services through a white label arrangement with enterprises, works with over 50 brands and reaches over 50 markets. With Apple, it works in three geographies, and in over half a dozen with OnePlus.
“We believe that whilst mobile devices have evolved drastically over the past decade, users’ post-purchase experience has barely changed,” Nikhil Patil, GO Ventures’ chairman explained. “This is what attracted us to Servify, a brand focused exclusively on improving mobile users’ lives whilst providing an ecologically responsible way of disposing of mobile devices when replaced by new ones.”
“It is very satisfying as we have more than quadrupled our revenue in 2020 till date, and raised funds for expansion even during the tough economic climate” said founder and chief executive of the start-up Sreevathsa Prabhakar in a recent interview with the tech journal TechCrunch. “This further strengthens our belief that we have built a globally scalable sound business that is not only trusted by large brands, but also the investor community.”
So far, Servify operates mainly in Asia but has been expanding in both Europe and the US. This latest financing will mainly contribute to the company’s accelerated expansion plans.
GO Ventures was set up by GO in 2019 with an initial €2 million allocated to invest in tech related startups.
“At GO we want to expand our and Malta’s digital boundaries. Through GO Ventures we aim to invest in innovative ideas that have the potential to grow,” continued Nikhil Patil.