Meet Olivier Plante from Fleksy
Q: Could you provide some background on yourself and Fleksy?
A: I’m the CEO of Fleksy, a company that specializes in text input technologies for businesses. We operate in the B2B space, helping diverse types of businesses integrate digital products without the need to develop their own virtual keyboard typing solutions. This might sound technical, but essentially, if a company wants to create a virtual keyboard for smartphones today, it’s quite challenging. They need features like auto-correction, next-word prediction, swipe functionality, and more.
Many companies, for instance, aim to assess and improve mental health through their apps. The typing behaviors captured through a virtual keyboard can significantly aid in this process. However, if the basic functionality of a keyboard isn’t reliable, user engagement often drops. That’s where Fleksy comes in. We provide the foundational technology that enables these businesses to focus on their core objectives, such as mental health assessment, without getting bogged down by the complexities of developing keyboard technology. In short, Fleksy is a text input technology provider that caters to businesses and organizations of all sizes, ensuring they have the robust tools needed for their digital platforms.
Q: How did the idea for Fleksy originate? Was it inspired by personal experience?
A: The journey to create Fleksy was unique and very much entrepreneurial, hard to replicate. The initial idea was to develop a smart virtual keyboard for smartphones, one that could integrate content from various sources into conversations. This original concept was pitched when we entered Seedcamp, focusing entirely on a B2C, consumer app model. We saw significant traction and growth in this phase. However, as with many entrepreneurial ventures, the initial idea, although solving a problem, needed to evolve as the market shifted. We pivoted several times to find our place in the market. This journey led to Fleksy’s transformation into a B2B-focused company. When we shifted our focus to B2B, that’s when we really found our product-market fit – a solution that customers were willing to pay for and were happy with. We developed a unique, defensible product that was challenging for others to replicate. The company has been growing ever since, but it was a process that took several years.
It wasn’t an easy task. It required relentless motivation, continual digging, testing, and adapting. Building a business is tough, but that never-ending drive is essential for success.
Choosing Seedcamp as the Accelerator for Fleksy’s Growth
Q: How did you discover Seedcamp, and what motivated you to choose them for your fundraising efforts?
A: I’m based in Barcelona, originally from Montreal, Canada, and when we were setting up the company, a key decision was where to establish it. The options were Spain, France, Germany, or the UK. Our goal was to situate ourselves in a location that would maximize our investment potential. We were looking for a place with abundant capital, considering it’s challenging to build a global company in regions with limited access to global funds.
After much consideration, we chose to found the company in the UK, primarily because, before Brexit, it was a hub of investment, brimming with incentives and opportunities, rivaling even Silicon Valley and New York. It was the epicenter of entrepreneurial activity in Europe. Once we established our base in London, we began exploring incubators and accelerators. We thoroughly vetted various options, including Techstars and others, but ultimately chose Seedcamp for its exceptional network and reputation. At the time, Seedcamp was well-regarded, and now it’s even more prominent, considered a reference point in the field. We’re proud to be associated with Seedcamp. Their impact on our journey has been significant, and it proved to be the right choice for Fleksy’s growth and development.
Key Factors That Led to Fleksy’s Acceptance into Seedcamp
Q: What were the specific milestones Fleksy had achieved before joining Seedcamp, and what do they look for in companies to invest in?
A: There were several factors that contributed to our acceptance into Seedcamp. First and foremost, the team is critical. They look for a CEO or founder who can effectively tell the company’s story and sell the vision. That was my role at Fleksy. Additionally, having a founding team with technical expertise (aka my co-founders COO Xevi and CTO Francesc) and experience in digital products is vital. These team characteristics were essential for us.
Secondly, the idea and product itself, along with the progress we had made, were significant. Our ambition and the potential market we were targeting convinced Seedcamp of our prospects. We already had traction, including early recognition and promotion by Apple, which was crucial. This evidence of progress and potential created a sense of urgency and fear of missing out among investors. Seedcamp saw in us the right team with a promising product, targeting a substantial market.
Back then, Seedcamp’s investment checks were around 50,000 pounds, but now they’ve increased significantly to 200,000-700,00 pounds, reflecting the evolving scale of their investments. These elements – the team, the product, our market potential, and the traction we had gained – were pivotal in our journey with Seedcamp.
Initiating Contact with Seedcamp for Fleksy’s Acceleration Journey
Q: How did you initially get in touch with Seedcamp and start the conversation?
A: Our initial contact with Seedcamp was quite straightforward. I believe I reached out to them directly, either through LinkedIn or email. At that time, there weren’t any formal application forms involved, or perhaps I was introduced by someone – it’s been a while, so the details are a bit hazy.
My first point of contact was with Sia, who is now a partner at Seedcamp. He was genuinely interested in our story, the business, and our product. We had a great rapport, and he seemed to see potential beyond just our presentation & product. Our interaction progressed quickly from there – I soon had conversations with Reshma and Carlos from Seedcamp. These discussions were not only productive but also quite amazing in how they unfolded. Their interest and belief in what we were doing played a crucial role in Fleksy becoming a part of Seedcamp.
Fleksy’s Fundraising Success During the Pre-Seed Round with Seedcamp
Q: What funding round were you pursuing at that time, and how much capital did you manage to raise?
A: We were in the pre-seed stage of fundraising when we connected with Seedcamp. This period was crucial for our fundraising efforts. Once Seedcamp came on board, their involvement paved the way for additional investors. Shortly after their entry, we secured another key investor, Simile Venture Partners, especially Tatiana Kim who strongly believed in the team and focus. The momentum continued as we presented on their investor day, commonly referred to as demo day. This exposure was instrumental, and it led to us closing a funding round of EUR 350,000 in about a month. The process was incredibly swift, primarily due to the reputation and credibility that comes with being associated with Seedcamp. Their backing significantly boosts a startup’s profile. In our experience, getting into Seedcamp marked a turning point, leading to great opportunities and advancements for Fleksy.
Revealing the Early Stage Funding Fleksy Received from Seedcamp
Q: Could you share the amount of funding Fleksy received from Seedcamp, or at least a range?
A: Yes, the funding we received from Seedcamp was in the early stages of our development. This information is publicly available on platforms like Crunchbase. At that time, Seedcamp provided us with £50,000, but now they provide £200,000 – 700,000. This was quite some years ago, and it’s important to note that Seedcamp’s investment tickets have significantly increased since then (£200,000 – 700,000). The amount we received reflected the early stage of our company and the investment norms of that period.
The Comprehensive Support Fleksy Received from Seedcamp Beyond Funding
Q: Beyond financial support, what other forms of assistance and resources did Fleksy receive from Seedcamp?
A: The most significant form of support we received from Seedcamp, aside from funding, was connections. These connections were invaluable, especially in terms of speaking with the right venture capitalists and gaining diverse perspectives on our business and its focus areas. Seedcamp provided access to a vast network of other founders and companies, fostering a community where we could all support each other. This is one of Seedcamp’s greatest strengths.
Additionally, Seedcamp facilitated access to experienced operators – those who had already built successful businesses. This was particularly helpful in navigating early-stage challenges, like situations where founders need to part ways or when things aren’t going as planned. The support in these tough moments was crucial. Being a CEO can often feel lonely, and having access to a network of people who understand and can offer guidance is vital. Seedcamp’s early-stage investor network has a reach to many experienced individuals, creating a tight-knit community. This made the entrepreneurial journey feel less daunting, as there was always someone to reach out to for advice or assistance. Everyone in this network is approachable and human, which makes a significant difference in the often challenging path of building a business.
Leveraging Seedcamp’s Network and Insights for Fleksy’s Development
Q: Can you share a specific instance where Seedcamp’s insights or involvement significantly contributed to Fleksy’s expansion and scaling?
A: Reflecting on a specific moment where Seedcamp directly influenced our scaling is challenging, but their overall impact is undeniable. A key aspect was connecting us with the right people in their expansive network. This helped immensely in shaping our product, understanding user value, and focusing on key metrics, especially during our pivot phase.
Seedcamp’s role was more about offering a different perspective, prompting us to ask questions and consider their viewpoints. It wasn’t about constantly seeking their guidance, but rather using their insights selectively to inform our decisions. This was particularly relevant when facing competition or strategic choices about our direction. These discussions often took place in board meetings, where Seedcamp’s input was valuable. However, it’s important to note that as Fleksy grew and moved into series A, B, and C funding rounds, Seedcamp’s involvement naturally diminished. They play a more significant role in the early stages of a startup’s journey, and as companies grow and evolve, they move beyond the scope of Seedcamp’s primary focus.
Fleksy’s Current Status and Focus on Sustainable Growth in Text Input Technology
Q: What is the current status of Fleksy and what are the main areas of focus for the company now, in terms of team expansion, growth metrics, and more?
A: Presently, Fleksy can be likened to a camel in the desert – we emphasize sustainable growth. Over seven years, we’ve raised only $3.2 million, but we’ve been consistently expanding, with new businesses adopting our SDK every month. This steady addition of clients using our SDK as a foundation is a key growth indicator for us.
Our team, comprising 15 members, dedicates itself solely to text input technologies. Our primary focus is being market agnostic (horizontal) from mobile applications and Healthcare to Spatial Computing (AR). In the mobile realm, companies seeking a virtual keyboard that works across all apps are building on our technology. This includes companies integrating generative AI, like ChatGPT, within keyboards using our base technology. We also power some of the largest grammar correction companies as clients, providing them with the typing experience and keyboard technology for their Android and iOS applications. In the realm of AR, VR, and what Apple terms ‘spatial computing,’ we’re advancing text input capabilities, recognizing this as the next evolutionary step for our company.
An exciting development is our work on biometrics through typing patterns. This unique identification based on typing characteristics adds an additional layer of security in applications. For example, in banking or messaging apps, if the typing pattern doesn’t match the usual user, it triggers a second-factor authentication. This ensures that even if someone has access to your device, they can’t impersonate you by typing messages. With Fleksy’s technology, the risk of such security breaches is significantly reduced. This innovative approach to typing security is one of the many areas we’re excitedly exploring. By the way, we’ve just secured a prestigious InnovateUK grant around that very important subject.
Olivier Plante’s Advice for Founders Approaching Seedcamp and Navigating Fundraising
Q: Do you have any advice for founders considering approaching Seedcamp or navigating the fundraising period in general?
A: For founders looking to approach Seedcamp or any fundraising endeavor, there are several crucial elements to consider. First, clearly define the problem your solution addresses. It should be a problem that is deeply personal to you as a founder and one that resonates with millions of others. Ensure that your solution is viable for this market. Second, demonstrate that you’ve successfully sold your solution. Evidence of traction, whether it’s the first few customers or hundreds, is vital. This shows that there’s a market need for your solution.
Third, after establishing traction, show signs of potential growth. Having a team capable of sustaining and scaling this growth is essential. Nowadays, VCs are increasingly focused on sustainable growth rather than just rapid, uncontrolled expansion. There’s a shift away from the previous trend of rapid scaling at all costs, as seen in companies that have experienced drastic reductions in market cap. Sustainable and reasoned growth, where you understand and can effectively manage your KPIs, is key. Finally, make sure your proposal aligns with Seedcamp’s investment thesis. Understand what they are looking for in a startup. If you approach Seedcamp with these components – a clear problem and solution, demonstrated traction, potential for sustainable growth, and alignment with their thesis – you’ll stand a good chance of securing their support.