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How Workbee funded growth initiatives on their path to profitability with re:cap

Impact

2x

Growth of sales team

Workbee
in a nutshell

Founded in 2020, Workbee revolutionizes the recruiting market and breaks new ground in the search for personnel, with a focus on nursing, medicine and social services. For this, Workbee offers a digital job and career platform as well as needs-based job placement. Workbee checks the jobs on offer for matches with the wishes of the skilled and unskilled workers and thus shows which jobs really suit them. Tens of thousands of professionals and assistants already rely on Workbee.

The challenge for Workbee

Keeping up growth while finding a path back to profitability

Starting out as a bootstrapped company, Workbee in 2021 wanted to get additional expertise as well as growth funding on board. For this, the company decided to let a selected group of business angels invest in the company which led to an acceleration of growth while it at the same time moved the company out of profitability. Going forward, Workbee faced the challenge of keeping growth up while finding a path back to profitability.

To achieve this, the team looked at various sources of funding such as bank loans, venture capital and venture debt. While traditional banks deemed Workbee as not mature enough to receive a loan, venture capital also turned out to be an unideal fit at this point in time. 

“We want to build a successful and growing business and establish Workbee as a leading player in our industry, but we want to do it in a sustainable and efficient way. With re:cap I have maximum flexibility to build our business like we want”, says Steffen Biese, Founder and CEO of Workbee.
Case Study: re:cap and Workbee
Workbee Founder and CEO Steffen Biese

The solution

A financing line that is based on the capital needs and is adjustable to the business plan

“The process with re:cap was by far the easiest and fastest of all funding providers we looked at. The team even built a new connection for our billing tool Lexware in record time which positively surprised me. It’s a great benefit for us to keep using Lexware as it’s our financial backbone for all things subscriptions, invoices and accounting”, adds Biese. 

Workbee received a first financing line of 550,000 EUR within a couple of weeks and Biese is proud that the company achieved one of the best ratings on the platform due to strong growth and convincing unit economics.

In the process of drawing funding, Workbee was also guided by re:cap how to use the financing best. Besides pre-financing provisions for the sales staff, which allowed Workbee to double its sales team, grow faster commercially and get back to profitability in a quicker way, the company also conducted cash flow optimizations suggested by re:cap.

“We changed Software-as-a-Service subscriptions to yearly payments and re-financed these upfront costs with re:cap. The discount we get from SaaS providers on annual deals is substantially higher than re:cap’s financing fee”, says Biese. “All in all, I see the collaboration with re:cap as a long-term partnership. We have drawn funding multiple times already and intend to keep doing so in the future.”

More about
Workbee
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