Articles for May 2015

Pockee Grows at Full Speed, Raises €400k


A year after our original pre-seed investment, Pockee currently provides coupons of 225 euro in value for 40 FMCG brands in the majority of grocery stores around Greece. Along with its off-the-charts retention rates, it was a straightforward decision for us to proceed with a €400k seed round.

Bringing in 11 supermarket chains and that many brands within such a short timeframe had nothing to do with luck. Pockee has managed to simplify integration and onboarding for retailers and brands alike at a level that is unheard of in the industry, while eliminating fraud. At the same time, it provides an intuitive, easy-to-use app that has gained the trust of users beyond early adopters.

A few weeks after executing the seed round, the company has announced a partnership with Cosmote, the largest operator in Greece, as well as with P&G, bringing in coupons that cover most of the FMCG product categories.

In its quest to become the greatest grocery shopping utility, Pockee is still in its early days. Starting from an app that actually saves you real money while being fun to use, the team is hard at work building the next generation of what we used to call coupons. What’s more, the local market is not an end in itself, but rather a test bed. In Openfund, we are happy to continue being part of this journey; you’d better stay tuned for the updates.


Fieldscale raises €150k to build an electromagnetic solver for the cloud era

From chips to antennas to motors or sensors, electromagnetic field simulation is a core part of product design. Solving a design before prototyping and production saves a critical amount of time and cost.

However, while the industry is making rapid progress in all fronts, electromagnetic solvers have mostly remain outdated. As products become more complex, it is typical for a simulation to take hours, or even days. Today this cannot but feel wrong, if not defeating the very purpose of simulation itself.

George Bontzios and George Bouzianas have experienced the limitations of currently available solutions, while acquiring their PhDs on the subject. Since then, they’ve embarked on a mission to bring simulation software to the cloud era.

Fieldscale, the company they founded, now employs a R&D-heavy team building a next generation electromagnetic solver. Sporting state-of-the-art algoritmhs that run in parallel at a user-defined array of machines, along with a lightweight interface on a browser, Fieldscale is working to introduce the first SaaS offering in the industry.

We believe that a more solid software infrastructure can have an impact on advancing the industry further. In this context, we are happy take part in this journey and announce our initial investment of €150k in Fieldscale.