JIC Ventures' first investment goes to technology startup FaceUp
The co-investment by JIC Ventures reaffirms the fund's focus and the role of the Brno Region ecosystem in helping technology companies grow to a global level. FaceUp's story is closely tied to innovation agency JIC, which initiated the JIC Ventures fund. The company began as a student project in JIC startup hub, with its advisory support. Its original aim – helping victims of school bullying – evolved over three years into a commercial SaaS platform for businesses.
“JIC was a crucial partner for us in the early days of our business — not only through mentoring and long-term support, but also as our first office and the place where all our creative ideas were born,” says Jan Sláma, co-founder and CEO of FaceUp, adding: “Our biggest challenge was transforming from a Czech, student-run, and essentially non-profit project into a globally successful commercial company. JIC helped us with that in many ways, which is why we are delighted that they are now joining us as an investor.”
Today, FaceUp protects over one and a half million employees and students in more than 70 countries worldwide, and last year became the second fastest-growing technology company in the Czech Republic and fourth in Central Europe in the Deloitte Technology Fast 50 ranking.
“We have been with Jan and the FaceUp team from the very beginning. Watching a student project grow into a comprehensive solution for safe reporting of unethical conduct and corporate compliance is exactly the kind of story we do this for. The founding team is exceptional, and the company’s potential in the years ahead reflects that,” says Radim Kocourek, Managing Partner of JIC Ventures.
Investors from four European countries
The investment round was led by Croatian fund Fil Rouge Capital. Alongside JIC Ventures, participants included Slovak fund Venture to Future Fund and Prague-based Gi21 Capital. Existing investors Jiří Hlavenka, Tilia Impact Ventures and Reflex Capital also took part, together with a group of angel investors and employees. This round - the company's third - brought the total amount raised to approximately $9 million.
“FaceUp has learnt to do B2B business with large corporations – in banks, in global brands, in regulated environments. Getting through the security certifications those institutions require is a real barrier to entry. And they cleared it. The interest from international funds only confirms the traction the company has achieved,” says Miloš Sochor, Managing Partner of JIC Ventures.
FaceUp intends to use the investment to develop its platform into a comprehensive modular system covering everything ethics and compliance managers need. The company will focus on strengthening its position in the large corporate segment and accelerating growth in the US and UAE markets.
“I am absolutely delighted about this investment. It will allow us to grow even faster towards our vision of becoming the world’s leading solution for ethical and safe workplaces. It will help us not only increase our ARR, expand our team and strengthen our product, but above all support even more organisations around the world in building trust, ethics and integrity, while effectively protecting their reputation, employees and students, finances and culture,” concludes Jan Sláma.
Up to 20 investments in ambitious technology companies
FaceUp illustrates one of JIC Ventures' natural sources of deal flow – startups the fund knows from its own incubation and innovation ecosystem. Global ambition and a team's ability to deliver on it, whether in SaaS, deep tech or other advanced technologies, are nonetheless the fundamental requirement for every investment the fund makes, regardless of where a company comes from.
Across Central and Eastern Europe, JIC Ventures intends to support approximately twenty technology startups over four years, with tickets of up to €1 million. FaceUp is the first of them, with more to follow. Technology startups from across the CEE region are welcome to submit their pitch deck.