Sesame signs a €50 million agreement with BBVA Spark to accelerate its growth
BBVA Spark has struck a financing deal worth up to €50 million with Sesame, Spain’s leading HR software company. This funding will enable Sesame to ramp up its growth across Europe, while allocating its own resources to strengthening its leadership in AI. The agreement also marks the launch of an innovative financial instrument in Europe.
BBVA Spark and Sesame have teamed up to create a novel financial product within the European ecosystem, designed to support technology companies with a software-as-a-service (SaaS) model in their international growth, without diluting their equity.
Through this instrument, BBVA Spark will deliver up to €50 million via a formula that allows the company to invest in acquiring new clients without having to scale back product development. The approach is data-driven, performance-based, and fully scalable.
“This new instrument is a genuine breakthrough for the European technology ecosystem,” remarks Albert Soriano, CEO of Sesame: “It will allow us to scale up internationally while continuing to focus on innovation in artificial intelligence applied to talent management.”
Meanwhile, Miguel Ángel Alcalá, Head of BBVA Spark in Spain, emphasized that: “Our value proposition is built around supporting high-growth companies that are transforming the economy through technology. We share a vision with Sesame of sustainable growth that is data-connected and people-centric. This deal shows that a different way of financing growth is indeed possible. Thanks to this financial instrument, Sesame will have fast and efficient access to capital in line with the pace of its global expansion.”
This highly innovative product is presented as an alternative to venture debt and equity financing for startups that need to get their hands on additional capital to ramp up the business without having to relinquish the control of their company, while allowing them to use their existing funds for further product development.
A new financing model for SaaS startups
Thanks to this financing arrangement, Sesame can now use its own capital to advance its AI-powered human resources platform, as it endeavors to cement its technological leadership in the sector. The platform enables task automation, improved efficiency of internal processes and an enhanced experience for HR managers and their teams.
With more than €20 million in annual recurring revenue and over 15,000 client companies, Sesame is now looking to amplify its presence in Italy and Portugal while bringing forward its entry into new key markets such as France and Germany.
The Spanish company, headquartered in La Marina de Valencia and employing over 350 people, also has a strong foothold in Brazil and serves more than 1,000 clients in Mexico.