Press Release
Zucchetti enters the share capital of EsgMax
Milano, February 29, 2024 – Zucchetti, the leading Italian group in the offering of software, hardware, and IT services for businesses and professionals, enters the capital of EsgMax, the first SaaS entirely dedicated to simplifying the process of collecting and managing ESG (Environmental, Social, Governance) data.
The startup, the latest to emerge from Startup Bakery, has received from Zucchetti a first seed of €500,000 which, together with the €200,000 paid in by the same Italian Startup Studio, brings the funding to a total of €700,000, in addition to Zucchetti's commitment to subsequent tranches based on commercial results to be achieved for an overall fundraising target of €1,400,000.
The shared objective of the operation is to soon transfer control of the EsgMax initiative from Startup Bakery to Zucchetti which will fully acquire the company as an industrial partner at values predefined by agreed commercial targets.
The operation fits into the line of other initiatives already launched by Zucchetti in the area of IT solutions and services to make companies ‘ESG compliant’: reporting of sustainability balance sheets, management software for sustainable mobility, asset management and reservation of corporate spaces, energy efficiency, dematerialization, document management, and digital preservation.
“This operation confirms that there is an alternative path to classic Venture Capital. A path that is not purely financial but also industrial and functional to concrete Open Innovation. Despite extensive experience in acquisitions and investments, this will still be a novelty for Zucchetti and our country – commented Alessandro Arrigo, CEO and co-founder of Startup Bakery – We greatly appreciated the curiosity of this large company and the desire to engage with this new way of doing innovation and business, and I must acknowledge that the dialogue was immediately extremely encouraging and productive.”
EsgMax is a cloud solution that makes it easier to collect and analyze ESG data for the preparation of sustainability reports, thanks also to Generative Artificial Intelligence. Ideal for both companies that are legally obligated to prepare it and those that aren't but are part of a supply chain or wish to position themselves with a certain profile to institutional investors and clients, it is also suitable for sustainability consultants of every kind and level.
“First of all, we appreciated EsgMax's proposition, which is to facilitate the ESG reporting process also for SMEs. We were also positively impressed by the technical skills of the people, as knowledge of sustainability indicators and the ability to map them digitally are fundamental requirements for configuring clients' reporting management as best as possible” – added Domenico Uggeri, vice president of Zucchetti – “The group places a lot of emphasis on this aspect. We believe that facilitating the communication of corporate sustainability will bring considerable value to all Zucchetti clients.”
The sustainability report is indeed a fundamental tool for both large companies and SMEs as it allows for transparent communication of environmental, social, and governance impacts. It provides a detailed overview of sustainable activities carried out, demonstrating commitment to responsible management and the creation of long-term value. However, despite the presence of numerous software solutions on the market, the collection of information from various stakeholders for the preparation of the sustainability report is still often a slow, manual, and inefficient process in all its main aspects, especially those involving communication between people: data collection, materiality analysis, deadline monitoring, and collaborative efforts.
“Simplifying the process of collecting and managing data allows for more accurate analysis and an effective assessment of sustainability performance – concluded Massimo Ferri, CEO and co-founder of EsgMax – Reducing complexity allows companies, regardless of size, to better integrate sustainable practices into their business model, thereby contributing to a positive impact both socially and environmentally. Companies should only worry about being sustainable, while we at EsgMax help them communicate this efficiently to the market and all stakeholders.”
EsgMax has already recorded dozens of pre-orders and is ready to go to market by Q1 2024 with its packages Value, Growth, and Impact.
Alessandro Arrigo CEO Startup Bakery // Massimo Ferri, CEO EsgMax // Domenico Uggeri, VP Zucchetti
Zucchetti
With expected revenues of over €2 billion in 2023, Zucchetti is Italy's leading software company. The group employs over 9,000 people, of which 2,000 are exclusively dedicated to research and development activities.
Zucchetti has the widest market offering in terms of software, hardware, and innovative services designed to meet the specific needs of companies in any sector and size, professionals, public administration, and healthcare.
The company regularly implements open innovation processes working closely with its clients and group companies, with which it develops application solutions capable of fully meeting current market needs, as well as anticipating future ones: from modern ERPs to personnel management solutions (HR and Welfare, HR Cost&Planning, Safety&Security, HR Mobility, Risk&Audit), through Business Intelligence, CRM, e-commerce, digital marketing, applications for vertical markets (manufacturing, fashion, GDO, hospitality, and retail), asset management, energy efficiency, and much more.
Startup Bakery
Startup Bakery is the Italian startup studio founded by Alessandro Arrigo and Angelo Cavallini in February 2020 with the goal of creating sustainable B2B SaaS companies with a strong component of Artificial Intelligence and enabling founders, companies, and professional investors to express their potential.
Contrary to what usually happens in Venture Capital, Startup Bakery focuses on involving industrial partners to enhance its initiatives. This path aims to reduce the level of risk in starting a startup while maintaining high returns for its Limited Partners.
The Studio guarantees the serial application of tools, skills, and methodologies already present in the team and supports the co-founder in all phases, from fundraising to exit, making them increasingly independent. Thanks to a proprietary algorithm, it can rely on advanced capabilities for collecting and processing market data to identify areas of interest to focus on while the cyclical validation of initiated projects is ensured by the application of the lean method.
To date, Startup Bakery has initiated and invested in 4 startups: Veterly (2021, PetTech, €530,000 raised); Condeo (2022, PropTech, €920,000 raised); Sencare (2022, HealthTech, €500,000); EsgMax (2023, Sustainability, €800,000 and exit agreement for February 2025).
EsgMax
EsgMax, the fourth startup born within the Startup Bakery studio, is the platform that simplifies, automates, and speeds up the collection, organization, and presentation of the data necessary for the preparation of the sustainability report. Thanks to AI support, EsgMax helps identify relevant areas to measure based on the type of company and supports the creation of drafts through generative functionalities. It acts as a digital assistant for collection, sending prompts and notifications to contributors and approvers, enabling collaboration within the working group, eliminating unnecessary emails and Excel files, and channeling all collection activities onto a single shared platform.
In January 2024, it received a first seed of €500,000 from Zucchetti which, along with €200,000 contributed by Startup Bakery Lab, brings the total fundraising to €700,000.
