Cubigo brings LRM on board in new capital round
Further internationalization with new customers in Dallas, Toronto and London.
Cubigo, the digital platform for senior living communities, broadens its capital base and brings LRM onto its board. This is another important step in the process of the fast-growing Limburg-based company. The fresh resources should allow for further expansion in North America. New contracts have recently been signed in Dallas, Toronto and London and the team is expanding considerably.
"The aim is to 'copy-paste' our proven product-market combination to one hundred residential care sites in the coming year," said CEO Geert Houben. “This capital round is an important step in that direction. We now raised 2 million euros, split equally between LRM and the existing shareholders. This will be used to finance the current expansion in North America. This is going well and once we have demonstrated the success of scaling up of our platform and our business model with new contracts and rolled out sites next year, we can possibly increase the scale of operations with an American partner. To strengthen the current shareholder base, it is interesting to have LRM, with its network and financial strength."
Updated and expanded platform
The rapid expansion of Cubigo is thanks to the renewal and expansion of its digital platform with functionalities for residents and managers of senior living communities. Cubigo is now much more than just a platform for seniors and family members and presents itself as a complete toolbox for the management of (multiple) care sites. "The fact that we also have our first customer in London shows that the new version of Cubigo has a lot of potential in Europe as well," said Houben.
Only a few months ago, Cubigo announced that it would roll out Cubigo in 20 campuses in California and 35 campuses in Canada. The company has licensing agreements with recurring income, which means that the contracts provide a solid basis and a lot of potential for rapid growth.
The LRM has invested in the Limburg based company. “Cubigo is a good example of a cross-over company that originated in the community that we have been developing in Limburg in recent years. Cubigo is active in the technology world and in the healthcare sector. They combine their expertise in both domains with their platform and offer a very complete solution”, says Tom Vanham, CEO of LRM.
A growing team
The new Cubigo platform is also being implemented in Belgium at, among others, Time for Quality with 11 branches and in pilots of the Senior Living Group - the largest care home group in Belgium with 115 branches and is part of the European Korian group which has 850 sites. The growth story is mainly written in North America. Cubigo employs twenty-five people in Hasselt, with a few vacancies in product development. In San Francisco - the North American headquarters - Boston and Toronto, a dozen people will join in 2020. The country lead who will manage the operations in Toronto starts in January and Cubigo is looking to grow its commercial, implementation and customer success teams.