R204 Partners, a private venture fund run by Bain & Company Partners, Duilio Matrullo and Roberto Folli, has invested a ‘sizeable’ amount of money in Italian startup Qurami. The funding will allow the time-saving app startup to scale, as it seeks international expansion.
Queuing, especially for a limited service or scare resource, can be both frustrating and disappointing. Even when there is no chance of missing out, the uncertainty about wait time can create scheduling uncertainty or give rise to boredom.
In a bid to reduce uncertainties, startup Qurami was begun in 2010. Qurami, an Italian startup, offers people an app that allows users to reserve a space in a virtual queue, prior to arriving at the location – thereby freeing up waiting time for more important matters.
The technology is integrated with queuing machines that already exist at a range of institutions, from public offices and hospitals to universities. The free app notifies users when their turn nears, as well as provides real-time insight into their place in the queue as people shuffle through to their appointment. The service is currently available in around 100 locations throughout Italy; international interest has been sparked, with a recent expansion into Costa Rica and Panama as well as discussions with premises in London.
The service currently has around 300,000 downloads, with 150,000 users using the app to save time. Qurami has also attracted a range of external funding, closing a funding round in 2014 for €590,000. Today the app is part of Italian venture capitalist fund LVenture Group’s portfolio of startups.
The startup recently attracted additional funding from R204 Partners, a Milan based fund set up by Bain & Company Partners Duilio Matrullo and Roberto Folli. According to reports, the partners have made a ‘sizeable’ contribution to the fund – although the exact amount has not been disclosed and remains concealed behind a secrecy clause.
“This investment will allow us to actually go to the most difficult phase, that of scaling up", says a spokesperson of Qurami. The firm will however face several stark challenges in realising its ambitious plans. According to a study by Deloitte, the chances of a new enterprise to ascend as a scale-up are around 0.5%, which means that only 1 out of 200 surviving new enterprises will become a scale-up.