# Hofy

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/hofy

- Industry: Logistics & Distribution
- Headquarters: London, UK
- Website: www.hofy.com/
- Total disclosed funding: $30M
- Latest round: Series B (Jul 13, 2022)
- Investors on record: 7

## About

Based in the UK, Hofy Ltd provides a comprehensive online platform for equipment management, simplifying the procurement and lifecycle processes for remote work devices across more than 120 countries.Hofy Ltd specializes in equipment management solutions tailored for businesses with remote teams. Founded in 2020 in London, UK, by Michael Ginzo, the company has secured a total of USD 12.27 mn in funding through four deals, with the most recent being an Add-on Trade Sale on July 18, 2024. The latest investment saw Deel, Inc. acquire Hofy for approximately USD 100 mn, further expanding its services.Hofy provides an end-to-end equipment management solution designed to streamline the onboarding, procurement, and lifecycle management of devices for remote workers. Their platform enables companies to procure, deploy, track, and recover devices across over 120 countries with minimal effort. Hofy’s services specifically target the pain points faced by rapidly growing companies, such as managing equipment logistics, device repairs, and employee experience related to technology access. The solution is tailored for companies with distributed teams, facilitating efficient equipment delivery and support, thereby addressing the challenges that arise from unscalable in-house management systems. Hofy serves a diverse client base, including tech startups and established companies within various sectors, with users ranging from HR and IT professionals to remote employees needing essential technology for productivity.Hofy operates on a business-to-business (B2B) model, generating revenue through subscription-based partnerships with companies seeking equipment management solutions. Clients engage with Hofy to utilize its platform for managing device procurement and lifecycle processes. Revenue transactions occur primarily through service agreements where clients pay for device orders, maintenance, and support services facilitated by Hofy. The pricing structure is designed to accommodate various client needs, allowing companies to create specific teams within the platform with tailored equipment catalogs, which optimizes their spending based on departmental requirements. This model enhances efficiency in managing employee needs while providing Hofy with a stable revenue stream tied to ongoing client partnerships.With the acquisition by Deel, Inc. on July 18, 2024, Hofy plans to leverage the additional resources to expand its workforce by over 1,000 employees within the year. This will facilitate the integration of HR, payroll, and IT services into a single platform, enhancing the company's service offerings. The recent substantial funding will support efforts to innovate new products focused on improving remote work experience and expand its reach into new geographic markets.

## Funding rounds

- Series B, Jul 13, 2022, $15M — CNP Assurances, Activum SG Capital Management, Kindred Capital, Day One Ventures, Stride, TrueSight Ventures, 20VC
- Series A, Sep 3, 2021, $13M — Activum SG Capital Management, Kindred Capital, Day One Ventures, Stride, TrueSight Ventures, 20VC
- Seed, Aug 14, 2020, $2.4M — Kindred Capital, TrueSight Ventures

## Investors

- Kindred Capital (https://capitalatlas.ai/funds/kindred-capital) — Seed, Series A, Series B
- TrueSight Ventures (https://capitalatlas.ai/funds/truesight-ventures) — Seed, Series A, Series B
- Activum SG Capital Management — Series A, Series B
- Day One Ventures (https://capitalatlas.ai/funds/day-one-ventures) — Series A, Series B
- Stride (https://capitalatlas.ai/funds/stride) — Series A, Series B
- 20VC (https://capitalatlas.ai/funds/20vc) — Series A, Series B
- CNP Assurances — Series B