Investment funds

Investments in start-ups

Angel loans




Investment Highlights

Company stage: Operating since 2014
Capital raising: €250,000
Shares: Ordinary share capital
Use of proceeds: Product & business development
Voting rights: Yes
Pre-emption rights: Yes
Anti-dilution clause: Yes
Corporate structure: Slovak limited liability company (s.r.o.)
Shareholder structure: Founders & Management 54%, Angel investors 46%
Management location: Prague (CZ) Bratislava (SK)
Angel Fund board membership: Yes
Angel Fund investment: €250,000 (subject to milestones and conditions)
Company Website:



Angel Fund investment: The first tranche of the Angel Fund investment was made in April, 2015. The proceeds of our investment, together with the company’s own resources generated by cash flow from operations, are being used to fund further product development and to expand sales and marketing activites with dedicated staff. The Angel Fund plans to to invest up to €250,000 in the company.  Investors can invest in the Angel Fund and or can allocate their Angel Fund investment to Venzeo. Minimum investment: €5,000.  Investments are accepted by private application only.

Venzeo Solution

Company Fundamentals

All in a nutshell

The Idea

Photodocumentation – Venzeo provides a secure internet based system that allows companies to quickly and efficiently upload and archive photos to document places and events. Companies in industries such as waste processing, construction, insurance, real estate and telecommunications use the Venzeo system becasuse it is secure, efficient and eliminates costs.

Venzeo Solution

Customer Acquisition & Revenue Generation

Customers pay fees based on the number of users uploading photos and the amount of storage space required. Customers also pay Venzeo for specific customised tailored storage and systems integration solutions.

Finance – How will the Money be Invested

Venzeo is using capital raised firstly to develop value-added features based on customer demand and secondly to hire sales staff to reach new customers in its core market and to establish distribution partnerships in new markets.

Success Drivers

Venzeo has a unique product that provides value customers quickly recognise. Once customers start using Venzeo they tend to increase their usage and their demand. The business is scaleable. The company is backed by a strong base of shareholders who actively work to help Venzeo succeed.

Key Risks

Venzeo’s product can be replicated. A talented team of dedicated developers can create similar products and services. Competition can come from larger companies that are better financed than Venzeo and see the same opportunity. Database security is also a risk.


Photodocumentation – Venzeo provides a secure internet based system that allows companies to quickly and efficiently upload and archive photos to document places and events. Companies in industries such as waste processing, construction, insurance, real estate and telecommunications use the Venzeo system becasuse it is secure, efficient and eliminates costs.


Venzeo can be used around the world. Any business or person who needs to create and store photo documentation in a safe, secure way can use the Venzeo service. exploitable source of demand is to meet needs of users who repeatedly have to go through the process of storing, tagging and archiving the photos they take, and who require an independent source to verify exactly when and where the pictures were taken. Venzeo believes the prime market for its services are companies with up to 250 employees. There are more than 100,000 such companies in the EU and more than 250,000 such companies in the US. Since the market for digital photo documentation services is just opening, very few of these companies are served.
Venzeo Market

Unique Selling Points

The most unique selling point is the fact that Venzeo provides independent certification as to when and where each picture was taken. Second, Venzeo provides safe, secure archiving and backup. The product offers exceptional value, especially when compared to enterprise solutions and customised development. Finally, the service can be customised and developed to suit each client’s invididual needs.


Venzeo’s customers include waste processing companies, construction companies and facilities management companies. The largest waste processing company in Slovakia was one of Venzeo’s first customers, with nearly 100 users filing reports daily. Their decision to use Venzeo was driven by the time savings Venzeo provides through automation.

Distribution Channels

Distribution is via direct contact with each client. Venzeo targets prospective clients taking into consideration the industry they are in, the number of potential users in the business and the industry sector in which the prospect operates. Second, clients come to Venze via referral from other satisfied clients. Most recently Venzeo began developing partnerships with companies who service the same base of clients but with complementary products. Venzeo established a partnership with Telefonica’s corporate customer division in the Czech Republic and Slovaka whereby Telefonica refers clients to Venzeo. One of the uses of the capital raising round is to invest in dedicated sales staff who will focus on making further inroads with direct sales and distribution.


Customers are invited to trial the system at no charge, so they can experience it, realize the cost savings and understand how the product adds value. Once customers decide to adopt the service, pricing is based on the number of users uploading photos and the amount of storage space customer requires. Customers pay monthly for the service. Smaller customers pays as little as €35 per month. Larger users pay as month as €1,000 per month. This pricing is competitive and affordable. For smaller customers the pricing results in significant cost savings and a high level of customer loyalty. For larger customers the pricing is competitive, especially when compared to the cost customer would incur to develop a similar solution in-house or to pay software solutions provider.

Venzeo pricing model

Demand Profile

Demand is driven by the continuing trend for companies and people to use digital cameras in order to record and evidence events. Mobile phones and tables contain embedded camera and are also increasingly internet linked. This enables users to realize the convenience of taking the photo, tagging the file with a standard language and uploading it securely to the server at the same time.

Key Performance Metrics

Venzeo is focused firstly on the number of customers, secondly on the number of user and finally, on monthly revenue. Average revenue per month is about €100 per client. The largest client has an installed based of 76 users. Venzeo aims to build a base of about 1,000 customers over the next few years.
Venzeo pricing model

Competitive Environment


Only a few companies similar to Venzeo have launched operations, mainly in the US market. Multivista are focused on the construction industry. They incorporate webcam services into their product mix, allowing them to provide automated time lapse photography and live streaming. Pricing is available on request only. is another US based service. They have a broader focus than construction and are also webcam based. Services such as these are more generally more expensive than Venzeo and require use of webcams. Each webcam requires internet access, so user installation is technically more complex than with Venzeo, which requires only a mobile phone or tablet PC. The other important difference is that webcams provide a particular angle and particular vantage point viewing radius. Venzeo solution goes whereever the person taking the photo goes, making it ideal for companies with multiple users in multiple locations. This is why some of Venzeo’s key customer are companies providing waste pickup and traffic sign placement. One very similar company to Venzeo is FotoIn. They are based in Atlanta, Georgia and have been operating since 2012. Pricing is similar to what Venzeo offers and some of the tools on their website are similar. They are US based, however, and are not seen in markets where Venzeo is operating. The next group of competitors are software solutions that user’s can purchase. Google also provides an application that allows users to upload and store photso taken on mobile phones. Software solutions require more time and effort on the part of the user to implement. Also the many of these solutions are more difficult to integrate into customer systems or are not customisable in a way that Venzeo is. Google itself provides an application as well. The trade-off for the client is a certain loss of privacy, potentially. Also it is more difficult to integrate the service into the systems of medium and large sized customers. For many companies who require a high level of data protection, confidentiality and security, web services such as those provided by Google are not an acceptable alternative. Venzeo’s major challenge is not in the competitive landscape, but rather in simply reaching customers and allowing them to learn and experience the benefits Venzeo can bring. Venzeo is an early mover in an industry with low overall market penetration and no major market player.

Venzeo competitors

Barriers to Entry:

The biggest barrier to entry is the time and effort needed in order for a competitor to develop a similar solution and product. Venzeo was created by the efforts of developers who own the company working on their own time for the better part of three years. In order to create a similar product a company would llikely need to spend several hundreds of thousands of euros and employ a team of coders working for several months. Even then, the end-product might not be appealing to the same set of customer in the same markets where Venzeo operates. The second barrier to entry is the customer relationships that Venzeo has developed. Venzeo’s founders have been in the market speaking with customers for the past few years. They’ve developed a network of contacts and a continually growing database of prospects.

Substitute Products:

The first alternative customers have is the “traditional” approach they current use. A person takes a photo using a digital camera, tablet or mobile phone. The user then has to upload the photo on PC or server, taking care to name the file and store it in a way it can be easily retrieved. This means manually typing ino the computer the file name and following a logical file naming protocol. The files need to be backed up to reduce risk of data loss. One important problem is that verification of time and place of photo is not independently verifiable. Date and time are whatever the user inputs. The Venzeo solution, however, time stamps the picture, names the file automatically, creates backups, allows user access to review the files and recoords gps-co-ordinates.


Capital Plan:

Venzeo is raising capital to accelerate development of new products and additional features to meet user demand and increase sales. Secondly, Venzeo plans to hire sales staff to reach more customers in more markets and to establish relationships with distributors in markets where Venzeo is not present.

Financial Flexibility

Venzeo’s cost base is extremely flexible. Cost of development are largely covered. The company can accelerate or slow down development according to capital availability. The company employs few staff at present.

Investor Base

Venzeo benefits from a strong investor base. The investors include a leading Slovak entrpreneur who owns one of Slovakia’s largest internet portals, O2 via its Wayra subsidiary,and the Symfonie Angel Fund. The shareholders provide sales support, knowledge and expertise to Venzeo.

SWOT Analysis


Developer Led – Venzeo is innovative and owned by developers who understand the needs of the customer base.Product FocusedVenzeo targets a well defined set of customers and industry segements. The nature of the product lends itselef to a highly targeted marketing strategy.

Shareholder Support – The company is backed by a group of knowledge shareholders who are committed and able to help Venzeo succeed. One of Venzeo’s largest shareholders is a leading Slovak entrpreneur who owns of the country’s leading internet portals. He provides mentoring, contacts to potential customers and general business oversight. Another leading shareholder is Wayra, a startup accelerator owned by Telefonica. In part because of Venzeo’s relationship to Wayra the company was able to establish marketing and distribution relationships with Telefonica’s subsidaries in the Czech Republic and Slovakia. Finally, Symfonie is a committed angel investor. Symfonie provides Venzeo sales and marketing support, capital raising support and corporate governance oversight.


Reliance on Key Managers – Venzeo is a small company and relies very much on its key team of founders. This problem should correct itself over time as Venzeo grows.

Limited Financial Resources – The company doesn’t have a sizeable balance sheet to run cash flow negative for long periods of time. Like many startup companies, capital needs present an on-going challenge. Capital shortages could prevent the comapny from operating effectively and can slow down product development at this very critical point in the company’s life cycle.

Thinly Staffed – A lack of staff and distribution network mean Venzeo has difficulty developing sales momentum and broad reach.


Dynamic Product Market – Venzeo comes to market at the right time – when more and more potential customers are realizing the benefits technoloy can bring to them. Demand is growing and customers are becoming more knowledgable about the solutions that companies like Vezneo offer. The global economy is generally improving, fueling demand from Venzeo’s key segments such as construction services. Importantly for Venzeo,no major well financed direct competitor has emerged. This means Venzeo is the early mover and has the opportunity to lock in market share.


Emerging Competition – Applications like that Venzeo has developed are mushrooming. Competitors are likely to emerge sooner rather than later and the time and effort it takes to develop a service similar to what Venzeo offers will shorten.

People – Meet the Venzeo Team

Venzeo is led by a team of managers with strong skills in marketing, product development and software engineering.

Jozef Vodicka, Founder & CEO

venzeo vodicka jozef profile photoJozef Vodicka co-founded and leads Venzeo.  He developed Venzeo after developing its non-profit predecesor project, Jozef is a career entrepreneur, having also started and Stuzkova.EU. and its sister site Stuzkova.Eu are Slovak websites geared for university students. Mr. Vodicka prepared marketing plan for portal and provided the complete software design. He is  a TEDx speaker and was listed in the Slovak Forbes 30-under-30.  Me is a member of AIESEC International supervisory group & was voted one of the TOP 5 Student Entrepreneurs in Slovakia. He has a Bachelor of Engineering degree from JAMK University of Applied Sciences, Jyväskylä, Finland and he has a Masters Degree in Applied Informatics from the University of Zilina in Slovakia.





Michal Klacko, Chief Technical Officer

venzeo Klacko Michal

Michal Klacko has more then 3 years experience in developing cloud services for various mobile and web projects and is the principal software engineer behind Venzeo. He programs in multiple language environments, including Node JS (Express JS), .Net, Jade, BlueBird, Gulp, Browserify, MySQL (ORM Sequelize), Azure, HTML, JS, CSS, IP Block, TypeScript, jQuery.  He has  a Masters Degree in Information Systems from the University of Zilina in Slovakia.









Symfonie – Why We Invested

Venzeo fit many of the criteria we established for the Angel Fund. We highlight our key considerations.

    • Expanding market.
    • Unique, compelling product with proven demand.
    • Scaleable business.
    • Potentially attractive acquisition target.
    • Inherent competitive advantages.
    • Strong, focused, motivated management team.

The rapid advances in mobile technology and digital imagery we have seen over the past few years opened a new market that companies such as Venzeo can exploit. Cameras embedded in even the least expensive mobile phones are far better and far more versatile than they were just a few years ago. The amount of data and the speed at which that data can be transmitted are significantly greater as well. These factors enable Venzeo to provide its users an increasingly greater value proposition. Venzeo enjoys a first mover advantage because the market it serves is just developing. Customer loyalty is strong for product’s like Venzeo’s. The gains to be had by switching suppliers are small. Once a customer’s basic needs are satified there is little reason to change suppliers. Consequently, Venzeo can build a long lasting, sustainable franchise. The business develops competitive advantage with each customer it on-boards. Venzeo operates in a highly fragmented market. There will be opportunities in the future for companies like Vezneo to merge and develop economies of scale in customer service and sales. There is a highly motivated management team in place. They understand the business, they have established good corporate governance practices. They are supported by shareholders who actively work to help the company succeed and who are well positioned to add value to the company.

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