Primo raises 8 million dollars for its platform that centralizes IT management for businesses

Primo has successfully completed its second funding round, raising 8 million dollars on September 22 from Global Founders Capital and Headline. The French start-up, established recently, had previously secured 3.2 million dollars in April 2023. The platform developed by Primo consolidates all IT management operations of a business, including remote hardware purchasing and management, IT support, software management, identity management, and access control.

The co-founder and CEO stated, "The goal is to centralize the entire IT infrastructure of our clients from a single tool." Primo's platform incorporates AI agents to automate various IT tasks, such as employee onboarding, by ordering hardware, configuring computers, and creating access credentials. He added, "If an employee has a question, they can get an instant response directly in their daily work tools, without overwhelming IT teams that are often overloaded."

Primo aims to achieve 7 million euros in annual recurring revenue by the end of 2026. The company currently has 400 clients, ranging from start-ups to SMEs and scale-ups, including Theodo, Dust, and Skello. Operating in around ten countries, the start-up conducts 40% of its business internationally. Its business model is based on a subscription SaaS system along with a licensing scheme. While Primo also earns a commission on the purchase of IT equipment, this revenue stream remains "insignificant," according to the CEO. The funding will enable Primo to accelerate its growth and expand internationally, particularly in the United States, while increasing its workforce from 40 to around 100 by the end of next year, as concluded by the CEO. The Journal du Net reported the story.