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You are about to activate our Facebook Messenger news bot. Once subscribed, the bot will send you a digest of trending stories once a day. You can also customize the types of stories it sends you. Damien Morin isnt your average first-time founder. In less than two years, he managed to turn a non-scalable smartphone repair shop into an exponentially growing startup with hundreds of employees and more than $1. 5 million in monthly revenue.
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$16. 7 million for a smartphone repair service seems unusual. But Save isnt your average smartphone repair shop. The companys website lists 78 different shops, most of them in French malls.
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With Save, you can leave your phone with a cracked display, shop and come back 20 minutes later to pick up your phone.
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What if you dont live near a Save shop? You can have a courier pick it up making Save a sort of Uber for smartphone reparations. You can also mail in your phone in a prepaid box. It will cost you the exact same price for all these channels — for example, replacing your iPhone 6 display costs €129. Another example, a Galaxy S5 battery replacement costs €39. Save supports hundreds of models and dozens of different reparations.
Chances are Save can fix your broken camera, button or worn-down battery.
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Smartphones are just the first step as the company now wants to repair your laptop, smartwatch and any other electronics device. The company now has 250 repairmen and repairwomen.
But Saves growth strategy is even more impressive. We overplan everything because we need to create processes to foster growth, Damien Morin told me. We try to open a point of sale every day. An HR team comes one day and one day only in a city a month and a half before launching in this city. Then, candidates get a month of in-house training.
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In the meantime, we manufacture the stand. Saves operations seem like a complex Chinese puzzle. It seems like everything could fall apart because the company is trying to grow so quickly, but apparently the company can sustain this growth rate. According to Les Échos, the company grows by 5 percent every week. It has been hiring dozens of people every month for the past year in order to keep up with the demand.
When asked about competition, Morin said that the most important player in this space is probably iCracked.
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But this American company is a bit different as it only provides leads to partners. By having a marketplace approach, Morin believes that iCracked cant control the experience and is leaving money on the table. Another competitor called Eden seems to work more like Save, but it looks like its a smaller company compared to the French startup as the company launched in May 2015. I asked Morin how he tries out these competing services.
And sure enough, he just throws a smartphone on the ground and then asks for a reparation.
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For now, Save is only available in France, Switzerland and Sweden. Save is expanding to the U. K. , Spain, Portugal and Belgium in the coming months. In 2016, the company is going to continue its European expansion with Poland, Hungary, other Eastern Europe countries as well as the U. S. and Canada.
In France, you have around ten malls with a traffic of more than a dozen million annual visitors. In the U. S. , there are 500 malls like that, Morin said. Thats why the U. S. is Saves most promising country, and the company is well on its way. Overview Idinvest Partners is a pan-European private equity manager focused on the low and middle market segments. With over 6 billion euros under management, the company has developed several complementary areas of expertise, including equity investments in buyout deals focusing on both mid-size as well as young innovative European companies; primary investments in European private equity funds focusing primarily …
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