Wrapp S.A. carves out skills4gigs in preparation for its Seed Financing Round
ATHENS, June 9, 2023 – Wrapp S.A. today announced the completion of the divestment of its skills4gigs brand and related know-how to a newly formed entity named skills4gigs Single Member S.A., owned by Gaze Capital. Panos Kallitsis, an experienced executive in the video production industry, will be stepping in as Managing Director, with the aim to further the brand’s growth.
The transaction comes as a result of Wrapp’s strategic decision to focus on its tech core: a Software-as-a-Service platform enabling freelancers and SMEs to independently manage their accounting and admin affairs. The funds sourced from the divestment shall be reinvested to further product development and increase revenue generation, in view of a financing round later in the year.
Skills4gigs, focusing on optimizing learning output by minimizing the cost of training, has successfully developed thousands of hours of custom training videos, supporting the largest private and public companies in Greece to scale their Learning & Development operations.
Constantinos Skanavis, Founder & CEO at Wrapp commented: “Skills4gigs helped form and develop the idea of what is Wrapp today: a tool enabling freelancers and small businesses to work efficiently. I am happy to see our company’s vision and legacy being continued by Gaze Capital and Panos Kallitsis as Managing Director, who are committed to growth and quality output at the most competitive price.”
Georgios Zeritis, Founder at Gaze Capital commented: “I am truly happy to announce the completion of our first growth capital investment in a services brand with significant recognition. Within 3 years from its formation, Skills4gigs has been able to secure long-term contracts with renowned companies in Greece, including banks, food & beverage companies, and hotels. Gaze Capital’s aim is to further the brand’s reach and product portfolio through the formation of strategic partnerships with key players in the region.”
Panos Kallitsis, Managing Director at Skills4gigs commented: “The need for continuous learning and development has been eminent for years across sectors. Efficiency is key especially in markets seeing high churn rates such as hospitality or where technical know-how is scarce, such as in industrial or shipping companies. As Managing Director at skills4gigs, I look forward to capitalizing on my video production background to create concise, clear, understandable videos that will enable businesses to grow through their people.”
BAZINAS Law Firm acted as the legal advisor on the transaction.
About Wrapp S.A.
Wrapp is the first accounting platform tailored to freelance professionals & SMEs. Founded by C. Skanavis and M. Siamkas, wrapp is an Athens-based Software-as-a-Service company, offering real-time accounting services and insights, at scale, for all. The company is a member of the country’s startup registry “Elevate Greece” since 2022 and has been awarded NSRF funds.
About Gaze Capital Ltd.
Gaze Capital is a hands-on growth capital investor supporting SMEs to achieve their growth targets. Our model is underpinned by a unique combination of long-term capital, minority or majority investments, and a simplified investment process set out to generate long-run value. We exist to enable business leaders, innovators and value creators to build strong, sustainable businesses. Investing across sectors and applying a founder-first approach, we support high-caliber, growth-stage businesses willing to make the next step in their business life cycle.
About BAZINAS Law Firm
BAZINAS is a boutique law firm primarily acting on mandates from international law firms, investment and hedge funds, multinational corporations, foreign governments and governmental organisations as well as private individuals, requiring legal advice on cross border and Greek law matters.