Hexa, Startup Studios, and the End of the VC-Only Growth Dilemma: An Insightful Perspective

In the world of startups, growth models have historically followed two well-trodden paths: Venture Capital (VC) and Private Equity (PE). While these options have propelled companies to new heights, they have also created constraints that trap many businesses in a linear growth trajectory, struggling to reach their full potential. Enter Hexa, the innovative startup studio platform that redefines growth strategies and transforms the conventional VC trajectory into an exponential success story.

From its roots as eFounders, Hexa has pioneered the “startup studio” model, producing over 30 successful startups in SaaS, fintech, and Web3 verticals, valued at over $5 billion collectively. With the launch of Hexa Scale and its vertical-specific studios, Hexa now positions itself as a late-stage co-founder, offering a groundbreaking third option for startups seeking exponential growth.

This article delves into Hexa's evolution, its challenges, successes, and its role in reshaping how startups scale.

The Birth of Startup Studios: A Historical Perspective

The concept of startup studios emerged as an alternative to traditional incubators and accelerators. Unlike these models, a startup studio focuses on building companies internally from the ground up, matching co-founders with business ideas and offering tools, talent, and resources to bring concepts to life.

Hexa (formerly eFounders) was among the pioneers of this model when it launched over a decade ago. Founded by Thibaud Elzière, Quentin Nickmans, and Amaury Sepulchre, eFounders initially focused on SaaS-based startups, laying the foundation for future unicorns like:

Startup	Focus Area	Notable Achievement
Front	Customer Communication	Achieved unicorn status with $1 billion valuation
Aircall	Cloud-Based Telephony	Raised significant rounds; valued at $500M+
Spendesk	Expense Management	Scaled to serve thousands of businesses globally

By 2022, eFounders rebranded as Hexa and transformed into a platform for vertical-specific startup studios. This evolution marked a strategic shift towards scalability and specialization.

Hexa Scale: Challenging the 'Dead-End VC Trajectory'

The VC Model’s Limitations

For decades, startups have relied heavily on venture capital to scale. However, this model comes with challenges:

• Hypergrowth Pressure: VCs expect rapid, unsustainable growth, often forcing startups into risky decisions.

• Narrow Support Options: Startups that fail to maintain hypergrowth face financing constraints, leading to fire sales or stagnation.

  
  

Quentin Nickmans, co-founder of Hexa, explains:

“To stay on the VC track, you need continuous hypergrowth, while settling for linear growth means relying on slow, self-financing alternatives.”

Hexa’s Third Path: Late-Stage Co-Founder

Hexa Scale introduces a hands-on growth approach as an alternative to VC and PE models. Acting as a late-stage co-founder, Hexa Scale works closely with startups to refine:

1. Strategies

2. Marketing

3. Product Development

4. Talent Acquisition

5. Operations

6. Financing

By transforming the linear growth path into an exponential trajectory, Hexa Scale aims to unlock the true potential of startups.

Case Study: Yousign’s Exponential Growth

A compelling example of Hexa Scale’s impact is Yousign, an eFounders project founded in 2013. Initially raising just €3.5 million by 2018, Yousign experienced linear growth until Hexa intervened.

Timeline	Milestone
Jan 2018	Raised €3.5M, limited growth
Jun 2021	Secured €30M Series A funding, challenging DocuSign
Jan 2022	Acquired Canyon, expanding into document automation

Luc Pallavidino, Yousign’s founder, reflects on Hexa’s role:

“Joining Hexa truly felt like a fresh start. Hexa equipped us with the tools and methodologies to propel Yousign forward and establish it as a major European contender.”

This success story exemplifies Hexa Scale’s ability to catalyze exponential growth in startups previously stuck in the “dead-end VC trajectory.”

Building a Studio for Startup Studios

Hexa’s Expansion into Vertical Studios

With its proven playbook, Hexa has expanded beyond SaaS to launch vertical-specific studios in high-growth sectors, including:

1. Fintech: Through Logic Founders, Hexa focuses on reshaping financial services.

2. Web3: With 3founders, the studio tackles blockchain-based innovation.

3. Climate Tech: Emerging as a vital sector for sustainable solutions.

Hexa plans to introduce studios in AI, health tech, edtech, and proptech, further strengthening its portfolio and diversifying its impact.

The Playbook: How Hexa Studios Operate

Hexa’s success stems from a systematic approach to launching startups:

1. Recruiting Entrepreneurs: Matching talented co-founders with startup ideas.

2. Building the Product: Developing the initial product in collaboration with the studio team.

3. Assembling Teams: Hiring core teams of 8-10 people to kickstart operations.

4. Acquiring First Customers: Ensuring product-market fit through strategic customer acquisition.

5. Scaling Independently: After 12-18 months, startups raise external funding and achieve operational independence.

   
   

Roundtable: Empowering Founders Through Community Funding

One notable project born from Hexa’s studios is Roundtable, a fintech platform that enables founders to raise funds from their business angel communities.

Unlike traditional equity crowdfunding, Roundtable focuses on:

• Targeted Angel Networks: Connecting founders with relevant, value-adding investors.

• Simplified Fundraising: Streamlined processes for early-stage funding rounds.

Angel-X to Roundtable: The Journey

The platform’s roots trace back to Angel-X, an earlier iteration that identified gaps in angel investing. Roundtable builds on this foundation, offering startups an innovative way to secure funding while fostering strong investor relationships.

Challenges and the Road Ahead

While Hexa’s model has proven successful, scaling startup studios poses unique challenges:

1. Sector-Specific Expertise: Building teams with deep domain knowledge for each vertical.

2. Global Expansion: Extending the studio model to international markets.

3. Funding the Studios: Attracting investors to support the platform’s ambitious plans.

   
   

Nevertheless, Hexa’s achievements—over $700 million in funding raised and multiple unicorns—underscore its potential to redefine startup growth globally.

Conclusion: A New Era for Startups

Hexa’s evolution from eFounders to a platform for startup studios marks a pivotal shift in the entrepreneurial landscape. By addressing the shortcomings of the traditional VC model, Hexa Scale offers startups a transformative path to exponential growth.

Through its hands-on approach, vertical-specific studios, and innovative projects like Roundtable, Hexa empowers founders to build scalable, sustainable businesses.

Stay connected with Dr. Shahid Masood and the expert team at 1950.ai for cutting-edge opinions and updates.