Vxt GD1 portfolio company profile

18.7.2022
Portfolio Company Profile

Vxt Founder Luke Campbell describes himself as ‘problem obsessed’. “When you’re trying to start a business; you need to identify the right problem - and it needs to be a big problem, for a whole lot of people,” he believes. Luke and the team at Vxt have purposefully shied away from falling in love with their own ‘good ideas’ - instead focusing on the pain points their potential customers encounter on a daily basis.

After asking over 100 people: “What is something that you have to do regularly that is really frustrating?” Vxt discovered that within the legal profession, lawyers HATE recording the time they spend on phonecalls; and the admin that those same phonecalls (5-10 daily) create. 

“Throughout history, we’ve seen repetitive tasks progressively automated away. Vxt is leading the transition to a world where admin work is a distant memory!” explains Luke. 

Vxt is a communication platform for professionals who need help automating the (frustrating, time-wasting) administrative tasks associated with high volume phone calls. They use Vxt to make voice and video calls through an app on their PC or phone. Vxt includes call recording, transcription (for interviews, reference calls and customer calls), as well as the ability to extract specific/key data, automate workflows and even (this one is an exciting pipeline feature) auto-populate documents. 

The company’s most recent financing round included early investment from GD1. GD1 has walked a path with Vxt over several months and their commitment to finding the right sized problem to solve; within the right niche, has been impressive. They’ve been through several product pivots, and their resolve throughout has been nothing short of stellar. 

“GD1’s investment in Vxt lends a huge amount of credibility to our startup’s efforts. Besides having one of the largest portfolios and a huge amount of capital under management - they are also extremely hands on. Their support for portfolio companies is second to none - they are hugely generous with their intros and access to their network and the critical operational support they offer is world-class. They also have the capability to invest in follow-on rounds. They're in it for the duration of the journey!”

Key statistics

  • Company stage: Pre-Series A
  • Founded in: 2018
  • Staff count: 8, with an additional 4-5 part-timers and growing
  • Locations: Christchurch and Auckland, New Zealand 
  • Other ‘vitals’: 
  • Annual churn of 3% - extremely low for a SaaS product
  • Growing at an impressive 15% per month 
  • Runner Up in Twilio startup awards 2021

What problem does Vxt solve? 

When it comes to lawyers, for example, these professionals make on average 10 calls a day. After every call (yes, every single call!), they’re required to write notes, ensure compliance (at a minimum) and then bill their clients, costing them an extra circa 5-10 mins in precious time per call. The time spent by lawyers on this administration, although business critical, doesn’t generate revenue and at $300/hour, the lost time creates massive cost inefficiencies. What’s more, any inaccuracies introduce massive financial and regulatory risks. 

Vxt solves these problems by automating the administrative processes required around legal calls with functions including transcription (for interviews, reference calls and customer calls), as well as the ability to extract specific/key data, automate workflows and even (this is an exciting pipeline feature) auto-populate documents. 

Imagine if, post-call, you could provide a customer with a first draft of their documents - such as a Sale and Purchase agreements for a property acquisition - instantly. Now imagine that conversation was appropriately recorded and filed; notes made and billing correctly allocated - all within seconds of putting the phone down. 

The savings? Up to an incredible $50k per lawyer. 

“It’s not impossible to imagine that in the future, Vxt might even help people write drafts or emails or invite customers to meetings on their behalf. We’re leveraging communication data to automate the world’s admin,” explains Luke. 

Why is Vxt such a well-loved product? 

As a company, Vxt has defined their target users very precisely and gone about designing a solution that caters to their very specific problems with relentless focus. As a result, users who fit their ideal profile have quite literally become part of their sales team, actively helping to introduce Vxt to new customers. “We’ve had customers talk to investors on our behalf; and they’re deeply involved in influencing our features roadmap,” says Luke.  

Why did Vxt seek funding?

Vxt has aggressive growth ambitions and its most recent round will be invested in both sales, marketing and product refinement. 

Why is Vxt a great investment for GD1?  

Vxt’s product market fit is on-point and early customer traction is a perfect demonstration of their growth potential within an industry crying out for innovation. 

Vxt is part of the GD1-funded Phase One incubator which aims to produce 10 New Zealand technology ‘unicorns’ by 2026. This incubator addresses significant gaps inherent in more traditional programmes - including access to experienced product and growth operators within the global startup ecosystem; and the cultivation of what Phase One Ventures calls a ‘culture of customer and problem obsession’. 

Read our GD1 Investor notes here.

Vxt contact information

Website: www.vxt.co.nz

LinkedIn: www.linkedin.com/company/vxtapp

Twitter: twitter.com/Vxtapp

Instagram: www.instagram.com/vxtapp

Android and iOS App: apps.apple.com/nz/app/vxt-call-video-voicemail

In the media

When Vxt Founder Luke Campbell is asked to describes his product in simple terms, those terms are: “People fu&*ing hate admin!” - Startup Daily feature July 18th 2022.

Startup Daily 18 July: admin, surveillance & cybersecurity - Aus Biz interview with Simon Thompson, featured between 2:40 - 9:25 minutes

The next big thing for Kiwi startup Vxt - Business Desk feature July 15th 2021.

Awards

Momentum Student Entrepreneur Award of the year - "Described by the judges as ‘an inspirational leader of people and an active entrepreneur on a relentless in his mission." - Luke Campbell

The 2021 KiwiNet Research Commercialisation Awards finalists - Luke Campbell, University of Canterbury: Millions of calls made smarter with Vxt

 


Written bY
GD1 Team

Blogs

Subscribe to
Bigger Ideas.