Bimp shares its traction during the war in Ukraine. Plans to earn $2M in revenue by the end of 2023
The Ukrainian IT startup Bimp, which launched an ERP system three months before the full-scale war, shared its project results and indicators with AIN.Capital over the past year and a half and how the company is developing during the war.
About Bimp
Bimp is a comprehensive ERP system that covers management accounting processes: production, inventory, finances, interaction with counterparties, and sales funnel.
The project was launched at the end of 2022, and for most of the first year of the war, it provided free access to entrepreneurs. Today, using the system costs $29/month per user.
The basic configuration is ready, and the system is already being used by more than 200 companies, including Headway and BMF Ukraine. Customization is also being done for two large businesses (invoices starting from $100K for individual modifications and implementation).
Primary clients include B2B trade and retail, manufacturing, HoReCa, construction, and service businesses. The Bimp team consists of 30+ employees.
Development timeline with a focus on IT
Currently, the Bimp team focuses on customizing the product for medium and large businesses, as well as comprehensive improvements.
By the end of 2023, party accounting, logistics module, expanded exchange rate calculation, and the ability to decipher local accounting analytics using AI are priorities.
The product is already integrated with many IT systems, including Monobank, Nova Poshta, Rozetka, Poster, Checkbox, Opendatabot, and more. In the coming six months, there are plans for extensive collaboration between Bimp and Privat24 for businesses.
Bimp’s competitors in the Ukrainian ERP Market, battling with 1C
The main competitor to Ukrainian ERP, primarily, is the russian software 1C, which is still used in Ukraine (according to Bimp’s internal research, by over 50% of trade and manufacturing businesses).
The main reason for the slow migration from 1C is its locality. Russian software was installed directly on enterprise computers many years ago, and Ukrainian businesses, having customized the system and paid for a license once, have become accustomed to it.
In addition to 1C, the Bimp team considers German SAP (which is actively being implemented in Ukrainian government structures), Belgian Odoo, American Oracle, and Microsoft Dynamics 365 as competitors.
Advantages of Ukrainian Bimp over Western ERPs include:
- The ability for phased engagement of functionality
- Customization to individual needs, based on the basic configuration
- Integration with Ukrainian systems, services, and banks
Bimp Results over the last 1.5 years
The Bimp team shared the startup’s traction and forecasts with us, judging from the growth, for the next 5 years — the number of subscribers, ARR, LTV, and CAC:
By the end of 2023, Bimp plans to connect 1000 businesses to the ERP, thereby increasing annual revenue to $2 million. Currently, the team is considering offers from venture funds and business angels.