Hamburg-based “innovation lab” Liquid Labs will add at least two people to the team in the next few months, following the trial release of first product Mavendi this week.
Mavendi aims to provide “transparency on spending”, Liquid Labs co-founder Paul Jozefak said yesterday. Users can set up a Mavendi ID (basically a specialised email address) for all their electronic spending and associated receipts, and scan or photograph the rest.
Additional services to help users track spending and, potentially, optimise saving will be added later, all going well. “It’s a personal finance tool down the road, if we get to where we want to get to, much more than it is an expense management tool,” Jozefak said.
Fast spin cycle
Liquid Labs, reportedly backed by the Otto Group, is the brainchild of Jozefak and Michael Backes, who wanted to combine their venture capital experience with hands-on entrepreneurship. In other words, they back and build their own ideas and the ideas of those who join them.
The Lab is aiming to get three to four companies out per year. Each idea has a ceiling budget of about $250,000 for its early stages though “we’re not religious about that number”, Jozefak said.
Liquid Labs has a clear focus on financial services. “It’s not necessarily a sexy space but we’re of the opinion that there’s a lot of potential for innovation in that area.”
Expect another product release between May and June and some fresh faces over the next two to three months. “We’ve actually hired a bunch of people,” Jozafak said, all of whom are in the process of leaving their current employment.
“But we’ve made, I think in the last four to six weeks, two new hires and we have another two that are basically in the pipeline right now.”
He’s not naming names just yet but we’ll be watching this space.
Read our VentureVillage interview with Paul Jozefak here
Image credit: flickr user 401 (k) 2013