Less than a year after the sale of Hublo to Five Arrows, Revaia announces its return to the capital of the French publisher of HR solutions for health via a reinvestment vehicle of forty million euros. An unusual operation in the European tech ecosystem.
A shareholder relationship built over time
The story between Revaia and Hublo begins in July 2021, at the time, Hublo was already establishing itself as a structuring player in the digitalization of human resources management in the health sector. Revaia then takes a significant stake and supports the company in a development phase marked by three priority projects: the expansion of the product offering towards a unified workforce and talent management platform, the strengthening of the go-to-market strategy with public and private players, and a logic of sectoral consolidation, materialized by several acquisitions integrated during the period.
This trajectory allows Hublo to cross several structuring thresholds: a quadrupling of ARR, an increase in organizational power and the achievement of operational break-even ahead of schedule. In July 2025, Five Arrows, the private equity arm of Rothschild & Co, finalizes its entry into the capital following a competitive process. The operation then constitutes the first exit from the Revaia Growth I fund.
A device that is still marginal in Europe
Revaia’s return is based on a dedicated vehicle of forty million euros, allowing its historical investors, but also new entrants, to re-expose themselves to Hublo alongside the new majority shareholder and the management team.
This type of mechanism, widely used in the United States, is still uncommon in Europe. It is based on the idea of extending the economic holding period beyond the initial cycle of the fund, in order to capture value creation that is still considered incomplete. In practice, Revaia separates the time of the fund from that of the company.
Why Revaia chooses to remain exposed
Hublo is entering into a logic of industrial structuring on a European scale. Value is no longer played solely on organic growth, but on the ability to consolidate a fragmented market, strengthen institutional anchoring and further broaden the functional scope of the platform.
For Revaia, completely exiting capital would have meant abandoning this second phase of value creation to a new player. Antoine Loron, co-founder and co-CEO of Hublo, underlines the continuity of this relationship:
“Reveia’s renewed commitment is part of the continuity of a long-term partnership based on trust and alignment. Their decision to reinvest alongside our new majority shareholder demonstrates their conviction in our trajectory and reinforces the stability of our shareholder base for the next stage of our development. »
A signal sent to the capital market
Beyond the Hublo case, the operation illustrates a progressive shift in European growth capital, which seeks to equip itself with tools to support strategic assets over several value cycles, without being limited to a logic of rapid exit.
Thus Revaia affirms its ability to generate recognized outputs, but also its desire to remain committed when industrial dynamics justify it. For LPs, the vehicle opens access to an already proven asset, in a risk configuration different from that of the first rounds. For entrepreneurs, it outlines an alternative to the traditional divide between venture capital and private equity.
Hublo, a platform at the heart of tensions in the health system
Born from the merger of Whoog and MedGo at the height of the health crisis, Hublo has established itself as the European platform of reference to respond to the structural shortage of healthcare personnel. Its solution centralizes the management of staffing needs from recruitment to planning, including internal mobility and communication for hospitals, clinics, EHPADs and other care establishments.
In 2025, the platform will be used by more than twenty-two thousand managers in more than five thousand establishments, for the benefit of around one million healthcare professionals. In the background, Hublo pursues the ambition of becoming the reference software infrastructure for talent and human resources management in healthcare on a European scale.
