Tag Archives: Information technology

Record-breaking fundraising of €486 million for Qonto, to further accelerate European growth and become the finance solution for 1 million SMEs and freelancers by 2025

KKR

January 11, 2022

Paris, January 11 2022 – Qonto, the leading European business finance solution, announced today it has raised €486 million in Series D funding, bringing Qonto’s valuation to €4.4 billion. With this fundraising – one of the largest ever in French history – Qonto sets a new record valuation for a French scale-up. This latest round is jointly led by new investors Tiger Global and TCV, in addition to eight other new contributors: Alkeon, Eurazeo, KKR, Insight Partners, Exor Seeds, Guillaume Pousaz, Gaingels and Ashley Flucas. They will join current investors Valar, Alven, DST Global and Tencent who are all renewing their support by participating in this new funding round.
Since its launch in France in 2017, Qonto has been committed to building the first all-in-one finance solution for SMEs and freelancers. Qonto simplifies everything from everyday banking and financing to bookkeeping and spend management, allowing its customers to focus on what truly matters. The company currently has more than 220,000 clients across four markets (France, Germany, Italy, and Spain). With this new funding round, Qonto’s ambition is to become the finance solution of choice for 1 million European SMEs and freelancers by 2025.
To support its high-level goals, Qonto will:
● Continue expanding its product offer through in-house development, new strategic partnerships and potential acquisitions to ensure it offers its clients the best product available on the market;
● Further grow its market penetration across Germany, Italy and Spain and new markets. In 2021, the company opened local offices in Barcelona, Berlin and Milan to fully tailor its offer to each market and lay down roots in those local ecosystems to foster closer partnership. Qonto is expanding particularly rapidly across these markets: the company has quadrupled its revenue over the past two years. Qonto will further accelerate its strong momentum across Europe by investing over €100 million in each market (Germany, Italy and Spain) over the next two years. Qonto also plans to reinforce its European leadership by launching in new markets by 2023. In 2025, it is expected that 75% of new clients will come from outside France.
● Recruit new talent and quadruple its team to more than 2,000 by 2025, 50% of new hires to be based outside of France. In part, this will be achieved thanks to the creation of a new Customer Support Operations Hub, to be based in Barcelona and designed to maintain its outstanding customer support while further scaling. To reinforce its international recruitment strategy and meet the expectations of an increasingly agile and mobile talent pool, the company will also launch a European “Qonto Campus” program to enable international mobility between the local offices.
Alexandre Prot, co-founder and CEO of Qonto: “Since our launch in 2017, we’ve constantly strived to create the finance solution that energizes SMEs and freelancers, empowering them to achieve more. This new Series D funding round is an amazing opportunity for us to accelerate our hyper-growth trajectory by investing in our product, our customer service and our power to attract new talents. This funding round reveals the incredible dynamism of the French and European Tech ecosystem. We count on policymakers
to continue their efforts to ensure entrepreneurship can succeed, leading to European and global champions that deliver innovation. This is only the beginning of our journey to best serve SMEs and freelancers and we couldn’t be more excited about what the future holds for us and our ambitions. The Qonto team is honored to welcome the most prestigious international investors to support our mission to become the leading business finance solution.”
John Curtius, Partner at Tiger Global: “Qonto has revolutionized business finance for SMEs and freelancers by marrying simplicity with a unique all-in-one service. The company has seen a significant increase in clients across its European markets during the coronavirus pandemic. This also shows that customers’ needs are evolving during these unprecedented times. We have tracked Qonto’s incredible growth for some time and are delighted to partner with the entire Qonto team and support their mission to serve a rapidly growing European market.”
“We at TCV love to back visionary founders and could not be more excited to partner with Alexander, Steve and the rest of the Qonto team, said John Doran, General Partner at TCV. “We look forward to supporting them as they continue to bring best-in-class banking and finance solutions to millions of SMEs and freelancers across Europe.”

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P97 Secures $40 Million of Venture Debt Financing from an Affiliate of Peak Rock Capital

Peak Rock Capital

HOUSTON, Jan. 06, 2022 (GLOBE NEWSWIRE) — P97 Networks, the leading mobile commerce platform provider to the convenience retail, fuels marketing, and automotive industries, today announced that it has secured $40 million of venture debt financing from an affiliate of Peak Rock Capital, a leading middle-market private investment firm. This new credit facility was designed to support several key growth initiatives at P97.

“We will use this new capital to fund P97’s high growth initiatives, which include accelerating user adoption across our Consumer Engagement platform, Energy Transition programs for our clients, and our Mobility Services platform,” said Donald Frieden, President and Chief Executive Officer of P97. “Over the past 18 months we have more than doubled the number of retail sites on our Mobility Services platform, which now includes four of the five largest energy brands in the world, and over 60,000 convenience retail sites in the US and Canada. With this new capital, we will continue to grow our install base and strategic partnerships. We look forward to working with Peak Rock to bring our company to its next stage of growth and further establish our position as the leading provider of mobile commerce technology in the convenience & fuel retailing industry.”

P97’s Mobility Services platform was developed to support the Connected Economy and address the challenges of a changing mobility landscape by seamlessly powering a vast collection of interoperable ecosystems with payments as a core competency. Beyond commerce, the platform serves as an engagement engine, where payments are tokenized for security and then tailored to experiences that meet consumers’ needs in unique and personalized ways.

“P97 has become the industry standard in the convenience retail and fuel marketing industry, and we are very pleased to help the company reach its next level of scale and growth,” said Nick Basso, Managing Director at Peak Rock Capital. “We are excited by the compelling opportunities ahead for P97 as the market for mobile payment solutions continues to expand and gain broad adoption by consumers.”

About P97 Networks

P97 Networks provides a global, cloud based, mobility services platform that enables connected commerce, digital marketing, and consumer engagement for convenience retail, utilities, energy companies, and auto OEMs to align strategies, so they can attract, engage, and retain customers by securely connecting millions of consumers and connected cars using P97 identity, geolocation-based services, secure payments, and loyalty aggregation platform to create new and unique mobile consumer experiences. For more information, visit www.p97.com.

About Peak Rock Capital

Peak Rock Capital is a leading middle-market private investment firm that makes equity and debt investments in companies in North America and Europe. Peak Rock’s equity investment platform focuses on opportunities where it can support senior management to drive rapid growth and performance improvement, with expertise in corporate carve-outs and partnering with families and founders seeking first-time institutional capital. Peak Rock’s credit platform invests across capital structures, with a broad mandate to provide flexible, tailored capital solutions to middle-market and growth-oriented businesses. Peak Rock’s real estate platform makes equity and debt investments in small to mid-sized real estate assets in attractive, growing geographies. For further information about Peak Rock Capital, please visit www.peakrockcapital.com.

Contact:
Aaron Mireles
P97 Networks, Inc.
281-954-1706
Aaron.Mireles@p97.com

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Fractal announces US$ 360 million investment from TPG

TPG Capital

TPG, a leading global alternative asset firm, and Fractal (fractal.ai), a global provider of artificial intelligence and advanced analytics solutions to Fortune 500® companies, today announced that they have signed a definitive investment agreement. TPG is investing US$ 360 million (about INR 2700 crores) in Fractal through TPG Capital Asia, the firm’s Asia-focused private equity platform, in a transaction that includes a combination of primary investment and secondary share purchase from Funds advised by Apax, who will remain a major shareholder following the transaction. The transaction is expected to close by the first quarter of 2022. Additional terms were not disclosed.

“We continue to see great momentum in how clients are leveraging AI to accelerate digital transformation. Fractal is building a great workplace and an innovative culture that’s driving significant client outcomes through our ‘user focused, decision-backwards’ approach to solving problems,” said Srikanth Velamakanni, Co-founder & Group CEO, Fractal. “TPG’s capabilities across all our markets and their proven success in building and supporting top AI providers is the perfect complement to the partnership we’ve enjoyed with Apax, whose insight and expertise have been instrumental in accelerating our growth.”

Pranay Agrawal, Co-founder & CEO, Fractal, said: “The demand for AI is surging across the enterprise. Our AI solutions and products, along with our globally recognized team of experts, empower these organizations to realize and maximize their full potential. Apax has been a great partner to us as we have worked to grow our business, providing valuable insights from their tech experience, operational leadership, and access to their unique network. As we continue to build upon this foundation, the investment from TPG will accelerate our ability to scale and meet this rising demand globally.”

“In the growing market for data and analytics services, Fractal continues to stand out as one of the most well-established, differentiated providers and a clear leader in AI and advanced analytics,” said Puneet Bhatia, Co-Managing Partner of TPG Capital Asia. “The quality of Fractal’s offering has enabled them to build a deep and loyal client -base, made up of some of the world’s largest and most respected companies. Srikanth and Pranay have built a highly respected and market leading company, and we are excited to partner with this proven management team to continue to enhance Fractal’s organic and strategic growth.”

Rohan Haldea, Partner at Apax and Shashank Singh, Partner at Apax, commented: “Since partnering with Fractal, we have been able to combine the Company’s strong value proposition and unique culture with Apax’s deep tech expertise to drive the business forward. We are proud of the progress the Company has made to date alongside Srikanth and Pranay, establishing Fractal as one of the leading players in the rapidly-evolving analytics and AI space, and look forward to partnering with TPG and Fractal in this next chapter for the business.”

Fractal is one of the most prominent players in the Artificial Intelligence space. Fractal’s mission is to power every human decision in the enterprise and brings AI, engineering, and design to help the world’s most admired Fortune 500® companies. Fractal has more than 3,500 employees across 16 global locations, including the United States, UK, Ukraine, India, Singapore, and Australia.

As part of the transaction, TPG’s Puneet Bhatia and Vivek Mohan will join Fractal’s board of directors. All current directors including Gavin Patterson, Rohan Haldea, Shashank Singh, and Gulu Mirchandani will continue to serve on the company’s board. Both TPG and APAX will be minority shareholders in the company.

TPG is a leading investor in software and enterprise technology with extensive experience partnering with the world’s top AI solutions, business analytics, and data processing companies. Select current and past investments include C3 AI, Digital.ai, LLamasoft, MX, Noodle Analytics, and Onfido.

GLOBAL MEDIA CONTACT

Katarina Sallerfors

t: +44 20 7872 6300

Luke Charalambous

t: +44 20 7872 6300

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Formstack Announces $425 Million Growth Investment from PSG and Silversmith Capital Partners

New investment will further accelerate Formstack’s mission to help organizations automate manual processes, deliver solutions quicker, and go from idea to workflow in minutes – all with clicks, not code

Formstack, a workplace productivity platform that empowers anyone to digitize what matters, automate workflows, and fix processes—all without code—today announced it has secured a $425 million growth investment led by Silversmith Capital Partners and returning investor PSG. The investment comes on the heels of Formstack seeing rapid global adoption of its no-code workplace productivity platform by thousands of customers.

Launched in 2006, Formstack empowers anyone to quickly and easily build custom forms, create documents, and collect eSignatures—all without code. More than 238,000 users across more than 25,000 organizations worldwide—including Cleveland Clinic, NHL, Netflix, Twitter, and Butler University—have turned to Formstack to digitize and automate everything from simple tasks to complex enterprise processes. Whether it’s improving the patient intake or loan origination process or automating sales and marketing workflows, customers report saving an average of 17 work hours per week using Formstack—ultimately creating massive efficiencies and impacting the customer experience.

“We’ve spent the past 15 years helping organizations accelerate work and unlock more of their workforces with no-code productivity solutions, but never has the need for our platform been more apparent,” said Chris Byers, CEO of Formstack. “Customers across nearly all industries are using Formstack to build for their immediate needs—digitizing and automating business processes—and also scaling with Formstack to help meet their larger, multi-year digital transformation needs. The momentum we’re seeing continues to validate our belief that the key to digital transformation success is all about empowering non-technical employees with no-code workflow automation solutions.”

The latest funding was led by PSG, a leading growth equity firm partnering with middle-market software and technology-enabled services companies, and new investor Silversmith Capital Partners, a Boston-based growth equity firm. Silversmith has a successful track record investing in workflow automation platforms, having served as an early investor in website builder Webflow in 2018 and as the first institutional investor in PDFTron, the market-leading provider of high-performance document processing technology.

Since PSG’s initial investment in 2018, Formstack has more than tripled its revenue, completed four acquisitions, made significant R&D investments, and profitably scaled to more than 250 global employees. Building on its more than 250 integrations with applications such as Microsoft, Google, HubSpot, Dropbox, Stripe, PayPal, and Zapier, Formstack also significantly expanded its Salesforce offerings to become a complete online forms, document generation, and digital signature suite, native to Salesforce. This latest investment will continue to accelerate Formstack’s growth in key business areas, including go-to-market, product development, and expansion of its remote-first team.

“The number of businesses looking to streamline and digitize business processes today is accelerating, yet a key pain point for companies is not having the technical resources to implement and maintain a solution,” said Jim Quagliaroli, Managing Partner at Silversmith. “Formstack’s no-code workflow automation solution was built to address this problem by enabling non-technical employees who understand a business use case, but don’t have the technical skills to implement a solution, to become ‘citizen-developers.’ We are thrilled to partner with Chris, his team, and our friends at PSG as the company continues to rapidly scale.”

“We believe Formstack is at the forefront of innovation in the workplace productivity space. Their talented team continues to deliver solutions to help organizations across industries operate more effectively and efficiently,” said Tom Reardon, Managing Director at PSG. “It’s been a pleasure to witness the significant growth they’ve achieved in the past several years, and we’re excited to continue to serve as a partner and work alongside Silversmith to support their expansion.”

As part of the transaction, Jim Quagliaroli and Andrew Heim, Senior Associate at PSG, will join Tom Reardon on Formstack’s Board of Directors. Kirkland & Ellis served as legal counsel to Silversmith Capital Partners; Weil, Gotshal & Manges LLP as legal counsel for PSG and Formstack; and Aeris Partners LLC as the exclusive financial advisor to PSG and Formstack.

To read more about the news and what it means for Formstack and its community, read this blog post from Formstack CEO Chris Byers. To learn more about Formstack’s open positions or to apply, visit www.formstack.com/careers.

About Formstack

Formstack is a secure workplace productivity platform built to produce ingenious solutions to the everyday work that slows organizations down. From eliminating paper forms to breaking digital silos, Formstack empowers anyone to quickly and easily build custom forms, create documents, and collect eSignatures—all without code. Launched in 2006, Formstack is trusted by over 25,000 organizations worldwide—including Cleveland Clinic, NHL, Netflix, Twitter, and Butler University—to digitize what matters, automate workflows, and fix processes. To learn more, visit www.formstack.com.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, Impact, Iodine Software, LifeStance Health, Panalgo, Unily, Upperline Health, Validity, and Webflow. The partners have served on the boards of numerous successful growth companies, including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmith.com.

About PSG

PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities, and build strong teams. Having backed more than 85 companies and facilitated over 325 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, and London. To learn more about PSG, visit www.psgequity.com.

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Unily to supercharge digital employee experience with significant growth investment from CVC Growth Funds

CVC Capital Partners

Unily (the “Company”), a world-leading employee experience platform provider, today announces it has attracted a significant growth investment from CVC Growth Funds (“CVC Growth”), the high-growth, technology-focused strategy of one of the leading global private equity firms, CVC Capital Partners (“CVC”), with significant participation from management and existing investors Silversmith Capital Partners (“Silversmith”) and Farview Equity Partners (“Farview”).

Post-investment, CVC Growth will hold a majority stake in the Company and will work with the existing investors to support the incumbent management team on their growth strategy. The partnership with CVC Growth will further strengthen Unily’s position as a world-leading employee experience platform, accelerate product development, expand its footprint with existing customers, and scale its go-to-market organisation to continue acquiring new customers. CVC Growth’s investment comes two years after the initial investment from Silversmith and Farview.

Founded in 2005, Unily is the creator of an award-winning employee experience platform used by enterprises to improve communication, collaboration, and productivity amongst their employees. Unily’s sophisticated cloud-native SaaS platform offers customers scalability, a rich feature set and deep integrations with other mission-critical enterprise systems. The Company employs 250 people globally across North America, Europe, and Asia. In 2021, Unily became the first platform to receive four Nielsen Norman Group Best Intranet awards in a single year.

Unily continues to experience rapid growth across its global customer base driven by enterprises seeking out best-in-class software to replace old legacy custom-built platforms. Today, more than 300 enterprises and roughly 3.5 million of their employees rely on Unily’s employee experience platform. The Company’s portfolio of Fortune 500 clients spans a large range of industries and includes high-profile brands.

Unily recently announced the launch of a ground-breaking new engagement automation module at its annual employee experience conference Unite 21 in front of a global audience which included 75% of the Fortune 100. Engagement automation brings marketing automation features to enterprise internal communications, utilising the latest advancements in AI technology to support the delivery of hyper-personalised workplace experiences.

Will Saville, Co-Founder and CEO of Unily, said: “CVC is one of the largest and most well recognised private equity firms in the world. Seeing their passion for our category and desire to back a leader in the employee experience space made the decision to partner with them extremely easy. My team and I are incredibly excited for the next stage of our journey together.”

Sebastian Künne, Managing Director at CVC Growth, commented: “Engaging employees in their increasingly hybrid and digital workplaces has never been more important than it is today. We see this as a trend that is only going in one direction, with more and more businesses and leaders looking to improve employee communication, collaboration and productivity in a rapidly changing digital world. We have followed Unily for several years as part of our long-standing efforts in human capital management software and look forward to working closely with Will and his team, as well as Silversmith and Farview, to unlock the business’ full potential.”

Going forward, Unily will continue to be a privately-held, independent company, led by its existing leadership team and with ongoing dedication to delivering superior services to its customers. The transaction is expected to close in Q1 2022.

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Unily to Supercharge Digital Employee Experience With Significant Growth Investment From CVC Growth Funds

Unily (or the “Company”), a world-leading employee experience platform provider, today announces it has attracted a significant growth investment from CVC Growth Funds (“CVC Growth”), the high-growth, technology-focused strategy of one of the leading global private equity firms, CVC Capital Partners (“CVC”), with significant participation from management and existing investors Silversmith Capital Partners (“Silversmith”) and Farview Equity Partners (“Farview”).

Post-investment, CVC Growth will hold a majority stake in the Company and will work with the existing investors to support the incumbent management team on their growth strategy. The partnership with CVC Growth will further strengthen Unily’s position as a world-leading employee experience platform, accelerate product development, expand its footprint with existing customers, and scale its go-to-market organization to continue acquiring new customers. CVC Growth’s investment comes two years after the initial investment from Silversmith and Farview.

Founded in 2005, Unily is the creator of an award-winning employee experience platform used by enterprises to improve communication, collaboration, and productivity amongst their employees. Unily’s sophisticated cloud-native SaaS platform offers customers scalability, a rich feature set and deep integrations with other mission-critical enterprise systems. The Company employs 250 people globally across North America, Europe, and Asia. In 2021, Unily became the first platform to receive four Nielsen Norman Group Best Intranet awards in a single year.

Unily continues to experience rapid growth across its global customer base driven by enterprises seeking out best-in-class software to replace old legacy custom-built platforms. Today, more than 300 enterprises and roughly 3.5 million of their employees rely on Unily’s employee experience platform. The Company’s portfolio of Fortune 500 clients spans a large range of industries and includes high-profile brands.

Unily recently announced the launch of a ground-breaking new engagement automation module at its annual employee experience conference Unite 21 in front of a global audience which included 75% of the Fortune 100. Engagement automation brings marketing automation features to enterprise internal communications, utilizing the latest advancements in AI technology to support the delivery of hyper-personalized workplace experiences.

Will Saville, Co-Founder and CEO of Unily, said: “CVC is one of the largest and most well recognized private equity firms in the world. Seeing their passion for our category and desire to back a leader in the employee experience space made the decision to partner with them extremely easy. My team and I are incredibly excited for the next stage of our journey together.”

Sebastian Künne, Managing Director at CVC Growth, commented: “Engaging employees in their increasingly hybrid and digital workplaces has never been more important than it is today. We see this as a trend that is only going in one direction, with more and more businesses and leaders looking to improve employee communication, collaboration and productivity in a rapidly changing digital world. We have followed Unily for several years as part of our long-standing efforts in human capital management software and look forward to working closely with Will and his team, as well as Silversmith and Farview, to unlock the business’s full potential.”

Going forward, Unily will continue to be a privately-held, independent company, led by its existing leadership team and with ongoing dedication to delivering superior services to its customers.

The transaction is expected to close in Q1 2022. For product demos, images, videos, or to speak with a Unily spokesperson, please email: marketing@unily.com.

Arma Partners served as financial advisors and Skadden, Arps, Slate, Meagher & Flom served as legal advisors to Unily’s management and institutional shareholders. Shea & Company served as financial advisors and White & Case served as legal advisors to CVC Growth. Sixth Street provided debt financing to support the transaction.

About Unily

Founded in 2005, Unily is the creator of an award-winning employee experience platform used by enterprises to improve communication, collaboration, and productivity amongst their employees. Unily’s sophisticated cloud-native SaaS platform offers customers scalability, a rich feature set and deep integrations with other mission-critical enterprise systems. The Company employs 250 people globally across North America, Europe, and Asia. Its portfolio of Fortune 500 clients spans a large range of industries and includes high-profile brands. In 2021, Unily became the first platform to receive four Nielsen Norman Group Best Intranet awards in a single year. For further information about Unily please visit: www.unily.com. Follow Unily on LinkedIn here.

About CVC Capital Partners

CVC is a leading private equity and investment advisory firm with a network of 25 offices throughout Europe, Asia and the US, with approximately US$125 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of US$165 billion from some of the world’s leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in more than 100 companies worldwide, which have combined annual sales of over US$100 billion and employ more than 450,000 people. For further information about CVC please visit: www.cvc.com. Follow CVC on LinkedIn here.

About CVC Growth Partners

Launched in 2014, CVC Growth Partners is the growth-oriented middle-market technology investment arm of CVC Capital Partners. CVC Growth Partners primarily targets equity investments between $50 million and $250 million in North America and Europe and manages over US$2.5 billion in assets across two dedicated funds. For further information about CVC Growth Partners please visit: www.cvc.com/growth.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, impact.com, Iodine Software, LifeStance Health, Panalgo, Unily, Upperline Health, Validity, and Webflow. The partners have served on the boards of numerous successful growth companies including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmith.com.

About Farview Equity Partners

Farview Equity Partners specialises in investing in growth-oriented enterprise technology companies in Europe. Founded in 2019, Farview’s mission is to empower European enterprise and financial technology companies to grow beyond their current horizons. Farview invests exclusively in SaaS; technology-enabled information and business services; and financial technology companies. The firm makes both minority and control investments that range from €15 to €50 million. In addition to capital, Farview delivers the entire firm to every portfolio company, leveraging its deep network, extensive resources and pattern recognition of past successes to help drive differentiated outcomes. For more information, visit: www.farviewequity.com.

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Anchorage Digital Raises $350 Million in Series D Funding Round, Led by KKR

KKR

New round values premier digital asset platform at over $3 billion

SAN FRANCISCO, Dec. 15, 2021 /PRNewswire/ — Anchorage Digital (“Anchorage” or the “Company”), the premier digital asset platform for institutions, today announced it has closed a $350 million Series D funding round led by global investment firm KKR. Participants include Goldman Sachs, Alameda Research, Andreessen Horowitz, Apollo credit funds, funds and accounts managed by BlackRock, Blockchain Capital, Delta Blockchain Fund, Elad Gil, GIC, GoldenTree Asset Management, Innovius Capital, Kraken, Lux Capital, PayPal Ventures, Senator Investment Group, Standard Investments, Thoma Bravo, and Wellington Management. This funding round values Anchorage at over $3 billion.

“As more and more institutions look to add crypto services into their offerings, we find ourselves at an inflection point,” said Diogo Mónica, President and Co-Founder of Anchorage Digital, “This funding positions Anchorage Digital to meet the unprecedented institutional demand for this rapidly evolving market. We’re grateful that KKR and this wider group of investors shares our vision to expand regulated institutional access to digital assets.”

The first crypto-native company to receive a banking charter from the Office of the Comptroller (OCC) in January 2021, Anchorage is making it safe and accessible for institutions to participate in the rapidly evolving digital asset space. Anchorage began as a custodian and has built a robust suite of additional services such as secure trading, financing, staking, and governance.

Anchorage Digital plans to use this latest funding to enhance its infrastructure solutions, specifically for global financial firms and fintech innovators. It will also invest to accelerate and simplify clients’ engagement with the latest in crypto innovation and increase the size of its team to continue to expand product offerings and grow its client base.

KKR is investing in Anchorage through its Next Generation Technology Growth Fund II, a fund dedicated to growth equity investment opportunities in the technology space. This will be the firm’s first direct equity investment in a digital asset company.

“As a pioneer in enabling institutional investors to access digital assets, Anchorage has built a best in class, institutional grade digital asset platform that combines the best practices of both modern security and usability,” said Ben Pederson, Senior Leader on KKR’s Technology Growth Equity team. “We are thrilled to lead this Series D round and work with Diogo, Nathan and their talented team as they continue to support the institutional adoption of digital assets through their differentiated, regulated and integrated suite of solutions.”

“We are certain Anchorage will be a crucial part of the digital asset infrastructure and we are excited to be an investor,” said Oli Harris, Head of North America Digital Assets at Goldman Sachs.

Anchorage’s Series D funding follows a dynamic year of growth. Significant milestones include:

  • Receiving a federal banking charter from the OCC
  • Announcing an $80 million Series C round that was led by GIC and included Andreessen Horowitz, Blockchain Capital, Lux Capital, and Indico
  • Facilitating Visa’s purchase of one of the most popular series of NFTs, Cryptopunk #7610
  • Growing headcount by 175% to date in 2021
  • Business growth in excess of 800% for each of the past two years.

About Anchorage Digital

Anchorage Digital is the most advanced digital asset platform for investors. From custody and trading to staking, governance, and financing, Anchorage offers a full range of crypto-native financial solutions that are compliant, built to adapt to emerging blockchain use cases, and made to evolve alongside the needs of digital asset investors. Today, Anchorage serves many of the largest institutional investors and enterprise brands in the digital asset space.

Anchorage Digital Bank makes it simple and secure for institutions to gain exposure to digital assets as the first federally chartered digital asset bank. With secure custody at its core, Anchorage is the premier partner for institutions and corporations. Anchorage offers financial solutions for today and tomorrow. To learn more, please visit anchorage.com and on Twitter @Anchorage.

About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media Contacts:

Anchorage:
Lexi Wangler
anchorage@dittopr.co

KKR:

Julia Kosygina or Miles Radcliffe-Trenner
(212) 750-8300
media@kkr.com

Disclaimer

This press release is intended for informational purposes only. It is not to be construed as and does not constitute an offer to sell or a solicitation of an offer to purchase any securities in Anchor Labs, Inc., or any of its subsidiaries, and should not be relied upon to make any investment decisions. Furthermore, nothing within this announcement is intended to provide tax, legal, or investment advice and its contents should not be construed as a recommendation to buy, sell, or hold any security or digital asset or to engage in any transaction therein.

SOURCE Anchorage Digital

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Reveall raises €1.5 million from Fortino Capital and Dutch Founders Fund to expand its team and implement their ambitious roadmap.

Fortino Capital

14th December 2021 – Reveall, the Amsterdam-based platform that helps teams make customer research and feedback data actionable, raises a €1.5 million pre-seed round. Fortino Capital led the round with additional investment from Dutch Founders Fund.

Reveall was launched in July 2021 by Ferdinand Goetzen and Marcel Hagedoorn to help companies bridge the gap between customer data and decision making. The platform serves as a single source of truth about the customer for companies like WeTransfer, Signify and PostNL.

Reveall will use the investment to expand its team and implement an ambitious product roadmap that intends to help product and UX teams make the most of their customer insights.

The Reveall founding team will also be completed with the addition of Dwayne Pascal, who has over 15 years of experience leading tech teams and strategy at companies like Vodafone, Amazon and Skyscanner, and will be joining the company as CTO.

About Reveall

Reveall is a software platform that helps teams make their customer research and feedback data actionable.Founded in Amsterdam in 2021, Reveall serves a number of industry-leading businesses, including WeTransfer, Signify and PostNL. To make your customer data actionable, create an account at Reveall.co.

 

About Fortino Capital

Fortino Capital Partners is a European investment firm specializing in B2B software and based in Antwerp and Amsterdam. Through a growth capital fund and two early stage venture capital funds, Fortino Capital partners with exceptional entrepreneurs in North Western Europe. The investment portfolio includes MobileXpense, Efficy CRM, Teamleader, Salonkee, SimplyDelivery, iObeya, Zaion, Oqton, among others (www.fortinocapital.com).

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TA Associates Announces Strategic Growth Investment in Adcubum and tech11 to Create Leading Health and P&C Insurance Software Provider in Europe

TA associates

BOSTON – TA Associates, a leading global growth private equity firm, today announced a strategic growth investment in Adcubum AG, a leading Swiss health and property & casualty (P&C) insurance software provider, and tech11 GmbH, a fast-growing insurance software provider serving the P&C market in Germany and across Europe.

The investment will create a leading software provider in the health and P&C markets in Europe, leveraging the momentum of both Adcubum and tech11. Financial terms of the transactions were not disclosed.

Through its modern core insurance software platform Syrius, Adcubum offers a broad array of modules to support insurance processes, including policy administration, quotation, pricing, claims management and settlements, collections and disbursements, as well as partner and commission management. Adcubum is a market leader for health insurers in Switzerland, with emerging expertise and growth in P&C, primarily in Germany. Founded in St. Gallen, Switzerland in 1997, the company has offices in Switzerland and Germany, and a development center in Croatia.

tech11 offers a holistic digital P&C core insurance platform designed to help insurance companies and managing general agents (MGAs) meet the complexities of digitalization in the insurance industry. The tech11 Insurance Platform, available via a cloud-based SaaS subscription or deployed on-premises, can be utilized for the replacement of legacy systems and as Digital Speedboat for any insurance greenfield approach in fast growing ecosystems, supporting the entire end-to-end policy and claims management lifecycle across Europe. Founded in 2018, tech11 is headquartered in Würzburg, Germany.

“Adcubum is widely considered the leader of its kind in the Swiss health insurance market and continues to demonstrate growth in P&C, a segment tech11 has built great momentum serving in Europe with its innovative platform,” said Stefan Dandl, a Principal at TA. “Given their complementary expertise and resources, Adcubum and tech11 offer a compelling opportunity for innovation and growth. We look forward to working with the management teams to create an industry-leading player in the health and P&C segments across Europe.”

“We have known the team at TA for many years and it is a pleasure to welcome the firm as an investor,” said Emanuele Diquattro, CEO, Adcubum. “With the ongoing push for insurers to further digitize their infrastructure, we see significant potential for continued innovation and new business opportunities in our work. We look forward to partnering with TA and tech11 as we pursue additional organic and acquisitive growth, including possible expansion into new business lines and geographies.”

“Considering their decades of experience investing in growing software businesses, including many SaaS-based companies, we are confident TA is an ideal financial and strategic partner,” said Pierre Dubosq, Co-founder & Managing Director, tech11. “Since our founding, we have focused on helping customers modernize their core insurance systems and realize greater efficiencies by fully automating the P&C insurance business. With TA’s support and in combination with Adcubum, we will look to bring our scalable insurance platform to additional health and P&C carriers in Germany and across Europe.”

Alvarez and Marsal is serving as financial and tax advisor, and Bär & Karrer and Latham & Watkins are providing legal counsel to TA.

About Adcubum AG
Adcubum is a leading software manufacturer for the international insurance industry. Founded in St. Gallen, Switzerland in 1997, Adcubum has offices in Germany and Switzerland and around 400 employees across eight locations, including an R&D center in Croatia. Its core product, Adcubum Syrius, is a flexible, modular and cloud-capable system for health and property & casualty insurers. Together with its customers, Adcubum develops solutions for the insurance market of the future and creates an ideal environment for agile work processes. More information about Adcubum can be found at www.adcubum.com.

About tech11 GmbH
tech11 is a provider of digital core insurance platform for the property & casualty insurance industry in Europe. Founded in 2018 by Pierre Dubosq and Matthias Reining in Würzburg, Germany, the company has grown to more than 50 employees and is headquartered in Würzburg, Germany. More information about tech11 can be found at https://tech11.com.

About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

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Pirum Systems secures new investor to accelerate its global growth strategy

HG Capital

London, United Kingdom, 10 December 2021.

Pirum Systems (“Pirum”), a leading provider of post-trade automation and collateral management technology for the global securities finance industry, today announces that Hg, a leading software and services investor, will become a significant shareholder in the company.

Hg will share joint control with Pirum’s current backers Bowmark Capital, the technology and services investor, which invested in the company in 2019. The Pirum management team will also retain a significant stake in the business.

Pirum was founded in 2000 to provide advanced, centralised and secure reconciliation services for financial market participants. Pirum’s software provides a secure processing hub which seamlessly links industry participants, allowing them to process and verify key transaction details electronically. This delivers significant trade and collateral efficiency, lowers costs and enhances regulatory compliance for its network of clients. Pirum’s products assist 90 of the most prestigious global financial institutions to process over $3 trillion of transactions daily.

Under the stewardship of Bowmark and Pirum’s executive team, the business has successfully rolled-out a leading regulatory reporting offering, while building a suite of new products automating collateral management, repo, and front office activities. Hg’s financial services technology credentials and international footprint will enable Pirum to further drive workflow automation, address regulatory requirements, and enhance innovation across the sector.

“This is a significant milestone in our journey, and is welcome news for everyone at Pirum. Together with Bowmark, Hg will actively support Pirum’s global expansion and investment in additional innovations, helping us to deliver further efficiency and productivity gains for our customers and the broader industry eco-system.”

Philip Morgan, Chief Executive Officer at Pirum

“Hg invests in businesses that are champions in their field, with compelling long-term growth prospects underpinned by strong technological foundations and talented leadership teams. Pirum has all of these qualities and is a business we have tracked for many years through our capital markets technology focus. We look forward to backing Phil and his team, and to partnering with Bowmark to further scale what is already a great platform, driving continued automation of post-trade workflows.”

Sebastien Briens, Partner at Hg

“We have known Pirum and its team for over a decade, and the business has achieved uninterrupted revenue and profit growth during this period. Pirum has a strong track record of product innovation and best-in-class client services, which continuously enhance its propositions for collateralised markets. We are delighted to welcome a new partner in Hg, whilst continuing to work closely with the management team.”

Julian Masters, Managing Partner at Bowmark Capital

The terms of the transaction are not disclosed and the transaction is subject to regulatory approval. The Hg team was led by Sebastien Briens and Steve Burn-Murdoch, and was advised by Skadden, Arps, Slate, Meagher & Flom LLP (legal) and Linklaters (debt legal). Julian Masters and Antonia Cheong led the Bowmark Capital team. Jefferies International Limited served as financial adviser, and Stephenson Harwood LLP served as legal counsel, to Bowmark Capital and Pirum. The management team of Pirum were advised by Jamieson Corporate Finance LLP and Ashurst LLP.

Media Contacts:

Pirum Systems
Anna Conti Manfrin
anna.conti@pirum.com
+44 20 3105 6088

Hg
Tom Eckersley
Tom.Eckersley@hgcapital.com
+44 208 148 5401

Bowmark Capital
Caroline Cecil
Caroline Cecil Associates
ccecil@carolinececil.co.uk
+44 20 7610 4110

About Pirum
Pirum offers a secure, centralised automation and connectivity hub for global securities finance, enabling complete automation of the post-trade and collateral lifecycle across repo and stock loan. Our position within the securities financing sector enables clients to seamlessly access counterparties, triparty agents, trading venues, market data companies and CCPs, as well as meet their regulatory reporting requirements. We combine an in-depth understanding of both the securities finance industry and the most advanced technologies to provide highly innovative and flexible services. Supporting established and emerging financial institutions, Pirum’s pioneering approach consistently reduces operational risk while increasing processing efficiency and profitability.

Pirum’s innovations and customer focus have resulted in widespread industry recognition. Pirum has won multiple awards in recent years including Global Post-Trade Service Provider of the Year at the International Securities Finance Awards, and our Collateral Connect product secured Best Software Solution.

Visit www.pirum.com for more information.

About Hg
Hg is a growth platform of software and services champions, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of around $40 billion, with an investment team of over 140 professionals, plus a portfolio team of around 40 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 40 software and technology businesses, worth around $92 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year.

To date, Hg has invested over $1 billion specifically in Wealth & Capital Markets software. Pirum will represent the 10th platform investment in this space, with current Hg investments including Riskalyze, FE fundinfo, smartTrade and Gen-II.

Visit www.hgcapital.com for more information.

About Bowmark Capital
Bowmark Capital is a leading private equity firm that invests in UK services and technology companies. Established in 1997, we manage and advise funds of over £1.5 billion and have made more than 50 investments.

With our strategic support and capital, we work in partnership with management teams to accelerate growth and build exceptional businesses. Find out more at www.bowmark.com and LinkedIn.

Bowmark Capital LLP is authorised and regulated by the Financial Conduct Authority.

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