Idinvest et al. in $10.2m series-B for Ngdata

Idinvest's contribution for the round remains undisclosed but the GP has provided an average of €6-7m when backing series-B via its most recent growth capital funds.

Investing alongside the GP were a number of Ngdata's earlier investors such as VCs Capricorn Venture Partners, Nausicaa Ventures, SmartFin Capital, holding Pamica and several entrepreneurs.

The $10.2m injection will assist Ngdata as it secures new clients within the financial, media and telecoms sectors. A focus will be placed on its core product line Lily Enterprise, which helps businesses monitor the interactions of web-browsing and online-shopping customers and produces tailored offers and content in response.

As part of the changes, Pamica CEO Michel Akkermans was appointed chair of Ngdata's board of directors Idinvest partner Luc Maruenda will also take a seat on the board.

Previous funding
According to unquote" data, Ngdata's first institutional round took place in October 2012, when VCs Sniper Investments, Plug and Play Ventures and corporate ING provided a joint $2.5m. Funds were also secured from US entrepreneurs, shortly after the opening of offices in San Francisco and New York by the company.

This was followed by a $3.3m second round led by Capricorn Venture Partners in 2013; the VC deployed equity via its early-stage, digital-focused ICT Arkiv fund.

Company
Founded in 2009, Ngdata develops customer intelligence software. Its flagship product Lily is used by clients such as Orange, Axa and France Telecom to boost sales as customers are provided content and offers based on a data-driven analysis of their previous interactions.

The business is headquartered in Ghent, with an additional Belgian base in Mechelen, and launched operations in the US via offices in New York and San Francisco in 2012.

People
Luc Maruenda, a partner at Idinvest, led the deal on behalf of the firm. Luc Burgelman is Ngdata's current CEO, while Michel Akkermans chairs the company's board of directors.

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• Topics
• Benelux
• Expansion
• Technology
• Belgium
• IDInvest Partners (AGF Private Equity)