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Unquote
  • Expansion

Insight Partners et al. back €27m series-C for SimScale

  • Harriet Matthews
  • Harriet Matthews
  • 31 January 2020
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Insight Partners has led a €27m series-C round for engineering simulation software developer SimScale.

Existing investors Earlybird, Union Square Ventures, June Fund, Vito Ventures, Bayern Kapital and High-Tech Gruenderfonds also took part in the round.

Joshua Fredberg, operating partner at Insight Ventures, has joined the company’s board.

SimScale

  • DEAL:

    Expansion

  • VALUE:

    €27m

  • LOCATION:

    Munich

  • SECTOR:

    Software

  • FOUNDED:

    2013

  • STAFF:

    70

The company plans to use the investment to continue the development of its software platform and to grow its operations globally.

New York-based Insight Partners specialises in software investments. The GP bought Switzerland-based software provider Veeam in January 2020 in a deal reportedly valued at $5m. The GP said in a statement that the company's operations would be moved to the US following the acquisition.

Previous funding
In January 2017, June Fund led a series-B round for SimScale, with participation from Vito Ventures, Bayern Kapital, Union Square Ventures, Earlybird Venture Capital and Palm Drive Capital.

In December 2015, Union Square Ventures led a series-A round for the company. Earlybird and business angel Axel Bichara also participated.

In November 2014, Earlybird, HTGF and Bayern Kapital backed a funding round for SimScale.

In February 2013, HTGF, Bayern Kapital and a number of business angels participated in a seed round for the company.

Company
Munich-based SimScale was founded in 2013 and employs 70 staff. It provides cloud-based software to create simulations for engineering projects. The platform comprises computational fluid dynamics (CFD) and finite element analysis (FEA) simulations, processing designs submitted by users via a web browser. The software also allows users to collaborate on their projects.

People
SimScale
– David Heiny (CEO).
Insight Ventures
– Joshua Fredberg (operating partner).
Earlybird – Hendrik Brandis (partner).

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