Earlybird et al. invest $4m in Traxpay

The GP acquired a 25% stake in the round which granted investors 40% of the business. The remaining 60% was retained by management.

The deal was struck in March after six months of due diligence, which followed months of research in the payments market. Earlybird evaluated more than 10 companies in the final stages before deciding on Traxpay.

Developed in Germany, the company seeks to expand into the US in the third quarter of this year and lead dual headquarters.

Company
Traxpay was founded in Cologne in 2009. It has developed a real-time payment platform for business-to-business operation, together with Accenture.

The company started selling its product to select customers, notably including EOS, in early 2012. The firm is due to announce a full list with sales figures later this year.

Traxpay's R&D department is situated in Cologne and the company has already opened its US headquarters in Mountain View, California, bringing on board John Bruggeman as CEO.

Traxpay currently employs 22 people but is aiming to increase its staff pool to 35 by the end of 2012 and up to 60 in 2013.

People
Jason Whitmire worked on the deal for Earlybird.

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• DACH
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