Scytl raises further $44m

New backers entering the company's shareholding structure are Dubai-based Vy Capital, Chicago-based Adams Street Partners and Industry Ventures, headquartered in San Francisco.

The proceeds from the funding round will be used to boost the firm's R&D efforts as part of its strategic growth plan.

Previous funding
Scytl has completed several rounds of institutional funding. In 2008, Nauta Capital injected €3m into the company via its Nauta Tech Invest II vehicle. The investment was designed to support Scytl's hiring plans and the opening of a new office.

In 2010, the company raised $9.2m in a series-B round led by Balderton Capital. The business earmarked the funding for expansion in the US and market consolidation. As part of the deal, Balderton's Bernard Liautaud joined the company's board.

In April this year, Scytl received a $40m equity injection from Vulcan Capital, the investment management firm launched by Microsoft co-founder Paul Allen. The firm directed the funding towards R&D and bolt-on acquisitions. In July, SAP Ventures made a $20m commitment to the business.

Company
Founded in 2001 and based in Barcelona, Scytl is a sofware and internet-based solutions provider for the election industry. The company's software platform spans election planning, voter registration, online voting and election night reporting.

Scytl became profitable in 2006; its revenues have grown at an average rate of 70% per year. The company has offices in 15 cities and customers in more than 35 countries including Canada, the US, Mexico, Ecuador, France, Norway, Switzerland, Bosnia-Herzegovina, the UAE, India, Iceland and Australia.

People
Pere Valles is the CEO of Scytl. Mati Szeszkowski is a partner and co-founder at Vy Capital. Justin Burden is managing director at Industry Ventures.

 

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