Beringea in £2m round for Perfect Channel

Asset management firm ICM also took part in the round, via its UIL investment business.

The fresh capital will enable Perfect Channel to invest in marketing and product development. The business has also appointed Openlink Financial IT director Jim Leeds as chief technology officer.

The investment marks Beringea's second UK deal of 2017. In January the firm invested £5m of growth capital in children's gift site and clothing maker My 1st Years.

Previous funding
Beringea provided £2m of series-A funding for Perfect Channel in July 2014, in order to support product development fund the company's launch in the US market.

Company
Founded in 2011, London-headquartered Perfect Channel develops online trading and auction platforms for commodities- and financial-assets-related marketplaces. Its primary products are the Perfect Exchange and Perfect Insight channels and the company's clients include Global Dairy Trade, Lloyd's and AgriClear.

According to a statement, Perfect Channel experienced a 100% increase in recurring revenue in 2016 and increased its headcount from 48 to 60.

People
Beringea – Eyal Malinger (investment director).
ICM – Duncan Saville (director).
Perfect Channel – Phil Bird (CEO).

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