Eight Roads and Kennet back $25m Rimilia fundraising

The UK-based firm will use its first round of capital raising to further develop its software and invest in its sales, marketing and customer support as it expands its presence in Europe and the US. As part of its expansion plans, it will look to double the size of its current team and make several senior appointments.

Davor Hebel of Eight Roads Ventures and Hillel Zidel of Kennet Partners will join the board.

For Eight Roads, the investment will be the 11th for its second European fund, launched in 2015.

Company
Rimilia’s flagship product, Alloc8 Cash, uses machine learning to match invoices to payments received, reducing the amount of manual work required. Established in 2008, Rimilia’s clients include Avis, Hitachi, Santander and Travis Perkins. It is headquartered in Bromsgrove, Worcestershire, and currently employs 70 people.

People
Rimilia – Chris McGibbon (CEO); Karl Campbell (chairman).
Kennet Partners – Hillel Zidel (managing director).
Eight Roads Ventures – Davor Hebel (head of Europe).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Kennet Partners