Eight Roads and Kennet in £11.5m round for Rimilia

Eight Roads is currently investing from its third-generation fund, which closed on $375m in March 2018, while Kennet is currently investing from Kennet IV, which closed on €105m in 2015.

On 31 October 2019, Rimilia secured a new funding facility of £7m with Silicon Valley Bank to replace the existing facilities of £2m. SVB was issued share warrants to purchase shares at an exercise price of 257 pence, exercisable for 10 years from the date of issue.

The company intends to use the fresh capital for product development and to expand its headcount.

Previous funding
Eight Roads and Kennet led a $25m financing round for Rimilia in July 2017.

Company
Rimilia's software is intended to automate the complete accounts receivable process and eliminate unallocated cash.

Headquartered in Bromsgrove, Rimilia also has offices in Denver and Toronto. Founded in 2008, it employs 138 people, according to LinkedIn. For the year ending in July 2019, the company reported revenues of £6.1m and an operating loss of £5.6m.

People
Rimilia – Ken Kimber (CEO).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Kennet Partners
• Silicon Valley Bank (SVB)
• Venture