ABN Amro Ventures in $80m round for Fenergo at $800m valuation

In October 2015, the corporate venture fund was launched under the name ABN Amro Digital Impact Fund with an initial size of €10m. The fund was increased to €50m in 2018 and increased further at the end of 2019 to €100m.

Strategic investor DXC Technology also invested in the round. The two backers have taken a 10% stake in the company, according to a report by TechCrunch.

The funding will go towards further product enhancement and the potential acquisition of new business units or capabilities.

The company incresaed its revenues by 21% in 2019, according to a statement.

Previous funding
In 2013, Investec Ventures led a €4m growth capital funding round for Fenergo, alongside existing investors. Investec invested via its Ulster Bank Diageo Venture Fund.

Insight Venture Partners invested $75m in 2015 for a majority stake in the company, according to reports. Aquiline Capital also provided a round of growth funding in 2015.

In 2019, trade players CSC and DXC invested €66m.

BNP Paribas is also an investor, though it is unclear when and how much the firm invested.

Company
Fenergo is a Dublin-based provider of digital transformation and client lifecycle management services for financial institutions. Founded in 2009, the company employs 529 people, according to LinkedIn.

People
ABN Amro Ventures – Hugo Bongers (director).
DXC Technology – Dmitry Loschinin (executive vice-president).
Fenergo – Marc Murphy (CEO); Spencer Lake (vice-chairman).

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