Notion leads $12m series-A for Acin

The firm is currently investing from its fourth-generation fund, which closed on £75m in October 2019. The fund focuses on companies in the financial services, healthcare, insurance, agriculture and legal sectors with annual recurring revenues of more than €1m; the fund writes initial equity cheques of €1-8m.

Fitch Ventures, the venture arm of Fitch Group, also invested, as did a number of angel investors including Cris Conde, the former president and CEO of SunGard, Christopher Carter, chairman of Artorius Wealth, and Carlos Gonzalez-Cadenas, the chief operating officer of GoCardless.

Additional strategic investors will join this round in a second closing, according to a statement.

Notion cited a number of reasons for investing in Acin, namely that executives are potentially personally liable for control failures, that the operational risk sector is underserved, the experience of the management team and for the company's existing client list.

Until this round, the management team funded the company's growth without external funding.

Company
London-based Acin was founded in 2018 and offers a software-as-a-service platform to manage operational risk through the use of data.

People
Notion Capital – Stephen Chandler (managing partner).

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