Cheers to a new year! After ringing in 2014, we wanted take a look back at the capital raised by Finovate alumni in 2013. It was quite a year, with alums pulling in $825 million, $365 million more than in 2012 for an increase of about 80%.
2013 funding summary:
- 62 companies raised $825 million
- Q4 had the most capital, with a total of $294 million raised by 17 companies (more than half by Xero, which landed $150 million).
- October was the busiest month, with $177 million raised (mostly Xero’s $150 million)
- May was second highest with $91 million raised by 7 companies
Last year Finovate alums took in almost twice as much as 2012, when 44 Finovate alums collectively raised
$460 million. The chart below shows the quarter-by-quarter comparison for both years.
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More than $155 million raised by 14 companies
January — $57 million raised by 6 companies
February — $56 million raised by 5 companies
March — $42 million raised by 4 companies
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More than $205 million raised by 15 companies
June — $81.7 million raised by 6 companies
May — $91.5 million raised by 7 companies
April — $32 million raised by 2 companies
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More than $171 million raised by 22 companies
July — More than $63 million raised by 8 companies
August — More than $26 million raised by 6 companies
September — $82 million raised by 9 companies
More than $294 million raised by 17 companies
October— $177 raised by 6 companies
November — More than $87 million raised by 7 companies
December — More than $30 million raised by 6 companies
In its first external funding round, customer onboarding specialist Fenergo announced this morning that they had raised €4 million ($5.43 million USD). The new equity investment comes courtesy of Investec Ventures, and includes co-investment from current shareholders.
Fenergo plans to use the additional investment to expand their global presence in North American, Europe, and the Asia-Pacific region. Fenergo is based in Dublin, Ireland.
Investec Ventures partner John Dolan, who will be joining the Fenergo board, said, “(Fenergo) has proven deployments with large global tier one banks and is solving a real pain point for financial institutions who have relied primarily on labor intensive manual processes in onboarding new clients.”
Fenergo develops software that helps financial institutions better meet regulatory and compliance requirements during the onboarding process. The company demoed its Deal Manager software as part of the FinovateEurope 2012 show (see their presentation here
), and is looking to accelerate development of its enterprise platform.
Fenergo is chaired by former founder and CEO of Norkom Technologies, Paul Kerley. Marc Murphy is the company’s co-founder and CEO. Fenergo’s clients include RBS, Lloyds Banking Group, Investec, and Rabobank.