Scytl Raises An Additional $44 Million Investment.
Scytl, the worldwide leader in secure online voting and election modernization, today announced that it has secured an additional $44 million investment from Vy Capital, Adams Street Partners and Industry Ventures under the financing round initiated in April 2014. With this investment, Scytl closes this round of financing during which it has raised $104 million of capital from five new investors: Vulcan Capital, SAP Ventures, Vy Capital, Adams Street Partners and Industry Ventures. Balderton Capital, Nauta Capital and Spinnaker Invest remain as significant shareholders in the company.
“This round of financing represents a tremendous endorsement to our company and to what we are doing in the field of election modernization”, says Pere Valles, CEO of Scytl. “With the additional resources and expertise from our new financial partners, Scytl is even better prepared to continue leading the transformation of the election industry by delivering the most innovative and secure election modernization technologies.”
Vy Capital is a global investment firm exclusively focused on the internet and software sectors. “At Vy Capital we invest globally in high-quality, high-growth businesses that are market leaders. We are therefore very excited to invest in Scytl which has grown to be the election software of choice all over the world for governments who want to use technology to bring their electoral processes into the 21st century,” comments Mati Szeszkowski, Partner and Co-Founder of Vy Capital.
Founded in 2000 and based in San Francisco, Industry Ventures is a leading investment firm focused on venture capital, with over $1.75 billion in capital under management. “We believe Scytl is a transformative solution with global implications. We are very impressed with the company’s technology and management team and look forward to partnering with them in this exciting time in the company’s growth,” says Justin Burden, Managing Director at Industry Ventures.
Based in Chicago and with over 40 years of history, Adams Street Partners is one of the largest managers of private equity for institutional investors with $22 billion under management and are widely regarded as one of the most experienced and respected firms in the private equity industry.
Founded in 2001, Scytl is leading the transformation of the election industry by bringing software and internet based solutions into the election and governance space. Scytl’s end-to-end software platform covers every process within an election, from election planning and voter registration to online voting and election night reporting, allowing governments to improve the efficiency, accessibility, transparency and security of their elections. Scytl became profitable in 2006 and has since then grown its revenues at an average of 70% per year, becoming the worldwide leader in the election modernization market with offices in 15 cities and customers in over 35 countries.
The proceeds from this $104 million round of financing will be primarily used to fund Scytl’s R&D efforts and strategic growth plans.