Finbourne Technology has almost doubled the capital it has raised from investors, with the latest series B injection increasing its total by £55 million to more than £100m.
Six existing investors in the London-based investment data management solutions provider chipped in more funds and they were joined by another four investors. Two of them, CommerzVentures and HSBC, will have a presence on the Finbourne board as observers, the company said.
Finbourne offers a range of data management services, including through its SaaS-based LUSID platform, which are being utilised by clients including Northern Trust, Omba Advisory and the Pension Insurance Corporation.
While the company didn’t detail how it would use the proceeds from the secondary funding round, chief executive and co-founder Thomas McHugh said that Finbourne is looking to “significantly expand” its client base.
Earlier this year Finbourne said it would expand its sales, product and marketing capabilities in the UK, the US, Ireland, Singapore and Australia.
The company drew in £55m during its previous series B funding round in June, which was led by venture capital firm Highland Europe and AXA Venture Partners. That followed a £15m injection in 2021. It also has a £30m debt facility from Kreos Capital.
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