Sumeru Leads $45M Growth Equity Round in Treasury Fintech Kyriba
The venture rounds are over for Kyriba, a cloud-based provider of corporate treasury and financial management software that is based in New York and San Diego.
After raising $23 million in a Series D funding round last September, Kyriba says today it has raised $45 million in a growth equity round led by Sumeru Equity Partners, a tech-focused private equity firm that specializes in mid-market deals. Previous investors Bpifrance, Iris Capital, Daher Capital (all growth equity funds) joined the deal, along with HSBC.
Kyriba spokesman Daniel Shaffer declined to characterize today’s round as Series E, saying the equity financing will be used to spur further growth and advance Kyriba’s product development, including its encrypted payments technology. He also declined to say how much capital the company has raised altogether, although Crunchbase pegged it at $107.5 million before today’s $45 million round.
Founded in 2000 as a spin-out from the French financial supplier XRT, Kyriba moved its headquarters to San Diego in 2003 with the arrival of Jean-Luc Robert as CEO. Shaffer said the company shifted its headquarters last year to New York, where Kyriba’s CFO, worldwide sales, executive administration, and professional services are now based. Robert has remained in San Diego with about 70 employees in finance, IT, marketing, and other administrative operations.
Shaffer says about 50,000 corporate treasurers and other finance personnel use Kyriba’s software for payments and supply chain finance, to optimize their daily cash management, manage their risk (including compliance with Sarbanes-Oxley requirements), and in other finance operations. Customers include Autodesk, Expedia, BW Group, Adecco Group, Qualcomm, and The New York Times.
While Kyriba is not publicly disclosing its revenue and other financial details, the company has been pushing its growth story. In July, Kyriba said sales through the first six months of this year were 43 percent higher than in the first half of 2016.
Since 2015, when Kyriba raised $21 million, the company has grown from about 1,000 customers to more than 1,600—including over 200 in the past year. Over the same period, Kyriba has grown from roughly 300 employees worldwide to about 500 employees in 11 offices, including Paris, London, Tokyo, and other financial capitals.