YFM Private Equity joins further round to support £14m investment in NorthWest tech firm
Existing investor YFM Equity Partners joins Sapphire Ventures and Scale Ventures Partners to fund accelerated growth and product development programme Matillion.
Matillion, which makes cloud data integration tools, has closed a £14.1m Series B funding round led by Sapphire Ventures, which funds category-leading growth technology companies.
Scale Venture Partners and existing investor YFM Equity Partners also participated in the round.
The funding will be used to expand sales, marketing, partnerships and research and development (R&D) to meet increasing demand and further accelerate development of its product line.
The round brings the company’s total funding to over £18m. In addition, Andreas Weiskam, managing director, Sapphire Ventures, and Andy Vitus, partner, Scale Ventures Partners, will join the board of directors.
Matthew Scullion, Matillion CEO, said: “Cloud-based data warehouses, like Amazon Redshift, Snowflake and BigQuery, are changing the game in data analytics, reducing cost, time-to-value and increasing the power available to businesses to load, transform and analyse their data.
“The thousands of new projects and workloads this creates is in turn driving rapidly increasing demand for our built-for-the-Cloud, ELT architecture, data integration tools, as companies want and need to complete with data, quickly and at any scale.
“This round of funding is an exciting opportunity for us to work with the fantastic teams at Sapphire Ventures and Scale Ventures Partners to meet the needs of our customers and partners as well as further accelerate the pace of innovation going into our products.”
Weiskam added: “Matillion offers a truly differentiated product in a fast-emerging new category. Cloud-based data integration is being adopted by SMBs and large enterprises alike, constituting a large market.
“Matillion is well positioned to grasp this opportunity with a unique product set that is easy to adopt and has an intuitive UI and attractive usage-based pricing model.
“We are excited to work with Matthew and the Matillion team, to help them take the next steps in hiring, scaling and growing their US presence.”
The company, which has offices in Altrincham and New York, was founded by Scullion in 2011, alongside chief technology officer Ed Thompson and commercial director Peter McCord.
Matillion has developed leading-edge software focused on allowing its customers to extract, load and transform data into and on cloud-based data warehouses, quickly and at scale.
In the last 12 months the company has seen significant commercial traction with annual recurring revenue of growth over 260%.
Matillion’s software is used by more than 250 customers across 30 countries, including global corporates, such as GE, Siemens, Citrix and Accenture, as well as high growth, data-centric companies like Vistaprint, Zapier, DocuSign and Upside Travel.
Matillion was advised by the Manchester office of leading commercial law firm Shoosmiths, led by corporate partner Karen Procter and venture specialist partner Steve Barnett in London and assisted by Ben Dredge. Arma Partners, an independent corporate finance adviser, also acted for the company.