Mobeus has provided growth capital to support the expansion of Arkk and its regulatory reporting platform.
"As tax authorities increase pressure to boost revenues and improve transparency through digitising all tax and compliance reporting, Arkk has a fantastic opportunity to leverage its unique platform, strong reputation in the regulatory reporting market, and very loyal customer base. Manual tax processes no longer serve the needs of companies that are going global, adopting new business models and managing complex geo-political issues like Brexit."
The Cardiff-based subscription service exceeded its target by 154% and welcomed Pontus Noren to its board.
"To have so many people willing to invest their hard-earned cash on our company is amazing and to welcome investors of the calibre of Pontus to the board has been phenomenal."
The investment round was led by Foresight Group and Williams Advanced Engineering to support international growth and manufacturing scale-up.
"Synaptec offers a truly disruptive technology that addresses a global problem. The experienced management team has already achieved a considerable amount of success over the past three years of development and we are delighted to have the opportunity to support the business as it scales."
Mercia led the Series A round to help the company expand its software and research teams.
"We are delighted to have secured this latest funding round, which demonstrates investors’ confidence in the potential of our technology. Authenticate is changing the way the food industry looks at supplier compliance. We live in an ever more transparent world and technology means that so much more information can be monitored in real time – reducing the burden on all parties, and delivering genuine insight into the way our food is grown and processed."
