Perfect Channel secures £2m from Beringea and UIL to fuel sales and product growth.
Long-term backer Beringea and new investor UIL have provided £2m to support sales growth and product development at Perfect Channel.
Perfect Channel builds auction and trading platforms for companies operating marketplaces in commodities and financial assets.
Perfect Channel has secured £2m in funding from Beringea and UIL to support product development and sales growth over the coming year. The investment follows a period of strong financial performance for the company, which saw recurring revenue nearly double and headcount grow from 48 to 60 during 2016.
The company designs and hosts global digital exchanges for commodities and financial assets, helping businesses optimize pricing and liquidity. The fresh capital will build on momentum gained from recent product launches and the appointment of a new chief technology officer.
From the founder
"2016 was a particularly successful year for us – we delivered solid financial results, made significant strides in advancing our technology through the launch of the GDT Marketplace, and reaffirmed our commitment to innovation by appointing Jim Leeds as our new CTO."
Phil Bird
CEO at Perfect Channel
Investor perspective
"With half of the commodities sector significantly affected by limitations to traditional, expensive, slow and intermediated trading models, this is clearly an industry ripe for innovation. Perfect Channel’s track record of success with clients across a wide range of sectors, and its impressive growth in revenue and headcount through 2016, mean that we are delighted to extend our investment to support continued product development and expansion. We’re also pleased to welcome UIL as a co-investor, and look forward to working together in the future."
Eyal Malinger
Investment Director, Beringea
Use of funds
- 01Invest in sales and marketing
- 02Continue product development
Investors
Categories
About the company
Perfect Channel
Perfect Channel builds auction and trading platforms for commodities and financial markets.