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OpenGamma scores a fresh $13.3 Mn investment in Series D from Accel and ICAP

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SaaS-based fintech solutions provider, OpenGamma announced the closure of a $13.3 million Series D funding round today. It has now added to its existing band of lead investors (Accel and ICAP) with the coming on-board of  Cristóbal Conde, the CEO and president of SunGard, and also an independent non-executive board member of  OpenGamma’s board since 2014.

OpenGamma, established in 2009 and headquartered in London, is a leading provider of risk analytics for the derivatives markets. The firm is becoming a big name in open source financial software, and just this year, released an award-winning derivatives analytics library for the financial industry, which forms the foundations of its risk products and custom client solutions. Back in April, it also launched “risk-as-a-service”, a suite of cloud-based analytics that will address a broad range of risks facing the derivatives industry amidst increasing global regulation. It also performs the function of giving recommendations and providing solutions to engage with the needs of over-the-counter (OTC) or privately-negotiated derivative contracts.

The news of this new funding follows after OpenGamma closed a $2.15 million Series A funding round in its first year, a $6 million Series B round in 2011 and a $15 million Series C round in August 2012. Finances for this company has been regularly flowing in from confident investors, seeing OpenGamma in good stead in the startup market. It has previusly raised over $13.3 million from institutional investors. The firm plans to use the funds to address increasing demand from financial institutions for more efficient use of capital and technology resources.

OpenGamma’s newly-appointed CEO Peter Rippon, talks about the raise and says,

We’ve demonstrated that we are an innovative and effective developer of technology solutions for the financial community.This investment now lets us build from these solid foundations to become a world-class partner and provider of benchmark industry solutions.

Bruce Golden, partner at Accel, spoke about the nature of OpenGamma’s functionality:

While OpenGamma cut its teeth on open source software, they have embraced the broader shifts in technology. By focusing on delivering the best-in-class cloud-based, modular solutions for the financial markets, the firm is positioning itself to become the market standard for derivatives risk analytics.

This firm is taking big steps to insert itself as a must-have in the financial community. Currently its sphere of influence is centered around London, but with its consistent funding and rock-solid business model, it should certainly start going places soon enough.


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