Software startup Perfect Channel has managed to rake in £2 million in a funding round from Beringea, which has remained its long-term backer and also drew investment from new investor UIL Limited.
The firm is based out of London, its claim to fame being that it has created an auction and trading platform for companies operating marketplaces in commodities and financial assets. Since its establishment in 2011, Perfect Channel has patented a combination of marketplace design, business analysis, UX, development, infrastructure & data science capabilities, as well as cutting edge technology, to assist global leaders in their respective industries facilitate the smooth and efficient functioning of their marketplaces.
It plans to use the new inflow of capital will to continue developing its product further.
Today’s announcement follows from Perfect Channel having appointed its new CTO, Jim Leeds, in January. Phil Bird, CEO at Perfect Channel, commented on the news:
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.
He also added:
Jim brings invaluable experience in software development of cross-asset trading and risk management. He has previously led product innovation at Openlink Financial, including its transition to the cloud. He will be pivotal to the continued innovation of our product portfolio and building on the momentum we have created so far.
Eyal Malinger, investment director at Beringea, also commented on the news:
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.
Malinger feels optimistic about working together with UIL in the future and welcomes them as a co-investor.
Previously, Perfect Channel had closed a £2 million Series A funding round in July 2014, followed by an additional £1 million Series A in December 2015.
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