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Kyriba closes $18.2m Series B financing round
14 August 2013 • Source:
Kyriba, the leader in cloud-based treasury management solutions, has completed an $18.2 million round of Series B funding. Kyriba will use these funds to enhance its existing technology and management infrastructure and prepare the company for additional revenue and geographical growth.
New investor Daher Capita led the round, with support from existing investors, Bred Banque Populaire and Iris Capital. Kyriba will use the latest round to drive continued platform and solutions innovation, as well as expand its sales and marketing efforts. Michel Daher, founder and chairman of Daher Capital, will also take a seat on Kyriba’s board. Daher invested in Kyriba following the company hitting significant product and revenue milestones over the past year, alongside a strong cultural match.
Daher Capital has a strong background leading established financial software vendors. It is the largest shareholder in Victor Securities and Bonds.com, and was the lead investor in foreign exchange operator FXCM, which had a successful IPO on the NYSE in 2010.
“We are delighted to have Daher Capital on board as an investor in Kyriba.
Michel Daher has a strong track record working with mid-stage financial technology solution providers and driving strong, sustained growth, and we look forward to having his counsel and leadership as a member of our board,” said Jean-Luc Robert, chairman and CEO of Kyriba. “In addition, the inclusion of Bred Banque Populaire and Iris Capital in this latest funding round highlights their ongoing commitment to Kyriba and their validation of our product roadmap and go-to-market strategy.”
“Kyriba is not only at the forefront of the treasury and cash management space, it is expanding into new areas beyond treasury,” said Michel Daher, founder and chairman of Daher Capital. “Now, more than ever, global organizations need to be proactive in their approach to liquidity and risk, to work their capital harder and drive corporate growth. Kyriba’s platform enables corporations to maximize the benefits that their financial team provides, and I see massive growth potential in this field.”