Cutover, a UK-based work management software provider backed by financial services firm Barclays, has raised $35m in a series B round led by investment firm Eldridge.
Index Ventures, Sussex Place Ventures, Contour Ventures, Partnership Fund for New York City and Outrun Ventures also took part in the round, as did private investors Cris Conde, Gokul Rajaram and Andy Brown.
Founded in 2013, Cutover supplies software that helps businesses manage and oversee the work processes of their employees. Its platform can support enterprise activities such as cloud migrations, the release of software products, responses to incidents or initial public offerings.
The company’s product is used by organisations in sectors including financial services, retail and information technology.
The series B financing will enable Cutover to expand into new verticals as well as enhance its product development and customer service capabilities. It graduated from Barclays’ startup accelerator, Barclays Accelerator, powered by Techstars – London, in 2015.
Index Ventures led a $17m series A round for the company in June 2020 that included Barclays, Sussex Place Ventures, Contour Ventures, Partnership Fund for New York and Outrun Ventures.
This article was updated from March 4, following the addition of extra investors to the round.