Practifi, an Australia-based dealflow management software developer backed by enterprise software developer Salesforce, has closed a $16.3m series B round led by growth equity firm Updata Partners.
The round included venture capital firm Equity Venture Partners and followed an undisclosed amount from Salesforce subsidiary Salesforce Ventures in 2017 and $2.2m in an August 2018 series A round led by VC partnership Microequities Venture Capital Fund.
Founded in 2013, Practifi markets a software platform that helps financial advice firms build a better rapport with clients through streamlined communications and workflows. The funding will go to product development, overseas expansion and the increase of its headcount.
Adrian Johnstone, Practifi’s co-founder and chief commercial officer, said: “With so much pressure across advice firms, we are deeply committed to extending our platform to add even more value.
“We have been hard at work on some truly amazing new features and integrations, and this investment will propel our product development even faster.”