Spain-based software producer Scytl raised $44m yesterday in the second tranche of its latest funding round, bringing the round, which included the corporate venturing arm of software Company SAP, to $104m.
Investment firms Vy Capital and Industry Ventures and private equity investor Adams Street Partners participated in the round as new investors, alongside existing backers Vulcan Capital and SAP Ventures. The money will support Scytl’s research and development and strategic growth plans.
Scytl is an electronic voting technology developer that aims to modernise election processes by providing secure voter registration and voting services online. Its software covers every element in the process from voter registration to election night reporting, which allows governments to improve election efficiency and transparency.
“This round of financing represents a tremendous endorsement to our company and to what we are doing in the field of election modernisation”, said Pere Valles, chief executive of Scytl. “With the additional resources and expertise from our new financial partners, Scytl is even better prepared to continue leading the transformation of the election industry by delivering the most innovative and secure election modernisation technologies.”
Scytl raised $20m in July from SAP Ventures after Vulcan Capital had invested $40m in April. The company received $9.2m in series B funding in 2010 from venture capital firms Nauta Capital and Balderton Capital.