Acumatica Raises $10 Million in Funding Round
Acumatica Raises $10 Million in Funding Round, Forges Ahead With Ambitious Growth Plans
The fast-growing Cloud ERP vendor closes $10 million in third round of funding in bid to make over $1 billion in revenue in less than 10 years.
KIRKLAND, WA, November 18, 2013 — Acumatica, the fastest-growing provider of Cloud-based Enterprise Resource Planning (ERP) solutions for Small and Medium-sized Businesses (SMBs), announced today that it has raised $10 million in a Series C funding round led by Runa Capital and Almaz Capital.
This round follows the previous round of investment in 2011 led by Visma, a portfolio company of Kohlberg Kravis Roberts & Co; and the 2009 infusion by Cisco Ventures-backed Almaz Capital.
“Acumatica is on a record growth trajectory,” said CEO Yury Larichev. “We are on track to grow 350% again this year. This new funding round will boost our all-up brand and product efforts as we become the top Cloud ERP solution for SMBs.”
The latest funding will enable Acumatica to accelerate its already aggressive growth and work with its robust partner channel to make its offering the Cloud ERP solution of choice for SMBs worldwide.
“We have a solid product roadmap loaded with new innovative additions, and a partner channel that continues to grow faster than we ever could have expected,” said Larichev. “We won't need more funding because we are already making money.”
He added: “Acumatica is expanding fast in markets like Asia and Europe where Acumatica is the only viable Cloud ERP solution that embraces diverse international needs.”
Dmitry Chikhachev, Runa Capital Managing Partner, said: “Acumatica today is the fastest-growing company worldwide in the multi-billion-dollar market of business software. I am excited Runa took part in this round and confident that it will be one of the top returns for the Runa portfolio.”
Alexander “Sasha” Galitsky, Co-Founder and Managing Partner of early investor Almaz Capital, said: “A business that grows more than 300% annually is the star in our portfolio. We see Acumatica growing to more than a billion in revenue in less than 10 years.”
Acumatica sells exclusively through its global network of best-in-breed partners, currently standing at more than 250. It offers secure, browser-based ERP solutions for accounting, distribution, CRM, and project management that are easy to use and custom fitted to address the complex needs of small and medium-sized organizations.
Acumatica’s various deployment options and payment flexibility are unmatched and address the needs of customers looking for perfect cloud business applications. Besides its out-of-the-box solution, Acumatica also works with partners to build vertical solutions on its Acumatica Studio platform or white label its technology. Acumatica is currently sold through a growing list of OEM partners that includes Visma in the Nordic countries and the Netherlands, and MYOB in Australia and New Zealand.
Co-founder and Acumatica Board member John Howell said: “We know the channel. Unlike the trend that you see with many other software vendors today, we are 100% focused on partners. Selling in partnership with VARs and OEMs enables us to leverage capital to a much greater extent than our competition. A little goes a long way with Acumatica.”
Acumatica Co-Founder and Board Chairman Serguei Beloussov said: “When we started Acumatica, we designed it from the beginning to succeed. It is the best business I’ve co-founded to date. Acumatica is growing over 300% in revenue year over year, and is poised to make its mark on the industry. We are the game changer you’ve been waiting for.”
Founded in 2007, Acumatica is the fastest-growing provider of highly customizable, cloud-based ERP applications for small and midsized businesses, offering financial management, distribution, CRM, and project accounting suites. Acumatica Studio, the company’s technology development platform, gives ISVs and OEMs a rapid, cost-effective means of developing and integrating cloud-based apps, using industry-standard tools. The privately-held company’s products are delivered through a global channel-partner network of VARs, ISVs, and OEMs. Headquartered in Kirkland, WA, Acumatica maintains offices in Washington DC, Moscow, and Singapore. Acumatica has affiliate offices in Indonesia and Mexico. Acumatica is sold through resellers in the US, Canada, UK, Africa, the Middle East, India and various countries in Southeast Asia. In the Nordic countries and the Netherlands, Acumatica is sold as part of Visma.net; and in Australia and New Zealand, Acumatica is sold under MYOB’s brand name.
About Runa Capital
Runa Capital is a $135M venture capital firm established to invest in the rapidly growing areas of the tech sector, with specific focus on cloud computing and other hosted services, virtualization and mobile applications. Partners and fund investors have experience in creating or developing companies with assets worth more than $10 billion. The key execution point is to select promising teams and drive and support them in the global marketplace, turning them into international champions. Runa Capital is run by a team of successful entrepreneurs, most of whom have worked together for over 15 years. Runa Capital’s investments announced to date include: Nginx, Jelastic, Ecwid, Zopa, LinguaLeo, BigTime® Software, Capptain, Mambu, Wallarm, Infratel, Dnevnik.ru and others.
About Almaz Capital
Founded in 2008, the Almaz Capital team practices a “geo-connect strategy” focused on early and expansion stage venture investments in high-growth tech sectors including enterprise and cloud computing, mobile, internet infrastructure and services, data storage and management, and ecommerce with an emphasis on Series A rounds in capital efficient businesses. Almaz Capital investors include Cisco, EBRD and IFC. The following companies are among Almaz Capital’s realized exits over the last three years: Qik, acquired by Skype in 2011; Yandex, IPO 2011; and Vyatta, acquired by Brocade in 2012. Almaz Capital has offices in Silicon Valley and in Moscow. For more information, please visit http://www.almazcapital.com
For more information
Director of Communications
+1 425.658.4913 Office
+1 206.303.7750 Cell