Runa Capital, Almaz Capital lead USD 10 million Series C round for Acumatica
Cloud-based Enterprise Resource Planning or ERP solutions provider Acumatica received USD 10 million for its Series C financing. The round was led by Runa Capital and Almaz Capital. Proceeds from the latest funding round will allow Acumatica to speed up the growth of its business so that it becomes the top choice for small and medium-sized businesses looking for cloud ERP solutions. Based in Kirkland, Washington, Acumatica offers financial management, customer relationship, distribution and project accounting suites. Through its technology development platform, Acumatica Studio, the company provides independent software vendors and original equipment manufacturers a fast and cost-effective way of developing and integrating cloud-based applications by utilizing industry-standard tools.
Acumatica Chief Executive Officer Yury Larichev said, "Acumatica is on a record growth trajectory. We are on track to grow 350% again this year.... 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." He added that the company does not need more funding since it is already making money. He also said that the company was the only viable cloud ERP solution that meets the various needs of the international community and is quickly growing quickly in the Asian and European markets.
In 2009 and 2011, Acumatica received financing from Almaz Capital and Visma, respectively. Visma is a portfolio firm of Kohlberg Kravis Roberts & Co while Almaz Capital is backed by Cisco Ventures.
Runa Capital Managing Partner Dmitry Chikhachev said he is confident that Acumatica will provide one of the top returns in their portfolio. Almaz Capital Co-Founder and Managing Partner of Almaz Capital Alexander "Sasha" Galitsky agreed. "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," Galitsky said.