Rimilia

Rimilia

Rimilia closes £19.1m funding round

Bromsgrove-based Rimilia has raised £19.1m in a funding round co-led by Kennet Partners and Eight Roads Ventures.

The firm, which has created a cash allocation software solution and was founded in 2008, will use the funds to expand across Europe and the US and to double the size of its team.

Chris McGibbon, CEO of Rimilia, said: “Over the past few years we’ve built a unique product that takes the burden off over-stretched finance teams.

"This investment comes at a pivotal time for Rimilia and will allow us to capitalise on global opportunities. Both Eight Roads Ventures and Kennet Partners have terrific track-records investing in SaaS and FinTech companies.

"We look forward to working together as we navigate our next phase of growth.”

Alloc8 cash, it’s flagship product, leverages machine learning to make it easier for businesses to match their invoices to payments received.

Its other product, called ‘Alloc8 Collect’ allows users to collect outstanding payments by using predictive analytics to help firms prioritise which clients to chase.

Hillel Zidel, managing director of Kennet Partners, said: “Rimilia is a bootstrapped success story, having grown rapidly since it was founded without raising any external capital.

"Businesses are increasingly prioritising investment in intelligent automation and we believe that Rimilia has a great opportunity to become a global leader in the automation field.”

Davor Hebel, head of Europe for Eight Road Ventures, which recently led a US$9m Series A into Decibel Insight, added: “Rimilia is one of the UK tech scene’s hidden gems, built in the Midlands and solving a genuine problem.”

Zidel and Hebel will be joining Rimilia’s board as a result of the transaction.