Cloud-based SaaS platform Cygnetise has secured a €2.9 million pre-Series A round led by UK investment syndicate Adjuvo with participation from US VC Massive and existing VC and angel backers. The over-subscribed round will facilitate acceleration of the collaborative digital signatory management solution’s growth by further expanding the company’s sales and technology teams. Already live in over forty countries, the additional resources will enable the startup to target further international and sector expansion and service rapidly growing demand.
Cygnetise applies blockchain technology to transform the process of Authorised Signatory Management. The Cygnetise platform enables operations and finance departments to digitally manage and share authorised signatories, in real-time, with their banks and other counterparties, making the process more efficient, transparent, and secure. This significantly reduces the risk of fraud, transforms operations, facilitates business continuity, strengthens governance, dramatically increases efficiency, and cuts costs.
Cygnetise CEO, Steve Pomfret, said: “We look forward to working with such high-calibre new partners. This is a huge milestone for Cygnetise and credit to the whole team for helping to get the company to this stage. The investment now enables us to move into our next expansion phase and accelerate our growth.”
Founded in 2016, the company was one of the first to demonstrate the successful real-world application of blockchain to industry problems. Initially commercialising its offering in financial services, the company is now rapidly expanding its industry-agnostic solution into other sectors.
Adjuvo CEO, Mark Foster-Brown, commented: “As many Adjuvo members know from personal experience, Authorised Signatory Management is a business-critical process for most companies worldwide and particularly in financial and legal services. Cygnetise is transforming this currently manual exercise with their digital blockchain technology, leading to increased efficiency, security and operational excellence. The need is both real and obvious, and so we are delighted to lead this round to support Steve and the team as they drive an ambitious growth strategy. We look forward to introducing them to our extensive network of British business leaders.”
Massive Managing Partner, David Mandell added: “Massive has spent a great deal of time evaluating blockchain and web3-based companies. We are convinced that Steve has built Cygnetise into an application where the use of blockchain has substantial and unique benefits and solves a globally persistent and complex business problem. We believe Cygnetise is well on its way to becoming the industry agnostic standard for signatory management, and will have opportunities from software infrastructure, and large enterprise resource planning companies who are looking to expand their investment in an important tech stack.”
Existing investors include West Coast specialist blockchain VC firm, Bloccelerate, and Boston-based VC, 1414 Ventures. Cygnetise is currently in the first cohort of the Mayor of London’s Grow London Global programme and has won numerous awards, including the Fintech Award in the 2023 Digital Jersey TechAwards, the inaugural Digital Isle of Man Fintech Innovation Challenge, and Best Enterprise Blockchain Company in the City AM Awards 2020. The company was included in Sifted’s Regtech startups to watch in 2023.
Read the orginal article: https://www.eu-startups.com/2023/09/london-based-cygnetise-secures-e2-9-million-to-speed-up-authorised-signatory-management-in-the-world/
