Cyclr Systems Limited (‘Cyclr’ and ‘the company’) is pleased to announce that today it has secured over £2million in new investment led by Blackfinch Ventures (‘Blackfinch’) and supported by existing investors Juno Capital (‘Juno’).
Despite the global disruption during 2020, and early 2021, Cyclr has progressively grown its team from 12 to 23 people with year on year revenue growth of over 150%.
This new investment will enable Cyclr to accelerate recruitment even further as it continues to develop its client base and innovate in the area of Embedded iPaaS.
The market for ‘Embedded iPaaS’ is emerging and expected to be substantial. Embedded iPaaS is the provision of a software application, predominantly to other software companies, to enable the management and delivery of white-labelled, embedded integrations to clients at scale.
As SaaS adoption has continued to proliferate, compounded even further by the current social distancing requirements, interoperability of software applications has become a critical topic for software vendors. Cyclr’s software application is comprehensive and fundamentally saves their customers time and money, as well as making them more agile, in the delivery of embedded integrations.
“I am delighted to welcome Blackfinch as shareholders in Cyclr,” said Fraser Davidson, CEO. “The Blackfinch team have quickly grasped the importance of SaaS interoperability and share our excitement at accelerating the development of the company as our market continues to grow in front of us. We have carefully built the company to its current size and now feels like the right time to double down. With a combination of Blackfinch and Juno as investors, underpinned by our ever supportive Angel investors, we have the firepower to lift Cyclr to even greater heights during 2021.
“I am proud of what my team has achieved in a challenging year. The investment by Blackfinch is testament to their hard work and application.”
“Cyclr efficiently allows SaaS platforms to connect to third party software, eliminating the cost and time to develop this functionality from scratch,” added said Reuben Willcock, Head of Ventures at Blackfinch. “The company has grown at an impressive rate, even during the pandemic, and we are excited to be supporting them on their journey through this investment.”
Cyclr has customers across the world including markets such as the United States, Canada, Europe, Israel and Australia. Customers range in size from early-stage businesses through to large multinational enterprises.