Accelex, a data acquisition, analytics and reporting solution for private markets investors and asset servicers, has closed a £3.5 million seed round.
The venture financing, co-led by Illuminate Financial and AlbionVC, with participation from Expon Capital and SixThirty Ventures, will accelerate the company’s global growth ambitions through further product development, client acquisition and support.
Illuminate Financial and AlbionVC will join Accelex’ Board of Directors as part of this transaction.
Since the launch of the Accelex platform 12 months ago the company has achieved significant growth – now supporting a sophisticated global client base of investors and asset servicers.
These clients represent a combined asset base of over $300bn, invested in more than 3,500 private markets funds across 1,100 managers.
“The growth in alternative investing – particularly private markets – continues at pace and with that growth comes the burden of complex investor workflows. Accelex is enabling investors, and their asset servicers, to digitise these processes, gaining access to better investment insights often bound up in PDF documents”, said Franck Vialaron, CEO.
“We are delighted to welcome Illuminate Financial, AlbionVC, Expon and SixThirty to the Accelex family and are confident that their contribution will be key to the firm’s positive trajectory.”
Mark Beeston, Managing Partner at Illuminate Financial, added: “Unstructured content makes access to data a fundamental challenge for alternative investors. Accelex is addressing this problem at its core – turning documents into data and, more importantly, insight.
“We are excited to lead a strong syndicate of investors backing this outstanding team as they continue to build out a world-class organisation.”
Robert Whitby-Smith, Partner at AlbionVC , said: “Accelex provides an integrated environment to manage, extract and audit data from an endless range of general partner reporting formats.
“As private markets lack market pricing signals, the insight from underlying asset-level data and benchmarking is needed to optimise core LP decision-making processes including risk management, asset allocation, fund manager performance and selection.
“We are excited to be supporting such a strong and experienced team to transform data analytics within the now mainstream ‘alternative asset’ market.”