SaaS company Cyclr has raised £5.5 million in a funding round led by Praetura Ventures and Blackfinch Ventures.
Headquartered in London, Cyclr has developed an embedded integration platform that it sells into the software and SaaS economy. This enables SaaS vendors to white label or embed integrations with other products into their own.
It has built a portfolio of more than 400 white label API connectors that technology companies can choose to use to provide integrations to services such as accounting and billing, data tools, eCommerce, HR and marketing.
This includes integrating services from names such as Google Adwords, Hubspot, Microsoft Azure, Quickbooks, Slack, Stripe and Trello.
Cyclr’s founding team, led by CEO Fraser Davidson, has direct experience of the challenges SaaS companies face when operating at scale and has ambitions to be the ‘utility company’ to the API economy, providing the pipes and infrastructure to help software work together.
To achieve this objective, Cyclr now plans to use this investment to drive forward its international growth plans and build its brand in the technology industry.
“I am incredibly excited about the future for Cyclr. This new investment is a significant validation of our company and strategy, and I am delighted to welcome Praetura as investors alongside support from Blackfinch, Juno Capital and our existing angel investors,” said Davidson.
“We already generate a large majority of our revenue internationally and this capital will allow us to begin exploring a direct presence in some of those international markets for the first time.
“I am grateful to the entire Cyclr team for the hard work to get us to this point.”
David Foreman, managing director of Praetura Ventures, said: “The Praetura team is lucky to work with some phenomenal tech entrepreneurs and Cyclr is a great example of that.
“It’s a fascinating business with a strong management team who’ve experienced a problem in their previous careers and are now on a mission to solve it.
“Delivering on our more than money promise, we will be engaging our operational partners and other portfolio support services to help Cyclr on their growth journey.”
Reuben Wilcock, Head of Blackfinch Ventures, added: “We are delighted to support, and be a part of, the brilliant company and talented team that is Cyclr. This investment further cements our commitment to helping it grow into the most successful iPaaS solution on the market.
“The business-to-business software-as-a-service technology sector is exploding, and the elegance of Cyclr is the ease at which it allows software providers to integrate to other platforms.”