Cloud-based ERP and customer relationship management software provider Acumatica has raised $10 million in a Series C funding round led by Runa Capital and Almaz Capital.
This round follows the previous round of investment in 2011 led by Visma, a portfolio company of Kohlberg Kravis Roberts & Co; and the 2009 infusion by Cisco Ventures-backed Almaz Capital.
The Visma financing included a deal in which Acumatica would be sold in Scandinavia and Northern Europe, while the company received an undisclosed investment to increase its sales, marketing and product development efforts in the U.S. Then chief executive Ezequiel Steiner had noted at the time Acumatica "did not really need the money," though the overall deal would help marketing and distribution.
The latest funding is earmarked to help accelerate growth and work with its partner channel to further advance the product in the worldwide SMB market. Acumatica claims it currently sells exclusively through its global network of 250 partners.
The company’s current CEO, Yury Larichev echoed Steiner’s sentiments about needing the money, but stressed the focus will be on overall growth.
“We are on track to grow 350 percent again this year. This new funding round will boost our all-up brand and product efforts as we become the top cloud ERP solution for SMBs,” said Larichev. “We have a solid product roadmap loaded with new innovative additions, and a partner channel that continues to grow faster than we ever could have expected. We do not need more funding because we are already making money.”