Innoveo, a leading provider of enterprise no-code solutions, announced the completion of its equity financing after a highly successful year in 2020.
Paulson & Co. Inc., founded by John A. Paulson, and an affiliate fund of Michael E. Tennenbaum are first-time investors in Innoveo and will join Everstone Capital, one of Asia’s premier investment firms focused on cross-border North America – Asia investments as well as domestic investments in India and Southeast Asia, and the management team as shareholders. The proceeds will primarily be used to grow the sales team and marketing activity to expand upon strategic partnership opportunities. Funding will also be allocated to further enhance Innoveo’s product offerings by accelerating platform development and R&D – extending capabilities to be a top contender within the highly competitive technology sphere.
Since its acquisition by iSource and Everstone Capital in 2018, Innoveo has become a mature and lean organisation, delivering multiple enterprise solutions to Tier 1 insurance carriers based on its market-leading no-code platform-as-a-service offering, Innoveo Skye®, and launching new products such as Innoveo eBro and Innoveo Cyber, while substantially revamping its sales capability. In a testament to its growth, Innoveo has acquired multiple new marquee customers, more than doubled contracted recurring revenues, and built an impressive deal pipeline, which expanded fourfold from a year ago.
With a strong increase in subscription revenue in 2020, the company is well-positioned to further accelerate its growth in 2021. Recently mentioned in Forrester’s Now Tech: General-Purpose Low-Code Development Platforms, Q1 2021 report, Innoveo has cemented its position as a front-runner amongst emerging global technology providers, revolutionising how enterprise applications are created.
Q Advisors and Acuity Advisors, members of a global TMT investment banking alliance, acted as the exclusive financial advisors to Innoveo.
To read Innoveo’s full announcement, click here.
Amir Ghaffar, CEO at Innoveo:
“Q Advisors and Acuity Advisors managed our first-ever fundraising process with a high degree of professionalism and swiftness, casting a wide net and leveraging their longstanding senior-level relationships with institutional VCs and growth equity investors in the US and Europe to deliver a successful outcome for Innoveo. Their team’s knowledge of underlying technology, SaaS subscription models, and insuretech/fintech vertical was exactly what we were looking for to position Innoveo with growth equity investors. Their senior staff worked closely with my team to articulate Innoveo’s differentiation against a fragmented market backdrop and exhibit Innoveo’s unique technological, commercial, and financial attributes that made us stand out from the pack. This funding puts Innoveo on a path to accelerate growth and I look forward to continuing to work with Q and Acuity in the future.”
Matthew Byatt, Managing Partner at Acuity Advisors:
“Congratulations to Amir Ghaffar and all of Innoveo’s investors. Innoveo is one of the most exciting companies I have come across. It has a truly differentiated proposition in the no-code space, is showing tremendous traction in the insurance vertical, and has strong potential to expand its success to other verticals. Together with Q Advisors, we are very pleased to be associated with this $15m fundraise which will allow Innoveo to accelerate the next stage of its journey.”