We have raised $10 million in funding led by early-stage fintech and B2B software venture capital firm Dawn. The funding round includes participation from our existing investors Accel, CME Ventures and ex-SunGuard CEO and fintech angel investor Cristóbal Conde.
The funding follows a period of rapid growth – we experienced a 300% increase in recurring revenue in the last 12 months, as well as a geographical expansion across the globe – doubling both our customer base and team.
The new funding will enable us to accelerate our growth further and expand our teams in London, New York and Singapore. It will also allow us to enhance our award-winning product portfolio by launching new products in the collateral and treasury space to complement our existing margin product.
Josh Bell, General Partner at Dawn Capital, said: “As regulation continues to drive up the cost of trading derivatives, efficient use of capital has become essential for financial institutions to maintain their business models. Top-tier global investment banks and asset managers are all turning to OpenGamma for support, attracted by the depth, coverage and speed of deployment of OpenGamma’s analytics platform. We are delighted to be partnering with Peter and his team as OpenGamma continues to expand its product proposition and geographic footprint.”
Bruce Golden, Partner at Accel, added: “Since our original seed investment, OpenGamma has evolved into one of the most sophisticated SaaS businesses focused on making the derivatives market safer and more efficient. Their rapid growth underscores their customers’ reliance on them as a key partner in driving capital efficiency and meeting regulatory obligations. We are delighted to welcome Dawn Capital as our newest syndicate partner, as we support the OpenGamma team in solidifying their position as the global leader.”
Peter Rippon, our CEO, explained: “Regulation has created new opportunities for firms like OpenGamma. We work with key market infrastructure providers, including CME Group, Eurex, JSCC as well as top tier banks, to ensure we have access to the models needed to solve a key industry problem: the rising cost of trading derivatives.”
“We are excited to be working with Dawn Capital, as we can draw on their expertise in B2B fintech to further accelerate our growth.”