SaaS company Cyclr has raised £5.5m in a new funding round led by Praetura Ventures and Blackfinch Ventures (Blackfinch).
Headquartered in London, Cyclr has developed an embedded integration platform (embedded iPaaS) that it sells into the software and SaaS economy. It has experienced significant growth over the past few years, expanding its team by 57 per cent in 2021, and today generates most of its revenue from international clients.
Embedded iPaaS is cloud-based integration software that enables SaaS vendors to white label or embed integrations with other products into their own. This ultimately helps end-users to move data, and create automations, across their software eco-system with greater ease and at scale and has led to a rise in demand for Cyclr’s software integration application.
Developing integrations with other systems from scratch comes at a significant cost in both time and resources, and often acts as a major hurdle to market penetration for technology companies. Cyclr helps accelerate the integration delivery process and create a frictionless user journey between third parties at scale so software and SaaS innovators can focus on their own development, winning new clients, and growing their business.
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, e-commerce, HR and marketing; and 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.
Fraser Davidson, CEO of Cyclr, said: “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. 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. With this investment we look forward to supporting Fraser and his team with their next stage of their journey.”
Cyclr was advised by Weightmans.
Praetura Ventures and Blackfinch Ventures were advised by Shoosmiths.