RSS

Funding for growing software company

Article Date:  Sep 23 2008

Connectiva, a developer of software for telecoms companies, has secured investment of US$17 million (£9.2 million). The funding round was led by Bangalore-based NEA-IndoUS Ventures, with further backing from IFC (a member of the World Bank Group) and software giant SAP.

Returning investor Ovation Capital also participated in the round.

Vinod Dham, MD of NEA-IndoUS, will join Connectiva’s board along with Pravan Malhotra, senior investment officer at IFC.

Dham comments, ‘Connectiva is a strong fit for our portfolio, with proven and differentiated technology, rapidly growing revenue, and a unique business model that leverages the strengths of India.’

Headquartered in New York, Connectiva has offices globally and employs 300 people in Kolkata, India. Says CEO Avi Basu, ‘Connectiva does far more than mere outsourcing in India – we develop the very core of our intellectual property there.’

The company develops revenue and risk management software that helps companies manage fraud and credit risk, as well as analyse financial data.

Comments 

There are currently no comments on this article

Sign up and get...

  • Regular GrowthBusiness newsletters
  • Post comments on articles
Sign up

VCT Special Report 2008

A comprehensive report on VCTs and over £1 billion in investment trusts just waiting to be invested in fast growth ventures.

Cash Shells 2008

A comprehensive overview of cash shells on AIM, companies that have become a significant feature on the AIM landscape.

More

Events Calendar

Rosenblatt New Energy Awards

25th February, Natural History Museum, Cromwell Road, London SW7 5BD

M&A Awards 2009

18th February, London Hilton, Park Lane, London

M&A Expanding internationally

27th November, Sofitel London St James

More

More News: Fundraising Deals

Fuel distribution business wins investment

Rowilco Fuels, a Liverpool-based fuel distribution company, has received £600,000 from venture capital firm Alliance Fund Managers (AFM).

Emerging markets fund raises $2.9 billion

Private equity firm Actis has raised US$2.9 billion (£1.9 billion) to invest in emerging markets, exceeding its target of $2.5 billion.

Key deal is Catapult’s 26th this year

Midlands-based investor Catapult Venture Managers has revealed it invested £850,000 in the flotation of engineering company Key Technologies.

Advertisement

Poll

What's your reaction to the Pre-Budget Report?



Have your vote on current issues

People who read this also read

  • Spa company escapes with Capital cash

    A luxury spa tour operator is ready to boost its sales after raising a six-figure sum as part of a plan to develop its business. Essential Escapes received £200,000 from The Capital Fund, a venture capitalist that backs small businesses in Greater London. An additional £40,000 was provided by its shareholders.
  • Electronics manufacturer nets investment

    Specialist electronics manufacturer AWS has secured an equity investment of £5.5 million from Barclays Ventures alongside debt from Yorkshire Bank. The deal will finance the group’s plan to double its current turnover of £40 million within three years through organic growth and acquisitions.
  • Funding boost for ethical retailer

    EthicalSuperstore.com, a Newcastle-based retailer of fair trade and ethical goods, has received £1 million in a third round of venture capital (VC) financing. The funding round, which brings total investment in the company to more than £2 million, was led by existing backer NorthStar Equity Investors (NSEI).
  • NVM backs ex-Ithaca management team

    The former management team of Ithaca Business Media has secured £7 million from NVM Private Equity to fund a new business. CloserStill Holdings has been created to purchase mid-sized exhibitions and event businesses, which the management believes it can sell on to larger players.
  • LCA shuts up shop to new investments

    AIM-listed cleantech investor Low Carbon Accelerator (LCA) does not anticipate making any new investments until it has achieved at least one exit, according to a statement released today. The firm’s management team has decided, ‘given current market conditions, to focus resources on supporting existing portfolio companies’.

White Papers

Better Roads

Serves the information needs of governments and construction contractors involved in Federal, State, County, City and Township highway, road and bridge construction, winter maintenance, roadside and vegetation management and other highway-related projects.

Defense Systems

Focuses on the "information-centric" transformation that is sweeping the defense and intelligence communities.

Governing

Is a monthly magazine whose primary audience is state and local government officials: governors, legislators, mayors, city managers, council members and other elected, appointed and career officials.

More

Free prize draw!

Complete our short survey and you could win a bottle of champagne.

Click here to enter the