The corporate team at national law firm Shoosmiths has advised leading cloud-based software developer, Matillion, in a major Series C fundraise of $35 million.
The deal sees a fourth major investor, Battery Ventures, being brought on board alongside existing Silicon Valley investors Sapphire Ventures and Scale Venture Partners and UK investor YFM Equity Partners, bringing Matillion’s total funding to-date to $60 million.
The company, based in Altrincham, south Manchester, and Denver, Colorado, is the category-leading provider of data transformation software for cloud data warehouses (CDWs).
The investment will allow the company to capitalise on its already-leading category position while continuing to deliver accelerated growth, and extend the capabilities of its flagship product line, Matillion ETL.
Continued strong demand for Matillion’s data transformation software led the company to deliver triple-digit revenue growth in 2018 for the third consecutive year.
Matillion was advised by Manchester-based corporate partner Karen Procter and senior associate Benjamin Dredge. Shoosmiths’ venture capital specialist partner Steve Barnett also advised on the deal out of the firm’s London office. The same team also advised Matillion on its landmark $20 million Series B fundraise in 2018.
Co-founded by chief executive Matthew Scullion in 2011 alongside chief technology officer Ed Thompson and commercial director Peter McCord, Matillion has developed leading-edge software focused on allowing its customers to analyse huge amounts of data stored in the cloud.
“It’s our view that every company in the world needsto compete using data,” said Matthew Scullion, CEO at Matillion. “And most of the time they’ll do this in the cloud. Only the cloud offers the speed, agility, power and economics to cope with this demand for data insights, and to manage the exponentially growing data volumes and complexities that we work with today. As the emerged leader in purpose-built data transformation software for cloud data warehouses, Matillion is perfectly positioned to help our customers compete and win using data. That’s why we’re so excited to raise this round, partner with the great team at Battery Ventures, and to once again accelerate our business and the development of our current and future products.”
Matillion’s software is used by more than 550 customers across 40 countries, including global companies like Bose, GE, Siemens, Fox and Accenture.
Corporate partner Karen Procter, said: “Matillion is a truly exceptional business – as is evidenced by a successful second major institutional funding round inside 12 months from US investors.
“We were delighted to once again work with Matthew and his entrepreneurial team and look forward to seeing this Manchester company hit even greater heights. Despite ongoing Brexit-related uncertainty, global-facing regional technology businesses like Matillion will continue to attract investment, which is good news for our economy.”
Shoosmiths is celebrating 10 years of legal excellence in Manchester this month. Over the last 10 years Shoosmiths has advised on some of the most high-profile real estate deals that have transformed Manchester’s skyline, including the £200 million sale of Allied London’s No 1 Spinningfields development in 2017 and the £300 million funding partnership between Allied London and Aviva Investors to create Enterprise City.