Startups Awards finalist clinches £2m to “transform” trading marketplaces
London-based Perfect Channel has secured follow-on funding from Beringea on back of 100% revenue growth and CTO appointment
Perfect Channel, the auction technology specialist which was named a finalist in the Startups Awards 2013, has closed £2m funding from existing investor Beringea and new backer UIL Limited.
Founded by Phil Bird (pictured), London-based Perfect Channel is the creator of an auction and trading platform for companies operating marketplaces in commodities and financial assets.
Businesses that use the platform are said to benefit from “more efficient and transparent” trading processes and can better handle irregular supply and demand.
Perfect Channel’s technology also enables producers to sell to a wide range of buyers, cutting down on waste.
Having grown revenues by 100% and headcount by 25% in the last year, the company plans to use the funding to support sales growth and product development – boosted by the appointment of Jim Leeds as the business’ new CTO in January.
Perfect Channel CEO Bird commented that “the additional investment from our long-term supporter Beringea, and our latest investor, UIL, will provide a strong foundation for growth in 2017 and beyond.”
Beringea investment director, Eyal Malinger, continued:
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“With half of the commodities sector significantly affected by limitations to traditional, expensive, slow and intermediated trading models, this is clearly an industry ripe for innovation.”