Cyance secures £860k in funding to build on growth momentum
Cyance, leading provider of global, third-party intent data, announced today that it has secured an additional amount of funding, allowing it to build on its growth as a business.
Provided by existing investors, including Blackfinch Ventures and Nexus Investments, the funding amounts to £860,000 and follows on from “a period of significant growth”, which saw revenues increase by as much as 18 per cent, Cyance claims.
The company also claims that customer value rose by 30 per cent in the last year.
Talking about the business’ progression, Bulent Osman, CEO of Cyance, said: “The fact that we’ve seen such solid commercial and financial performance over the past 12 months, despite the tough market conditions, demonstrates the appetite for accurate and localised intent data and the enormous potential within this market.
“And as businesses start to look beyond the pandemic and the economic recovery gathers pace, we expect demand to increase further.
“Taking on this new investment allows us to strengthen our team and further invest in our product.
“We’re now perfectly placed to take advantage of these new opportunities and cement our position as the leading ABM platform with unique intent data for European buyers,” he said.
Cyance aims to deliver its services far across European continents due to being involved in 55,000 publisher partnerships.
Reuben Wilcock, Head of Ventures at Blackfinch Ventures, said: “Cyance has transformed account-based marketing by developing and integrating a sophisticated SaaS solution with global, third-party intent data which addresses the needs of the European market.
Mr. Wilcock added that “they (Cyance) have demonstrated solid growth from global B2B brands in the last 12 months”, despite the challenges presented by COVID-19.
“We’re excited to continue supporting Cyance as it helps some of the world’s leading companies to transform their demand generation and account-based marketing programs and achieve more efficient ROI,” he said.
With the help of sophisticated technology that uses a “localised, natural language search, Cyance aims to accurately track and identify customer intent, which is said to lead to greater conversion and sales efficiency for marketing teams and global sales.
Cyance also claims to be the only provider to combine a powerful account-based marketing (ABM) solution with European, third-party intent data which is fully GDPR-compliant.
Matthew O’Kane, Managing Director of specialist early-stage Venture Capital investor Nexus Investments also commented on the announcement, stating: “Having been the fourth portfolio investment from our EIS Scale-Up Fund back in early 2019, we are very excited to announce this follow-on investment, which follows two years of promising expansion.
“We’re also pleased to partner with Cyance and its Management Team on this next stage of growth, as it scales further into and beyond its existing UK and European market expertise,” he said.