LONDON, UK – MAY 2021 – Accelex, a data acquisition, analytics, and reporting solution for private markets investors and asset servicers, today announced the close of a $5m seed round of venture financing co-led by Illuminate Financial and AlbionVC, with participation from Expon Capital and SixThirty Ventures.
This financing will accelerate the company’s global growth ambitions through further product development, client acquisition and support. Illuminate Financial and AlbionVC will join Accelex’ Board of Directors as part of this transaction.
Since the launch of the Accelex platform 12 months ago the company has achieved significant growth – now supporting a sophisticated global client base of investors and asset servicers. These clients represent a combined asset base of over $300bn, invested in more than 3,500 private markets funds across 1,100 managers.
“The growth in alternative investing – particularly private markets – continues at pace and with that growth comes the burden of complex investor workflows. Accelex is enabling investors, and their asset servicers, to digitize these processes, gaining access to better investment insights often bound up in PDF documents”, said Franck Vialaron, CEOat Accelex. “We are delighted to welcome Illuminate Financial, AlbionVC, Expon and SixThirty to the Accelex family and are confident that their contribution will be key to the firm’s positive trajectory”.
“Unstructured content makes access to data a fundamental challenge for alternative investors. Accelex is addressing this problem at its core – turning documents into data and, more importantly, insight”, remarked Mark Beeston, Managing Partner at IlluminateFinancial. “We are excited to lead a strong syndicate of investors backing this outstanding team as they continue to build out a world-class organization.”
“Accelex provides an integrated environment to manage, extract and audit data from an endless range of general partner reporting formats”, said Robert Whitby-Smith, Partner at AlbionVC. “As private markets lack market pricing signals, the insight from underlying asset-level data and benchmarking is needed to optimise core LP decision-making processes including risk management, asset allocation, fund manager performance and selection. We are excited to be supporting such a strong and experienced team to transform data analytics within the now mainstream “alternative asset” market.”
“Accelex combines compelling automation with an elegant user experience for last-mile validation and cross-team collaboration”, noted Jerome Wittamer, Founding Partner at Expon Capital. “This approach streamlines investor operations, significantly reducing the time from receipt of document to actionable data and insights.”
“The past decade has seen the mainstreaming of alternative and private market investments. Yet, the data and reporting for private market investors and asset servicers remain trapped in the dark ages,” said Atul Kamra, Managing Partner at SixThirty. “Accelex’ data solutions automate and streamline middle and back office functions, moving us from an analog to digital experience in this rapidly growing asset class.”
Accelex provides a data acquisition, analytics, and reporting solution for investors and asset servicers enabling firms to fully leverage their investment data. Powered by proprietary data science techniques, Accelex automates processes for extraction, analysis, and sharing of critical investment performance and transaction data. The solution has been developed to simplify the demanding workflow requirements of investors. Headquartered in London, Accelex has offices in Paris, New York, and Toronto.
About Illuminate Financial
Illuminate Financial is a specialist venture capital investor focused on enterprise software companies whose products serve the needs of the financial services industry. With offices in London, New York and Singapore, the team’s deep domain expertise and best-in-class industry networks make them the trusted partner of choice for ambitious start-ups and financial institutions.
AlbionVC helps build the future of enterprise software. With 20+ years of experience in technology investments, the team focuses on B2B software and healthcare at Series A. AlbionVC manages £500m of venture funds, currently invested in over 50 companies. AlbionVC is the technology investment arm of Albion Capital Group LLP, which is authorised and regulated by the Financial Conduct Authority.
About Digital Tech Fund
The €20 million Digital Tech Fund, managed by Expon Capital, illustrates Luxembourg’s unwavering commitment to its digital future. As part of the Digital Luxembourg initiative, the seed fund supports ICT startups, strengthening the country’s ecosystem. A joint public-private partnership & truly a communal effort, the fund received contributions from the government, Société Nationale de Crédit et d’Investissement (SNCI), the University of Luxembourg, SES, Post, Proximus, BIL, Arendt and several successful entrepreneurs from Luxembourg.
SixThirty is a global venture fund that invests in enterprise FinTech, InsurTech, Cybersecurity, and Digital Health ideas from across the world and collaborates with like-minded corporate partners to mentor and grow them into great businesses. The commitment of advisors, mentors, and partners to work in the trenches with founders on their business models and accelerate their commercialization continues to be a differentiator for SixThirty.