Arcus Global Secures £2.5 Million Additional Series A Funding
29th May 2019, Cambridge, UK - Arcus Global Limited, a market leader in GovTech cloud solutions, is pleased to announce it has raised an additional £2.5 million to support its growth ambitions into 2020 and beyond.
The proceeds will be used to accelerate the growth of the business and continue investment in its transformative product portfolio, including further development of Arcus’ local government software platform and recently launched AI-powered voice solution, Arcus Answer. In the financial year ended 30 June 2018, Arcus delivered annual revenues of £13.0 million representing 34% year-on-year growth.
The funding is primarily from existing investors, principally led by funds advised and managed by YFM Equity Partners (“YFM”). This extension adds to the initial £3.0 million Series A funding that YFM made in May 2018, bringing the total Series A financing to £5.5 million.
Eamon Nolan, Partner at YFM Equity Partners comments: “Undoubtedly, outdated legacy systems are holding back the organisations in the public sector. Arcus Global is making great steps to help drive true digital transformation with leading local authorities, universities and the NHS across the UK and we are excited about the positive impact this has and what Arcus is set up to achieve over the next few years.”
Denis Kaminskiy, CEO and co-founder of Arcus Global added: “This new investment from existing shareholders is a huge sign of confidence in the execution of our strategy to deliver innovative cloud solutions to enable the digital transformation of the public sector. Their continued support is an endorsement of the rapid progress we’re making in disrupting the GovTech software market.”
About Arcus Global
Arcus Global, formed in 2009 and based in Cambridge UK, is a market leading GovTech cloud company, delivering mission critical technology solutions that enable local authorities and other public sector organisations to transform their service delivery to citizens.
The Software as a Service division of Arcus has developed a platform based suite of Applications for Local Government. Addressing the challenge of legacy technology in Citizen Digital interaction, Planning, Building Control, Licensing, Environmental Health. Arcus has grown to over 30 customers including Folkestone & Hythe District Council, Eastleigh Borough Council and the London Borough of Southwark.
The Cloud Infrastructure Division of Arcus provides Consultancy, Managed Services and Cloud Storage to a large number of Public Sector bodies across Central Government, Local Government, the NHS and the Education sector.
YFM Equity Partners is an independent private equity business owned by its senior management and investment team. They invest up to £10 million of equity through offices in Leeds, London, Manchester, Birmingham and Sheffield. YFM Equity Partners conducts its investment business through its subsidiary YFM Private Equity Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 122120).
Kate Warboys, Marketing Manager at Arcus Global - email@example.com