By Jenny Linder
London, UK — Cyance, the leading provider of global, third-party intent data, today announced it has secured a new round of additional funding from existing investors — including Blackfinch Ventures and Nexus Investments — in the amount of £860,000. The funding follows a period of significant growth for the start-up company with revenues increasing by 18% and customer value rising by 30% in the past year, in spite of the pandemic.
The company will leverage the funding to continue to grow its internal team, which has already doubled in size over the last 12 months. It will also be used to accelerate the company’s enterprise customer acquisition strategy as it exploits its key strength in the European market. Further investment into the continuous innovation of both Cyance intent data and ABM platform will be a key focus as the business seeks to build increasing value from its ABX approach for global organisations.
With over 55,000 publisher partnerships across Europe, Cyance delivers the most extensive reach for European geographies. Its sophisticated technology uses localised, natural language search to accurately track and identify customer intent. This has been proven to lead to greater conversion and sales efficiency for global sales and marketing teams. Cyance is the only provider to combine fully GDPR-compliant European third-party intent data with a powerful account-based marketing (ABM) solution.
Reuben Wilcock, Head of Ventures at Blackfinch Ventures, commented: “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. They have demonstrated solid growth from global B2B brands in the last 12 months, despite the challenging times we find ourselves in. 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.”
Matthew O’Kane, Managing Director of specialist early-stage Venture Capital investor Nexus Investments also commented: “Cyance traverses two of the four areas of Nexus’ investment focus and expertise: Data and Digital. 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.”
Cyance CEO, Bulent Osman, 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.”