Scytl Closes $104M To Step Up Growth Of Its Electronic Voting Platform
Electronic voting company Scytl — whose name is pronounced ‘sight-el’ not ‘skittle/scuttle’ in case you’re wondering — has closed off a $104 million Series C funding round, with a $44 million tranche announced today.
The new investors contributing the latest and last tranche of funding in this round are Vy Capital, Adams Street Partners and Industry Ventures. Previous investors in this round were Microsoft co-founder Paul Allen’s Vulcan Capital, investing $40 million in April; and SAP Ventures investing $20 million in July.
It’s the first funding Scytl has taken in since 2010 — when it closed a $9.2 million round, led by Balderton Capital, with Nauta Capital also participating — although the business has been profitable since 2006 and reports revenue growth averaging 70% per year.
The Barcelona-based company was founded back in 2001 with the intention of offering software and web tools to modernize the voting and election process. Its software platform now covers the whole election process, from planning and voter registration to online voting and election night reporting, and Scytl has built up customers in more than 35 countries, including in the US. It has offices in 15 cities.