Innoveo Announces Series A Funding Round of $15 Million
NEW YORK, April 20, 2021 /PRNewswire/ -- Innoveo, a leading provider of enterprise no-code solutions, has announced the completion of its $15 million Series A funding round after a highly successful year in 2020.
Paulson & Co. Inc., founded by John A. Paulson, and an affiliate fund of Michael E. Tennenbaum are first-time investors in Innoveo and will join Everstone Capital, one of Asia's premier investment firms focused on cross-border North America – Asia investments as well as domestic investments in India and Southeast Asia, and the management team as shareholders. The proceeds will primarily be used to grow the sales team and marketing activity to expand upon strategic partnership opportunities. Funding will also be allocated to further enhance Innoveo's product offerings by accelerating platform development and R&D - extending capabilities to be a top contender within the highly competitive technology sphere.
Innoveo is a front-runner in no-code technology for more than 10 years, delivering tailor-made enterprise applications to accelerate the digital transformation of corporations worldwide.
Since its acquisition by iSource and Everstone Capital in 2018, Innoveo has become a mature and lean organization, delivering multiple enterprise solutions to Tier 1 insurance carriers based on its market-leading no-code platform-as-a-service offering, Innoveo Skye®, and launching new products such as Innoveo eBro and Innoveo Cyber, while substantially revamping its sales capability. In a testament to its growth, Innoveo has acquired multiple new marquee customers, more than doubled contracted recurring revenues, and built an impressive deal pipeline, which expanded fourfold from a year ago.
With a strong increase in subscription revenue in 2020, the company is well-positioned to further accelerate its growth in 2021. Recently mentioned in Forrester's Now Tech: General-Purpose Low-Code Development Platforms, Q1 2021 report, Innoveo has cemented its position as a front-runner amongst emerging global technology providers, revolutionizing how enterprise applications are created.
"We believe that no-code technology will be increasingly recognized as a game-changer for corporates aiming to digitize their business processes across many industries, but particularly within the insurance and financial services sectors, where we have secured a first-mover advantage," said Amir Ghaffar, Innoveo CEO. "With our Innoveo Skye® platform-as-a-service (PaaS) offering, pre-built accelerators, and out-of-the-box solutions for common customer use cases, we have significantly compressed the time-to-market and enabled our customers to launch new applications in weeks, sustaining their competitive advantage in the age of digital transformation."
"Innoveo stands out with a truly differentiated platform that accelerates time to market and allows customers to digitize business processes across multiple industries. We are excited to partner with Innoveo to help to scale their business globally" said John Paulson, Founder, Paulson & Co.
Q Advisors LLC and Acuity Advisors, members of a global TMT investment banking alliance, announced the joint representation in acting as the exclusive financial advisors to Innoveo with this fundraising effort.
About Innoveo:
Innoveo is a global technology provider with a proven track record for speeding up go-to-market strategies and accelerating digital transformation journeys with its no-code platform, Innoveo Skye®. From the insurance industry to financial services and real-estate, Innoveo delivered more than 500 applications and processed 1+ billion dollars' worth of transactions to corporations worldwide, such as Zurich Insurance, Allianz, Chubb, Rakbank, and Marriott.
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