Komgo raises CHF26 million (€23.7 million) in funding round
SG-backed software company Komgo has raised CHF26 million (€23.7 million) in its third funding round from a consortium of investors including Societe Generale.
Komgo digitalises trade finance with a platform that automates finance transactions, allowing banks, traders and other participants to transact in a secure environment.
The latest round received a high level of interest from both new and returning investors, testimony to the track record and strong momentum Komgo has in scaling its business.
This important milestone comes as enterprise buyers have responded to the Coronavirus pandemic by bringing digital transformation strategies forward, increasing demand for Komgo’s solutions. This has translated into a 50% increase in trade finance transactions onplatform, and a 65% increase in clients in production in the past 12-month period.
Komgo can now double-down on its objective of becoming the leading global trade finance network with the reach to support clients in key markets in Europe, Asia and the Americas.
In Singapore, the team has been bolstered by several hires on the sales side, while offices have also been opened in the US with a first core team across several locations including New York and Houston.
A significant portion of funds raised will be allocated to accelerating these expansion efforts, reinforcing Komgo’s customer success teams and their availability to service clients, and targeted marketing to reach companies outside of the pure commodities space.
Komgo’s highest priority remains its software solutions, and further investment will be allocated to product refinement and coverage of new workflows and trade finance applications, such as borrowing base facilites, contract renewal, stock reconciliation and rollout of the next-generation in smart, secure digital documents – with embedded data which can be tied to a unique asset.