Rimilia, a Bromsgrove, UK-based intelligent automation company serving finance functions of global enterprises, raised $25m in growth funding.
The round was co-led by Kennet Partners and Eight Roads Ventures. In conjunction with the funding, Hillel Zidel, Managing Director of Kennet Partners, and Davor Hebel, Head of Europe for Eight Roads Ventures, will join Rimilia’s Board.
The company will use the capital to invest in its software and into its sales, marketing, and customer support functions as it expands its presence in Europe and the US.
Founded in 2008 and led by Chris McGibbon, CEO, Rimilia provides Alloc8 Cash, which uses machine learning to enable companies to immediately match invoices to payments received. Its complementary Alloc8 Collect product facilitates the collection of outstanding balances by using predictive analytics to prioritize which customers to chase for payment.
The company serves clients across Europe and the US including Avis, Hitachi, Santander and Travis Perkins. It currently employs over 70 people at its Midlands headquarters in Bromsgrove.
As part of this fundraising, Rimilia also plans to double the size of its team and make several senior hires, the first of which is Karl Campbell, who joins as Chairman with immediate effect.