Capitolis has raised $40 million as it completes its Series B round of funding, which was led by Spark Capital and SVB Capital.
Existing investors, Index Ventures, Sequoia Capital and S Capital also participated in the round, bringing the total capital raised to date to $70 million. Capitolis says that this latest funding will support its continued growth through the expansion of its technology platform, functionality and product offering.
As part of the investment, Jeremy Philips, a partner at Spark Capital who has spent most of his career as an entrepreneur, will join the Capitolis board.
Gil Mandelzis, CEO of Capitolis, says: “Capitolis‘ technology has already eliminated trillions of dollars of transactions notional to date, and with the new investments from Spark and SVB Capital, development is underway to expand the functionality and platform further.”
Tom Glocer, executive chairman of Capitolis, adds: “It is very gratifying to us that some of the world’s most successful investors have chosen to back our vision for safer, more efficient and more profitable capital markets leveraging Capitolis technology. We now have the funding, the management team, and the core customer adoption to grow Capitolis into a major industry infrastructure and force.”
From the investor’s perspective, Philips says: “The passion and energy that Gil, Tom and the team bring to transforming the way that capital markets operate are what first caught our attention. Capitolis is on a multi-trillion dollar mission to reduce risk in the global financial system while improving returns. We are privileged to partner with them on this exciting journey,” comments Philips.
Tilli Kalisky-Bannett, a partner at SVB Capital, comments: “It is the nature of capital markets to constantly innovate, but it is exciting to find businesses that can make such a fundamental leap in how participants interact and improve the management of their portfolios. Gil and the Capitolis team have the potential to unlock intrinsic value at all stages of the financial ecosystem through their innovative technology.”
Jan Hammer, a partner at Index Ventures, echoes these sentiments, stating: “Capitolis has developed a marketplace for institutional capital where supply and demand meet. By connecting all the parties in the market more efficiently, Capitolis removes bottlenecks that are limiting the flow of capital. The response from leading banks and other financial players has shown a growing need for such a platform, and we’re excited to continue to support the team as they scale.”
Haim Sadger, a partner at Sequoia Capital and founder of S Capital VC who had worked with Mandelzis when he was at Traiana, adds: “To transform a whole industry, you need to have a bold vision and serious dedication. Gil has both of those and more. We are thrilled to be backing him again and to be working alongside such a great team of innovators.”
Since the introduction of its proprietary platform, Capitolis now has over 50 financial institutions live on its system, that have recorded transaction volumes of $1.5 trillion notional.