money pounds

Software startup Perfect Channel has closed a £2m funding round from its long-term backer Beringea and new investor UIL Limited.

The London-based firm, which has created an auction and trading platform for companies operating marketplaces in commodities and financial assets, will use the funds to continue developing its product.

Today’s announcement comes after Perfect Channel appointed its new CTO, Jim Leeds, in January.

Phil Bird, CEO at Perfect Channel, commented on the news: “2016 was a particularly successful year for us – we delivered solid financial results, made significant strides in advancing our technology through the launch of the GDT Marketplace, and reaffirmed our commitment to innovation by appointing Jim Leeds as our new CTO.

“Jim brings invaluable experience in software development of cross-asset trading and risk management. He has previously led product innovation at Openlink Financial, including its transition to the cloud. He will be pivotal to the continued innovation of our product portfolio and building on the momentum we have created so far,” he added.

Eyal Malinger, investment director at Beringea, added: “With half of the commodities sector significantly affected by limitations to traditional, expensive, slow and intermediated trading models, this is clearly an industry ripe for innovation.

“Perfect Channel’s track record of success with clients across a wide range of sectors, and its impressive growth in revenue and headcount through 2016, mean that we are delighted to extend our investment to support continued product development and expansion. We’re also pleased to welcome UIL as a co-investor, and look forward to working together in the future,” said Malinger.

Perfect Channel had previously closed a £2m Series A in July 2014, followed by an additional £1m Series A in December 2015.