Scytl Raises $104M to Fuel Global Growth of Its Secure E-Voting Platform
Key Funding Round Marks Major Milestone for Election Tech Leader
Barcelona-based electronic voting pioneer Scytl (pronounced “sight-el”) has successfully closed a $104 million Series C funding round, with the final $44 million tranche announced today. This substantial investment positions the company for accelerated global expansion and technological innovation in the election modernization space.
Investment Breakdown and Strategic Backers
The funding round attracted prominent investors:
- Latest investors ($44M): Vy Capital, Adams Street Partners, and Industry Ventures
- Previous 2014 investments:
- $40M from Vulcan Capital (Paul Allen’s investment firm) in April
- $20M from SAP Ventures in July
This marks Scytl’s first major funding since its $9.2 million round in 2010, led by Balderton Capital with participation from Nauta Capital. Notably, the company has maintained profitability since 2006 while achieving 70% average annual revenue growth.
Global Reach and Election Technology Leadership
Founded in 2001, Scytl has established itself as a leader in election modernization with:
- Comprehensive software platform covering the entire election lifecycle:
- Planning and voter registration
- Secure online voting solutions
- Real-time election night reporting
- Global presence serving clients in 35+ countries
- 15 international offices supporting operations worldwide
Strategic Use of Funds and Future Plans
The new capital will be strategically allocated to:
- Research & Development (20% of annual revenue invested)
- Strategic acquisitions in the election technology sector
- Global expansion initiatives
Since 2012, Scytl has acquired five companies to strengthen its market position:
- SOE Software and Maxim (United States)
- Gov2U and PressVote (Europe)
- OAK Soluçoes (Brazil)
IPO on the Horizon
Industry reports suggest Scytl is preparing for a 2016 NASDAQ listing, with company representatives confirming this funding round as their “pre-IPO” phase.
Investor Confidence in Election Innovation
Justin Burden, Managing Director at Industry Ventures, emphasized Scytl’s transformative potential:
“We believe Scytl is a transformative solution with global implications. We’re impressed with the company’s technology and management team and look forward to partnering during this exciting growth phase.”
With this significant funding infusion, Scytl is poised to redefine election technology worldwide while maintaining its trajectory of rapid growth and innovation in the democratic process.
