Scytl, a Barcelona-based provider of Internet voting technology, has raised $9.2 million in new VC funding. Balderton Capital led the round, and was joined by return backer Nauta Capital.
Scytl, the global leader in internet voting technology, has today announced the closing of a $9.2 million investment led by Balderton Capital, one of Europe’s largest venture capital investors, and supported by Nauta Capital, an existing investor in Scytl.
The investment will enable Scytl to consolidate its leading position in the electronic voting market and support its international expansion, primarily in the US.
Scytl’s secure technology has been used by 13 out of 16 of the countries worldwide who have introduced electronic voting in their public elections. Countries are moving to adopt internet voting systems because of the advantages they offer in terms of cost, efficiency, speed and security. Analysts believe that the public sector market for electronic voting systems is worth approximately $1.5 billion.
Bernard Liautaud, a Partner of Balderton Capital, will join the board of Scytl. Bernard was the founder and chief executive officer of Business Objects, the enterprise software company that was acquired by SAP in 2007 for $6.8 billion.
Pere Vallés, CEO of Scytl, said: “We are delighted that Balderton Capital has provided such powerful shareholder support, alongside our existing investors Nauta Capital and Spinnaker Invest. We look forward to drawing upon Bernard Liautaud’s unsurpassed expertise in building a global software business as we consolidate Scytl’s position as the leading technology company in electoral modernization.”
Bernard Liautaud, Balderton Capital Partner, said: “Internet voting offers significant potential both as an investment opportunity and as a key element of democratic development in the years ahead. We are excited by Scytl’s vision of applying the power of the digital revolution to today’s archaic voting systems. Its technology offers a simple, convenient and secure way of voting that will promote greater citizen participation in electoral processes around the world.”
Carles Ferrer, General Partner at Nauta Capital, said: “We are delighted to be investing alongside Balderton, whose contribution will be critical to Scytl’s expansion. Nauta continues to see an exciting future for Scytl.”
Scytl has recently won projects within electronic voting and electoral modernization in countries such as the US, France, Norway, Bosnia-Herzegovina and Australia.
Scytl is the worldwide leader in the development of secure electronic voting and electoral modernization solutions for the public and private sectors. These solutions incorporate advanced cryptographic protocols to allow electoral processes to be carried out electronically with highest standards of security, privacy and integrity. Scytl’s technology is protected by international patents and has been successfully used by governments across the world, including the United States, United Kingdom, France, Norway, Austria, Switzerland, Spain, Finland, Mexico, Argentina, the Philippines, Bosnia-Herzegovina or Australia. Scytl has received multiple international awards for its innovative technology, including the ICT Prize granted by the European Commission, the Red Herring 100, the European Venture Contest or the Global Innovator Award granted by The Guideware Group. Scytl is based in Barcelona and has offices in Washington D.C., Singapore and Athens. Scytl’s investors include venture capital funds Nauta Capital, Balderton Capital and Spinnaker Invest. For more information, please visit their website: www.scytl.com
About Balderton Capital
Balderton Capital is a leading venture capital firm in Europe. Based in London, Balderton manages $1.9 billion in committed venture capital, invested across over 90 companies, principally in Europe but also in the US and Asia.
Balderton invests in innovative companies in sectors including e-commerce, enterprise software, security, semiconductors, mobile computing, media and financial services. Notable investments include Bebo (acquired by AOL for $850m), Betfair (the online betting exchange), ScanSafe (acquired by Cisco for $183m), LOVEFiLM (the home entertainment subscription service), Yoox (European online retailer publicly listed in December 2009) and MySQL (acquired by Sun Microsystems for $1 billion). For more information, please visit their website: www.balderton.com
About Nauta Capital
Nauta Capital is an international venture capital firm with offices in Barcelona and Boston. Nauta manages three funds with a total of $230 million under management. Nauta invests between $0.7 million and $8 million in companies in the Technology and Telecommunications sectors. Nauta’s target companies for investment are in their very early stage of development (Seed Capital) and until more advanced stages of development (series A and series B financing rounds). Nauta has three main investment practices: Wireless/Mobility; Enterprise Software/Security; and ecommerce/Internet related businesses. The geographic scope for its investments covers Western Europe and the US. Nauta launched its new fund Nauta III in July 2009, with a size of $150 million. For more information, please visit their website: www.nautacapital.com