Quadstone Grabs $10M for U.S. Expansion

In an effort to develop a stronger presence in the United States, Quadstone Ltd. of Scotland recently raised $10 million in its first round of private equity financing.

Quadstone, which recently established a headquarters in Boston, develops software that allows companies like Barclays Bank to create purchasing models and consumer profiles of their customers.

“Our modeling software is aimed directly at business and marketing uses,” said Co-founder Patrick Furry. “We try to build real relationships with customers by mining through the masses of electronic data that is collected.”

The round was led by 3i Plc. British Linen Equity, Aberdeen Asset Managers and Scottish Development Finance also contributed.

Furry said Quadstone, which was incorporated in 1996, is already turning a profit, and that the company agreed to the financing because of “its desire to expand more rapidly.”

Proceeds from the investment will go to hire more than 50 additional staff members, mostly in the U.S., in the next year. Quadstone also plans to bolster its marketing expenditure toward more U.S.-based companies, having already developed a significant presence in Europe.

Furry said his company will likely engage in another round of financing within the next 24 months. Quadstone plans to recruit additional, U.S.-based venture capital firms for the round, Furry said.