FOR RELEASE July 23, 2013
C2FO Announces $18 Million Growth Funding led by Mithril
Mithril joins Union Square Ventures, Summerhill Venture Partners and OpenAir Equity Partners in backing Global Market for Working Capital.
July 23rd, 2013, Kansas City, Mo. – C2FO, the world’s largest market for working capital, announced today the closing of its $18 million growth round led by Mithril, a leading global technology investment firm based in San Francisco. Mithril was joined by existing investors Union Square Ventures, which led the company’s “B” round, along with Summerhill Venture Partners and OpenAir Equity Partners, which led the company’s “A” round.
“We were looking for a partner with a global reach and a strong presence in financial technology and market structure. Mithril brought this to the table and added the extra elements of keen product and tech understanding. We are delighted to have them with us as we continue to build our global platform,” said Alexander “Sandy” Kemper, C2FO founder and CEO.
“Technology is the key to solving the world’s most pressing challenges,” said Ajay Royan, founder and managing general partner of Mithril. “By enabling the flow of working capital to become more efficient and less expensive, C2FO has the potential to revolutionize business transactions, allowing for greater progress in a number of areas. Mithril’s goal is to help the world’s most outstanding creative minds build lasting companies that unlock powerful creative and economic potential, and we believe C2FO is one such company.”
The C2FO market helps companies across the globe collaborate with their supply chain in a live, web-based market to achieve accelerated cash flow and increased efficiencies in working capital management and profit. C2FO has delivered more than $4 billion in early cash flow and created more than $300 million in new market capitalization for its clients, which include Fortune 1000 companies across the globe.
C2FO® is the world’s market for working capital™ and risk-free profit. C2FO is the only working capital exchange that allows companies to optimize their working capital positions in a live marketplace. Companies across the globe use C2FO to increase their operating income while simultaneously producing vital working capital flows to their supply chain. C2FO is Collaborative Cash Flow Optimization. Learn more about C2FO at https://www.c2fo.com.
Mithril is a global technology investment firm based in San Francisco. Combining insights from technology, macroeconomics, and finance, Mithril is investing its $537.7 million inaugural fund in businesses that use technology to solve intractable problems, often in traditional sectors long overdue for innovation. Mithril is founded on the principle that a deep understanding of technology and markets allows for conviction in investing, irrespective of sector or geography. This conviction allows Mithril to truly partner for the long term, offering both strategic and financial support to companies as they build powerful and sustainable franchises worldwide. Peter Thiel, cofounder of PayPal, chairs Mithril’s investment committee. Mithril.com
About Union Square Ventures
Union Square Ventures (USV) is one of the leading venture capital firms investing in Internet and mobile Internet businesses. Located in New York City, USV backs passionate, experienced entrepreneurs who are focused on creating highly scalable services and significant value propositions for their end users. Over the past eight years, USV has been directly involved in the development of more than 40 companies and, through its principals’ prior firms, has participated in the launch of more than 120 companies. www.usv.com.
About Summerhill Venture Partners
Summerhill Venture Partners is an early stage venture capital firm focused on selected areas within the wireless, digital media, and information technology sectors. Summerhill currently manages a US$175 million fund from their offices in Boston and Toronto. Their management team has a successful track record dating back to 1993 of investing in and helping its entrepreneurs turn innovative ideas into world-class companies. www.summerhillvp.com
About OpenAir Equity Partners
OpenAir Equity Partners is a venture capital and private equity firm focused on wireless communications and Internet technology. The team is composed of wireless pioneers and experts who couple their industry expertise with savvy and sound investment acumen. www.openairep.com