Headquartered in London, cloud-based SaaS platform Cygnetise has secured £2.5 million in a pre-series A funding round. It was led by UK investment syndicate Adjuvo (which backed Zen Educate and Q-BOT) with participation from US VC Massive and existing VC and angel backers.
The over-subscribed round will facilitate the acceleration of the collaborative digital signatory management solution’s growth by further expanding the company’s sales and technology teams. Already live in over 40 countries, the funding will help the startup target further international and sector expansion and service rapidly growing demand.
Cygnetise CEO, Steve Pomfret, said, “We look forward to working with such high-calibre new partners. This is a huge milestone for Cygnetise and credit to the whole team for helping to get the company to this stage. The investment now enables us to move into our next expansion phase and accelerate our growth.”
Adjuvo CEO, Mark Foster-Brown, commented, “As many Adjuvo members know from personal experience, Authorised Signatory Management is a business-critical process for most companies worldwide and particularly in financial and legal services. Cygnetise is transforming this currently manual exercise with their digital blockchain technology, leading to increased efficiency, security and operational excellence. The need is both real and obvious, and so we are delighted to lead this round to support Steve and the team as they drive an ambitious growth strategy. We look forward to introducing them to our extensive network of British business leaders.”
Massive Managing Partner, David Mandell added, “Massive has spent a great deal of time evaluating blockchain and web3-based companies. We are convinced that Steve has built Cygnetise into an application where the use of blockchain has substantial and unique benefits and solves a globally persistent and complex business problem. We believe Cygnetise is well on its way to becoming the industry agnostic standard for signatory management, and will have opportunities from software infrastructure, and large enterprise resource planning companies who are looking to expand their investment in an important tech stack.”
Blockchain to transform Authorised Signatory Management
Founded by Steve Pomfret in 2016 in London, Cygnetise applies blockchain technology to transform the process of Authorised Signatory Management (ASM). The Cygnetise platform enables operations and finance departments to digitally manage and share authorised signatories, in real time, with their banks and other counterparties. Eventually, it makes the process more efficient, transparent, and secure. Also, it reduces the risk of fraud, transforms operations, facilitates business continuity, strengthens governance, dramatically increases efficiency, and cuts costs.
Cygnetise’s collaborative digital signatory management solution enables their customers full control of employee signing authority management at any time, dramatically increasing efficiency, cutting costs, and saving over 90% of the time spent on manual and paper-based tasks.
Since its debut, Cygnetise has continued to expand its global reach. It serves multiple clients, including PWC, Societe Generale, Willis Towers Watson, Charles Schwab, JTC, Raymond James, ADNOC, Evelyn and SEI.
