ApprovalMax Secures $10M Investment from Yttrium for Growth Expansion
Deal News | Nov 13, 2024 | CMS Law
ApprovalMax, a cloud-based platform that automates accounts payable and receivable processes, has successfully secured a $10 million growth investment in its latest funding round, with European growth equity firm Yttrium as a key investor. This investment follows a secondary sale as well and marks a significant milestone as the company previously relied on self-funding. CMS Law, which counts ApprovalMax as an alumni of its legal accelerator program equIP, advised on the deal. The collaboration between ApprovalMax and CMS, particularly with CMS Corporate Partner Tom Jameson, has been notably productive, providing them with expertise and strategic advice throughout the transaction process. Co-founded in 2018 by Konstantin Bredyuk, Helmut Heptner, and Peter Volynsky, ApprovalMax aims to use this capital infusion to expand its engineering and product teams and increase its global presence.
Sectors
- Financial Technology (FinTech)
- Legal Services
- Investment
Geography
- Europe – Yttrium is a European growth equity firm involved in the investment, and CMS Law operates several offices across Europe.
- Global – ApprovalMax plans to use its funding to increase its global reach, emphasizing its broadened presence worldwide.
Industry
- Financial Technology (FinTech) – ApprovalMax is a cloud-based platform that specializes in automating financial processes such as accounts payable and receivable, positioning it within the FinTech industry.
- Legal Services – CMS Law is the legal advisor involved in the transaction, aiding ApprovalMax in their funding round.
- Investment – Yttrium, a European growth equity firm, is the investor providing the growth funds to ApprovalMax.
Financials
- USD 10 million – Amount raised by ApprovalMax in growth investment funding round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ApprovalMax | Target | Company | A cloud-based platform that provides comprehensive internal financial controls, founded in 2018 by Konstantin Bredyuk, Helmut Heptner, and Peter Volynsky. |
| Yttrium | Investor | Company | European growth equity firm investing $10 million in ApprovalMax's growth round. |
| CMS Law | Legal Advisor | Company | Provided legal advice to ApprovalMax during its growth investment round, with Tom Jameson as the leading partner. |
| Tom Jameson | Corporate Partner | Person | CMS Corporate Partner advising ApprovalMax on their investment transaction. |
| Konstantin Bredyuk | CEO and Co-founder | Person | Co-founder and CEO of ApprovalMax, expressing satisfaction with the guidance from CMS. |