Scottish Equity Partners leads $35 million growth funding for Tyk



Scottish Equity Partners (SEP) has led a $35m equity funding round for London-based Tyk.

The Application Programming Interface (API) management solution helps build mission-critical systems in highly-regulated industries such as financial services, healthcare and government.

It is used by enterprises such as Societe Generale, Starbucks and Domino’s.

The SEP investment, alongside existing investor MMC Ventures, was led by partner Keith Davidson, director Martin Brennan and principal Taylor Rampton.

Davidson will join the Tyk board as a non-executive director.

The investment will accelerate development of Tyk’s open-source API and service management platform.

The company is planning to double its headcount within the next 12 months, expanding its UK team and its presence in the US to the West Coast, alongside new offices in Germany, Australia and New Zealand.

The remote-first organisation has employees based in more than 26 countries across six continents and allows staff to work from wherever they want, when they want.

In 2019, the company raised $5.5m in a round led by MMC Ventures.

James Hirst, chief operating officer and co-founder of Tyk, commented: “The funds will be used to continue disrupting the software industry by providing innovative solutions that empower our clients’ teams and put developers firmly in the driving seat when it comes to building and managing new products and services.”

Martin Brennan, director at SEP, added: “Martin and James have built a world-class team and the addition of this new capital will enable Tyk to accelerate the growth of its API management platform, particularly around the GraphQL focused Universal Data Graph product that launched earlier this year.”

See also  Christmas: The mail order pioneer who started a billion-pound industry

Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here