Acumatica, a provider of cloud-based ERP solutions for SMBs, announced yesterday that it has raised $10 million in a Series C funding round led by Runa Capital and Almaz Capital, two Moscow-headquartered venture funds operating internationally.
Almaz had already taken part in the startup’s first round back in 2009, while another round took place in 2011, led by Visma, a portfolio company of major global investment firm KKR.
“Acumatica is on a record growth trajectory,” said CEO Yury Larichev. “We are on track to grow 350% again this year. This new funding round will boost our all-up brand and product efforts as we become the top cloud ERP solution for SMBs.”
Alexander Galitsky, co-founder and managing partner of Almaz Capital, believes that the startup could “grow to more than a billion in revenue in less than 10 years.”
A startup with Russian origins launched in 2007, Acumatica is headquartered in Kirkland, USA, with offices in Washington DC, Moscow and Singapore. It offers secure, browser-based ERP solutions for accounting, distribution, CRM and project management. Acumatica also works with partners to build vertical solutions on its Acumatica Studio platform or white label its technology. Acumatica is currently sold through a growing list of OEM partners that includes Visma in the Nordic countries and the Netherlands and MYOB in Australia and New Zealand.
Runa Capital founder Serguei Beloussov is also Acumatica’s co-founder and board chairman.
