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Kyriba secures second round $10.3m

The French software firm has closed 2nd round thanks to some heavyweight investors including GRP, American Express and Commerzbank.

Kyriba Corp. has announced the closing of second round funding totalling $10.3m from a new investor group led by GRP as well as American Express Company, BIH, an investment arm of Commerzbank AG and Mangrove Capital Partners. Additional interest also comes from existing investor XRT S.A. through its investment arm Cerg Finance Benelux.

“This round of funding validates Kyriba's technology and business model. It gives the company the resources and partners it needs to position itself as a provider of ‘must have’ financial software solutions to financial institutions,” said Nathaniel Fraiberger, President and CEO of Kyriba Corporation.

GRP is a venture capital fund based in Los Angeles, London and Munich which invests in technology start-ups and early-stage companies in the US and Europe.

Kyriba develops and operates a web-based platform for the distribution of financial applications to banks and corporate finance departments.