Axial Raises $14M to Scale Online Capital Market
Edison Partners Leads Series C for the Largest Network Connecting Private Companies to Capital for Growth Financing and M&A Transactions
NEW YORK, Aug. 3, 2016 /PRNewswire/ -- Axial, the largest online capital market enabling private companies to grow and succeed, today announced a $14 million growth financing round. Edison Partners led the Series C financing round, with existing major investors Comcast Ventures, First Round, and Redpoint Ventures participating as well. Steve McLaughlin, founder of Financial Technology Partners, advised Axial on the financing round.
The fundraising comes at a pivotal time of growth for the company, which closed 2015 with 51% in revenue growth and over $1b in closed transaction volume. The new investment brings the company's total funding to more than $34m. Axial will invest the proceeds in scaling the growth of its online capital market; developing new products for its member base; and expanding the organization's data, engineering, and business development teams.
"Axial's vision of a trusted, organized marketplace for every participant in the private capital markets is an important mission and represents a significant transformation from a disappointing status quo for dealmakers and entrepreneurs, both here in the U.S. and abroad," said Kelly Ford, Partner at Edison Partners. "As investors, we understand the challenge that comes with finding, connecting with, and being found by the most promising investment opportunities, particularly as markets grow larger, more fragmented, and more competitive. We're excited to be Axial's growth partner, working with the team to scale its unique professional network and transaction marketplace."
Since its launch in 2010, Axial's network has grown to include 11,000 capital providers and private companies who use its online capital market to identify, connect to, and close M&A and growth financing deals. In 2015, Axial's members signed over 11,000 non-disclosure agreements and closed 672 deals, representing $5.8b in revenue.
"Our true north is to dramatically transform how private companies access capital for growth or exit purposes. To do this, we must renovate the opaque, inefficient, and fragmented private capital markets, reconfiguring them to be in clear service to the CEO entrepreneur," said Axial founder and CEO, Peter Lehrman. "This round of financing enables us to continue making big investments that will move the private capital markets towards that ideal state."
To support the company's mission and in coordination with the financing round, Axial has added three senior leaders to the executive team with experience in software, entrepreneurship, and corporate finance:
- Howard Altman, VP of Engineering - Howard joins Axial after leading efforts to re-engineer TravelClick's core online hospitality marketplace and SaaS platforms. Prior to that, he spent seven years at Bridgewater Associates leading the technology teams behind the client services and marketing functions at the world's largest hedge fund.
- Giff Constable, VP of Product - With over 22 years in the software industry, Giff has sold three companies and helped build several VC-backed startups in both product and business development roles. His early career included two chapters as an investment banker executing middle-market M&A deals, as well as IPO advisory at Broadview/Jefferies.
- Debbie Stevens, VP of Revenue Operations - Debbie Stevens has over 20 years experience, focused on revenue-related operations roles at both start-up and enterprise technology companies. Prior to Axial, Debbie built her career and expertise at companies including Microsoft, AppNexus, and Risk Management Solutions.
Axial is also excited to announce the following growth milestones:
- Axial's 95 employees moved to a new headquarters on the 19th floor of 902 Broadway in the heart of New York's startup-centric Flatiron neighborhood.
- Axial has struck expanded partnerships with key organizations including leading CEO peer advisory network Vistage International and global content communications company R.R. Donnelley.
- Notable new Axial members in the last 12 months include Goldman's Specialty Lending Group, BBVA Compass, Vestar Capital Partners, Sun Capital Partners, Koch Industries, TransDigm Group Inc., Crestmark Bank, Oaktree Capital Management, Kainos Capital, and Perot Investments.
- Recent notable closed deals on Axial include Sterling Partners' growth equity investment in Surgical Solutions, Monroe Capital's provision of acquisition financing to American Mortgage Consultants, Inc., and Tennenbaum Capital Partners' financing of Cargojet Inc.
About Axial
Axial (www.axial.net) is the largest online capital market empowering the growth and success of private companies. Axial's dynamic search and matching technology confidentially connects middle market CEOs to a qualified universe of M&A advisors, lenders and buyers as they look to grow or exit their businesses. Today, the network includes over 22,000 professionals, and over 11,000 firms, that initiate 600 deals each month, representing over $1b in closed transaction volume annually.
Headquartered in New York, NY, Axial is backed by Comcast Ventures, Edison Partners, First Round and Redpoint Ventures. Axial is an Inc. 5000 fastest-growing company.
SOURCE Axial
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