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Calastone raises $18m from Accel Partners, Octopus

11 Sep 2013

dollar_money_currency_170sqVenture capital firm Accel Partners has led an $18m investment round for cross-border transaction network Calastone to fund its global expansion plans.

Existing investor Octopus Investments also participated in the round.

The company said it will use the funds for product development and to expand globally with a focus on Asia Pacific and Europe.

Calastone’s network enables any party involved in the production, distribution or management of funds to transact electronically, regardless of size or location. It said it has enabled the industry to reduce its transaction costs by more than 60 per cent.

Over the past 12 months, Calastone has carried order value of more than $280bn and has doubled message volume year-on-year since its launch in 2007.

Head of the ventures team at Octopus Investments Alex Macpherson said, “We continue to be really impressed by the team at Calastone and are excited about the business’ next stage of growth.

“Since we first backed the team in 2008, Calastone has successfully established itself as a critical service to the mutual funds industry. We look forward to continuing to partner with the team as the business expands its services and develops internationally.”

Earlier this month Accel led a $30m Series B financing round for data security business CrowdStrike.

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