Luxembourg fintech Next Gate Tech has raised €8m in a new funding round led by the Corporate Venture Capital unit of Deutsche Börse Group.
The funds, which were also raised with the continued support of existing investors; NewAlpha Asset Management, Volta Ventures, Expon Capital, and Seed X, are expected to accelerate the development of the firm’s data management, insights and analytics solutions which help asset managers and fund administrators and depository banks streamline processes, improve efficiency and reduce costs.
“We are excited to have Deutsche Börse, an innovative international exchange organisation, as our lead investor, and we are grateful for the continued support of our existing investors,” CEO Davide Martucci said, adding: “The new funding will enable Next Gate Tech to enhance its products and services further and expand its reach to new markets.”
The news comes six months after Next Gate Tech announced a partnership with fund-level data management and regulatory reporting firm fintech Kneip, which is also a data franchise of Deutsche Börse Group’s Fund Service. The partnership enables financial services to streamline their fund distribution and regulatory reporting processes.
“This investment by our parent company Deutsche Börse Group cements our partnership with Next Gate Tech. The logic of it is to add more value to our clients on the back of delivering both exceptionally high-quality data and bigger coverage of their value chain. This makes us unique,” said Kneip CEO Enrique Sacau, who is joining the board of Next Gate Tech following the investment of Deutsche Börse Group.
Next Gate Tech, which was founded in Luxembourg in 2019, now has offices in London. Its Saas platform provides smart data management, generating calculations to oversee delegates, analyse investment behaviour, compare performance and generate risk-based metrics.
In June 2022, it closed a €5m funding round led by NewAlpha Asset Management. Added to the total funds raised reported by Crunchbase, this brings total funds raised to close to €17m.