Andreessen Horowitz leads Israeli Saas platform Capitolis’ $90m round

Israel-based Capitolis, whose SaaS platform enables financial institutions to optimise their resources, closed a $90m Series C funding round led by Andreesen Horowitz’s a16z.

The funding round, which included participation from existing investors Index Ventures, Sequoia Capital, S Capital, Spark Capital, SVB Capital, Citi, J.P. Morgan and State Street, brings Capitolis’ total funding to date to $170m.

Capitolis intends to use the funds to drive further innovation in its technology and product development, bolster customer support and sales as well as grow its team.

Led by Gil Mandelzis and Tom Glocer, Capitolis enables banks, asset managers and hedge funds across the market ecosystem to free up and efficiently allocate capital in line with the constantly changing regulatory landscape and has the potential to materially impact returns on capital, market liquidity and access to markets.

More than 75 financial institutions, as well as a host of hedge funds and asset managers, currently leverage its technology, it claimed. Capitolis also said it grew its revenue run rate sixfold in 2020.

Furthermore, Capitolis experienced a 230% increase in the number of users of its platform since 2019. To date, the startup has optimised $9tn worth of gross notional balances.

Mandelzis said, “Just as Airbnb has brought more capacity to the lodging industry, Capitolis is bringing meaningful additional balance sheet, capital and financing capacity to the market that is structurally and meaningfully constrained to create healthier, more vibrant and growing financial markets.”

Echoing a similar sentiment, partner at a16z Alex Rampell said, “What sets Capitolis apart from other financial services players is the sheer scale of management’s ambition and the substantial talent, technology and capital milestones they have achieved in bringing their innovative services to market.”

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