SaaS provider for asset allocation T-REX gets claws on $40m

T-REX Group, a SaaS provider for the asset-backed financing industry, has closed its Series C round on $40m.

Riverstone Holdings and Riverstone affiliates led the round, with participation also coming from existing shareholders Citi, ClearSky, Westly Group, Viola FinTech and the Partnership Fund for New York City.

Following the close of the investment, T-REX will become part of Riverstone’s Decarbonization Growth Equity platform.

T-REX was created to solve the absence of modern technology to power complex asset finance and the need for tools to accelerate investment into energy transition, its founder and CEO Benjamin Cohen said.

He added, “Over the last several years, not only has the demand for each of these solutions grown, but the needs they address have converged. As we continue to evolve our offering to meet this environment, partnering with Riverstone accelerates our efforts to modernize finance while putting investments in decarbonization on par with more mature assets classes.”

Its platform combines asset class expertise and critical data management capabilities, to offer a platform for deal structuring, cash flow modelling, scenario analysis, real-time performance tracking and reporting. It claims its service empower institutions to increase allocations into sustainable and decarbonisation-related assets.

As part of the investment, Riverstone managing director Cynthia Kueppers will join the T-REX board of directors.

Kueppers said, “The transition to a low-carbon economy requires an unprecedented amount of financing into sustainable infrastructure over the next two decades, and we believe T-REX is an important enabling technology that helps unlock that capital. We are excited to partner with and support Benji and his team to facilitate capital flows into the full spectrum of decarbonization projects, from wind and solar to smart-meters to other asset classes that have yet to be created,”

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