Fineos, a Dublin-based tech firm that develops software for insurance companies, has pulled in A$40m (€24m) in its latest funding round.
The capital commitments consist of $35m fully underwritten from institutional investors and a further 'conditional' $5m invested by Fineos founder and CEO Michael Kelly which will be subject to shareholder appreoval at the company's AGM at the end of the year.
According to Fineos, which is listed in Sydney, the funds will be used to strengthen the firm's balance sheet and to provide extra working capital.
“The placement proceeds significantly strengthens our capital position and provides Fineos with the financial flexibility to deliver on our growth strategy,” said Kelly. “We thank our security holders for their strong support of Fineos.”