InvGate, a SaaS solution with global operations at the intersection of IT Service Management (ITSM), IT Asset Management (ITAM), and Enterprise Service Management (ESM), announced today that it has raised a growth round of US$35 million led by Riverwood Capital, a global leader in investing in high-growth technology companies, with participation from Endeavor Catalyst.
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According to a press release, the invested capital and active partnership with Riverwood will enable the company to accelerate its global expansion plan and increase investments in its product platform.
InvGate’s technology is used by large and medium-sized companies in banking, mass consumer, health, education, services, and other sectors in over 55 countries. Some of its clients are the United States Army, NASA, Globant, KPMG, Toyota, Arcos Dorados, and Grupo Coppel.
Ariel Gesto, Co-Founder and CEO of InvGate, stated:
“Over the last decade, we have built a modern, flexible, and disruptive software platform that combines IT Service Management and IT Asset Management into a unified solution, with an obsessive focus on helping our customers streamline and automate their internal and IT operations. We started serving leading companies in Latin America, and then expanded globally to the United States, Europe, and the Middle East with a growing number of international clients requiring a superior alternative to complex and costly ITSM providers.”
Meanwhile, Francisco Alvarez-Demalde, Co-Founder and Managing Partner of Riverwood Capital, explained:
“Riverwood has been solely focused on investing in proven high-growth technology companies since 2008, and we are excited about the attractiveness and size of the opportunity in the current market for a company like InvGate. The team has built a unique, flexible, and profitable SaaS product, with modern features, that caters not only to ITAM and ITSM needs, but extends to other business functions, driving greater productivity and ultimately a better customer experience. We are thrilled to be their partner, joining them to revolutionize the sector and grow their customer base worldwide.”
InvGate’s solutions span IT service management, asset management, help desk, and cybersecurity operations, providing a holistic approach to managing and optimizing critical business functions. InvGate’s solutions include:
InvGate Service Desk, an ITSM system that enables IT teams to apply best practices for managing requests and incidents within their organization.
InvGate Insight, an IT asset management tool that serves as a centralized space for visibility of all the technology and fixed assets of an organization, facilitating support, security policy compliance, and financial planning.
This is the first institutional funding round since InvGate was founded in 2009 and after a year-on-year growth of 60%.
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Why is it relevant for SaaS and IT management service VCs?
- InvGate’s 60% year-on-year growth indicates a strong product-market fit and a potential high return on investment.
- InvGate has considerable market influence. This positioning translates into investment opportunities in secondary sectors influenced by IT innovations.
- The company’s investment in cutting-edge automation and AI-based functions is attractive to potential tech-focused investors.
Why is it relevant for SaaS and IT startups?
- Solid financial backing not only provides the necessary resources for growth but also boosts credibility in the market.
- It illustrates the potential benefits of tapping into new markets.
- The emphasis on advanced automation and AI-based functions underscores the importance of continuous innovation in product development. A recent report from ALLVP informs that 93% of companies plan to implement Artificial Intelligence in the future.