London-based Pactio raises €12.9 million Series A to supercharge private equity workflows
Summary
High-profile private equity industry insiders and tech angels also participated in the oversubscribed round, including former Stripe Europe CEO Matt Henderson and Volt founder Tom Greenwood. Eric Heimark, Co-Founder and Chief Executive Officer at Pactio, commented: “Private markets are evolving into one of the largest and most complex asset classes in the world, yet this progress is being impeded by reliance on manual workflows and a tech stack that’s 30 years out of date. Investment teams deserve better: digital transformation can dramatically elevate the quality of work, reduce risk, and expand ownership in the private markets industry.” Navigating this complexity presents a new challenge for firms seeking to maintain a competitive edge, especially when they don’t have the right toolkit. Closing a transaction currently involves a precarious distribution of highly manual, error-prone workflows across a number of legacy applications and teams of investors, tax advisers, lawyers and fund administrators. With strong endorsements from both its industry network and its investor base, Pactio will channel the proceeds of its Series A round to expand the reach of its digital infrastructure and scale its world-class team, which combines former private markets professionals and expert technologists with deep fintech and machine learning expertise.