Vindicia Nets $20 Million in Series E Financing
Nov. 11, 2010
Vindicia, Inc., a provider of payment services for online merchants, recently announced it has secured $20 million in a fifth round of financing led by new investor FTV Capital. Vindicia said it will use the proceeds of the most recent round of funding “to further expand its sales, services and marketing teams.” Existing investors Bertelsmann Digital Media Investments, DCM and ONSET Ventures also participated in the round. As a result of FTV’s involvement, Eric Byunn, one of the venture firm’s partners, has joined Vindicia’s board of directors. Byunn brings expertise in digital content and services and held prior roles at myCFO and Netscape. “Vindicia is the clear leader in a rapidly growing market, offering a highly differentiated solution that delivers demonstrable ROI by understanding the relevance of billing and payments to the sales and marketing efforts of digital merchants,” said Byunn. “The company has a highly talented management team and a robust technology platform, and has proven it can successfully innovate and execute to serve the sophisticated billing and subscription needs of its clients.” The most recent investment brings the total raised by Vindicia to $41 million.