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- Scytl
Scytl Funding, Investors & Competitors
Scytl has raised $117M across 4 funding rounds, most recently a $13M Series D in February 2017.
Last Scytl funding round
$13M
Series D · Feb 2017
Cumulative funding Scytl raised
$117M
across 4 funding rounds
Key investors in Scytl
Sapphire Ventures
Vulcan Capital
Industry Ventures
Adams Street Partners
Vy Capital
Nauta Capital
Telefónica Innovation Ventures
About Scytl
Scytl is a Barcelona-headquartered leader in electronic voting solutions used in over 100,000 events across 35 countries including Canada, USA, France, and Australia. Founded in 2001, it holds more than 40 international patents for secure cryptographic protocols ensuring auditability. Offices span Europe, Americas, Asia, and Middle East with deployments for national elections and corporate votes.
Founded
2001
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Subscription
Scytl Funding History
Scytl has raised a total of $117M across 4 funding rounds.
Scytl's first fundraising round was a $40M Series C in April 2014. The most recent completed round was a $13M Series D in February 2017.
Scytl funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2017 | Series D | Adams Street Partners; Industry Ventures; Nauta Capital; Vulcan Capital; Sapphire Ventures; Vy Capital; Telefónica Innovation Ventures | $13M | Scytl is a Spanish election technology company founded in 2001 that specializes in electronic voting systems and electoral modernization software. The company achieved profitability in 2006 and reported 70% annual revenue growth in 2014. According to available sources, Scytl raised a major $104 million funding round in 2014 from investors including Vulcan Capital, Sapphire Ventures, Vy Capital, Adams Street Partners, and Industry Ventures, with Paul Allen (Microsoft co-founder) contributing $40 million. By 2017, Scytl employed approximately 600 people with roughly one-third based in Barcelona. However, the company faced significant financial difficulties and initiated bankruptcy proceedings on May 11, 2020, citing debts exceeding €75 million, ultimately leading to asset liquidation through court auction. |
| Aug 2014 | Series C | Industry Ventures (lead); Adams Street Partners; Vy Capital | $44M | Scytl is a Spanish electronic voting and election technology company founded in 2001, growing from a cryptography research project at the Autonomous University of Barcelona. In 2014, the company raised $104 million in multiple funding rounds from investors including Vulcan Capital, Sapphire Ventures, Vy Capital, Adams Street Partners, Industry Ventures, and notably Paul Allen (Microsoft co-founder), who invested $40 million that year. The company reported 70% annual revenue growth in 2014 and had become profitable in 2006. Scytl provided election technology services globally, including managing real-time electoral projections and results consolidation for the European Parliament Elections in May 2014 across all 28 EU Member States. The company's trajectory changed significantly in 2020 when it initiated bankruptcy proceedings facing debts exceeding €75 million, ultimately being acquired by the Paragon Group subsidiary Service Point Solutions (later renamed Innovative Solutions Ecosystem) in October 2020. |
| Jul 2014 | Series C | Sapphire Ventures (lead) | $20M | Scytl is an electronic voting and election modernization software company founded in 2001 and based in Barcelona. The company provides secure online voting platforms and web tools covering the complete election process from voter registration to election night reporting, serving governments in over 35 countries across 15 office locations. Scytl had been profitable since 2006 and reported average revenue growth of 70% per year as of 2014. In August 2014, Scytl closed a $104 million Series C funding round, the company's first significant capital raise since a $9.2 million Series B in 2010. The round included investments from Vulcan Capital ($40 million in April), SAP Ventures ($20 million in July), and a $44 million tranche from Vy Capital, Adams Street Partners, and Industry Ventures in August. The funding was intended to accelerate research and development and support strategic growth plans, with management reportedly targeting a 2016 NASDAQ IPO. |
| Apr 2014 | Series C | Vulcan Capital (lead) | $40M | Scytl is a Barcelona-based electronic voting company founded in 2001 that provides software and web tools to modernize voting and election processes. The company's platform covers the entire election lifecycle, from planning and voter registration to online voting and election night reporting, and serves customers in more than 35 countries with offices in 15 cities. In April 2014, Scytl received a $40 million investment from Vulcan Capital, the investment firm managing Microsoft co-founder Paul Allen's fortune. This investment was part of a larger $104 million Series C financing round that closed in August 2014, with additional capital from SAP Ventures ($20 million in July) and a final tranche of $44 million from Vy Capital, Adams Street Partners, and Industry Ventures. The company had been profitable since 2006 and reported average revenue growth of approximately 70% per year. Prior investors Balderton Capital, Nauta Capital, and Spinnaker Invest remained significant shareholders. The $104 million in new capital was designated primarily for R&D efforts and strategic growth plans, with reports indicating Scytl intended to pursue a NASDAQ IPO in 2016. |
Who has invested in Scytl?
7 investors have backed Scytl across its funding rounds, including Sapphire Ventures, Vulcan Capital, Industry Ventures, Adams Street Partners, Vy Capital and Nauta Capital.
Lead investors include Industry Ventures, Sapphire Ventures and Vulcan Capital.
Scytl Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Aug 2014 | ||
| 2 | Lead | Aug 2014 | ||
| 2 | Lead | Apr 2014 | ||
| 2 | Lead | Jul 2014 | ||
| 2 | Participant | Aug 2014 | ||
This data is available for Pro users. Sign up to see all 7 Scytl investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Scytl
Scytl has acquired 1 company to date.
Last acquisition by Scytl was on October 7th 2014. Scytl acquired Akira Systems for $3M.
Latest Acquisitions by Scytl
| Description | Akira Systems is an IT services provider offering systems engineering, integration, and program management for healthcare, government, wireless, and SMB sectors. The company handles requirements gathering, design, build, integration, maintenance, and upgrades of state-of-the-art systems. Founded in 2003, it emphasizes industry-specific expertise and collaborative partnerships. |
| HQ Country | |
| HQ City | London |
| Deal Date | 7 Oct 2014 |
| Valuation | $3M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Scytl acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Scytl
Scytl has invested in 1 company to date.
Latest investment by Scytl was on February 24th 2016. Scytl invested in Civiciti in their $38M Series A round.
Latest Investments by Scytl
| Description | Civiciti is a participatory democracy platform enabling citizens, public administrations, and organizations worldwide to discover, discuss, and decide on local issues. It employs advanced data encryption and immutable logging for secure, auditable engagement. The Spain-based tool strengthens relationships between communities and elected leaders through structured online forums and voting. |
| HQ Country | |
| HQ City | Barcelona |
| Deal Date | 24 Feb 2016 |
| Round | Series A |
| Raised | $38M |
| Investors | Wayra Chile; Telefónica Innovation Ventures |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Scytl investments and their VC round multiples. Start Free Trial | |
Scytl Competitors
Scytl competitors include listed companies like Nuix, Objective Corp. and Fujian Rongji Software, and private ones like Reportwell, Govini and Second Front Systems.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $7M | - | ||
| Publicly listed | $158M | $33M | $434M | 2.1x | ||
| Publicly listed | $85M | $33M | $414M | 3.7x | ||
| Publicly listed | $71M | $8M | $584M | - | ||
| Private | $100M | - | $1B | 10.0x | ||
| Private | - | - | $785M | - |
Scytl Public Comps
Scytl is still privately-owned, but its public comps include Palantir, Constellation Software, Tyler Technologies, Indra Sistemas, TechnologyOne, Topicus, Parsons, Cellebrite, Blackbaud and Secunet.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.5B | $1.5B | 92.6x | 58.1x | 285.0x | 97.4x | |||
| $12B | $2.5B | 4.0x | 3.5x | 18.5x | 12.9x | |||
| $2.3B | $543M | 6.2x | 5.8x | 26.6x | 20.4x | |||
| $6.3B | $695M | 2.0x | 1.6x | 17.7x | 12.1x | |||
| $426M | $182M | 15.4x | 13.7x | 36.1x | 30.8x | |||
| $1.8B | $393M | 3.4x | 3.0x | 15.3x | 10.6x | |||
| $6.4B | $543M | 1.0x | 1.0x | 11.8x | 11.7x | |||
| $476M | $79M | 5.4x | 4.8x | 32.3x | 17.3x | |||
This data is available for Pro users. Sign up to see all Scytl competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Scytl
| When was Scytl founded? | Scytl was founded in 2001. |
| Where is Scytl headquartered? | Scytl is headquartered in Barcelona, Spain. |
| Is Scytl publicly listed? | No, Scytl is a private, VC-backed company. |
| How much funding has Scytl raised? | Scytl has raised $117M across 4 funding rounds. |
| What was Scytl's last funding round? | Scytl's last funding round was a $13M Series D in February 2017. |
| Who are Scytl's investors? | Scytl's investors include Adams Street Partners, Industry Ventures, Vulcan Capital, Sapphire Ventures, Vy Capital, Nauta Capital and Telefónica Innovation Ventures. |
| Which companies are comparable to Scytl? | Companies comparable to Scytl include Reportwell, Nuix, Objective Corp., Fujian Rongji Software, Govini and Second Front Systems. |
| How many companies has Scytl acquired? | Scytl has acquired 1 company, including Akira Systems. |
| What was the largest acquisition by Scytl? | The $3M acquisition of Akira Systems in October 2014 is the largest acquisition Scytl has made to date. |
| How many companies has Scytl invested in? | Scytl has invested in 1 company, including Civiciti. |
| What was Scytl's last investment? | In February 2016, Scytl invested in Civiciti's $38M Series A alongside Wayra Chile and Telefónica Innovation Ventures. |
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