Scytl Funding, Investors & Competitors

Scytl has raised $117M across 4 funding rounds, most recently a $13M Series D in February 2017.

See full Scytl profile

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

Scytl Overview

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

SpainBarcelona

Website

scytl.com

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

Scytl funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2017Series DAdams Street Partners; Industry Ventures; Nauta Capital; Vulcan Capital; Sapphire Ventures; Vy Capital; Telefónica Innovation Ventures$13MScytl 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 2014Series CIndustry Ventures (lead); Adams Street Partners; Vy Capital$44MScytl 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 2014Series CSapphire Ventures (lead)$20MScytl 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 2014Series CVulcan Capital (lead)$40MScytl 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

Investors in Scytl by funding rounds participated
InvestorHQRoundsRoleFirst check
Adams Street PartnersUnited StatesChicago, IL2ParticipantAug 2014
Industry VenturesUnited StatesSan Francisco, CA2LeadAug 2014
Vulcan CapitalUnited StatesSeattle, WA2LeadApr 2014
Sapphire VenturesUnited StatesAustin, TX2LeadJul 2014
Vy CapitalUAEDubai2ParticipantAug 2014

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Acquisitions 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

Akira Systems
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 CountryUnited Kingdom
HQ City
London
Deal Date7 Oct 2014
Valuation$3M
EV/Revenue
EV/EBITDA

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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

Civiciti
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 CountrySpain
HQ City
Barcelona
Deal Date24 Feb 2016
RoundSeries A
Raised$38M
InvestorsWayra Chile; Telefónica Innovation Ventures
Valuationundisclosed
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to Scytl
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ReportwellUnited StatesIndianapolis, INPrivate--$7M-
NuixAustraliaAustraliaPublicly listed$158M$33M$434M2.1x
Objective Corp.AustraliaAustraliaPublicly listed$85M$33M$414M3.7x
Fujian Rongji SoftwareChinaChinaPublicly listed$71M$8M$584M-
GoviniUnited StatesWashington, DCPrivate$100M-$1B10.0x
Second Front SystemsUnited StatesWilmington, DEPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Palantir$4.5B$1.5B92.6x58.1x285.0x97.4x
Constellation Software$12B$2.5B4.0x3.5x18.5x12.9x
Tyler Technologies$2.3B$543M6.2x5.8x26.6x20.4x
Indra Sistemas$6.3B$695M2.0x1.6x17.7x12.1x
TechnologyOne$426M$182M15.4x13.7x36.1x30.8x
Topicus$1.8B$393M3.4x3.0x15.3x10.6x
Parsons$6.4B$543M1.0x1.0x11.8x11.7x
Cellebrite$476M$79M5.4x4.8x32.3x17.3x

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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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