Information management specialist kVault Software of the UK has raised GBP9 million in its third round of funding by issuing Series A preference shares. Lehman Brothers European Venture Capital and Cazenove Private Equity led the financing round and were joined by Mosaic Private Equity and Greenaap Consulting Limited. Split into two tranches, kVault has so far received GBP5 million with the remainder payable in June 2002. However, this second payment is subject to certain conditions.
The latest funds will be used to grow the company’s sale and marketing operations and also to provide working capital.
The company was founded by Durlacher Corporation in November 1999 to purchase the core email management technology from Compaq Corporation.
Kvault’s second round of funding was completed in August 2000 by all of those involved in this funding round, except Lehman Brothers. This round of funding brings the total kVault has so far received to GBP16.1 million. Following this latest GBP9 million round, Durlacher will hold a 24 per cent stake in the company based on converting preference shares providing certain performance criteria are reached and before any dilution of option schemes.
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