The Corporate team at Mackrell Turner Garrett, an award-winning mid-tier firm based in London, has assisted the shareholders of Rimilia Holdings Ltd with its growth funding of $25 million.
The Bromsgrove-based tech company is currently leading the way in automating the cash matching and credit collection process with its Alloc8 Cash and Alloc8 Collect products.
The system uses machine learning to help companies match invoices to payments received in real-time, reducing the need for manual work. It already has an extensive client list, which includes the likes of Avis, Hitachi, Santander and Travis Perkins.
With the help of the experienced team at Mackrell Turner Garrett the company has now completed a funding round that was co-led by Kennet Partners and Eight Roads Ventures, which has resulted in the significant investment.
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Mackrell Turner Garrett’s team was led by corporate partner Maung Aye, supported by solicitor, Mohit Pasricha and employment partner, Donna Martin.
Rimilia will now use the funding to expand further into Europe and the US, while also doubling the size of its team.
Chris McGibbon CEO of Rimilia said “The team at Mackrell Turner Garrett were superb to work with. The thoroughness and quality of their approach coupled with the personal way that they engaged with us meant that we were kept informed all the way through the transaction and our interests were always at the forefront of their considerations. Great team and a great result!”
Speaking about the transaction, Maung said: “Rimilia is a real British success story and I am glad that we were able to play some part in this successful round of funding.
“Rimilia quite clearly has a bright future ahead of it. I would like to congratulate them on this achievement and wish them the best of luck with their ongoing expansion.”