European data transformation market disruptor bags $15.9m investment with help from ICON

November 23, 2023

ICON Corporate Finance, the Bristol-headquartered tech-focused investment bank, has advised a fast-growing Belgian automated data transformation company on its $15.9m (£13.1m) funding round as it prepares to enter the UK market.

Led by London-based Octopus Ventures, the investment will enable VaultSpeed to expand its strong international presence with a particular focus on the UK and US markets and to further develop the platform automation capabilities.

Launched in Belgium four years ago with seed investment from the Cronos Group and Fortino Capital, VaultSpeed has redesigned data transformation.

It not only handles data complexity through transformation but also consolidates the data into a comprehensive target data model, allowing data engineers to customise it according to their requirements in a matter of days and weeks as compared to traditional methods.

The firm is already offering its automation platform to global enterprises, particularly in finance, healthcare, and utilities sectors.

It has established strategic partnerships with Snowflake, Microsoft, and Databricks and has developed a network of 30-plus service partners to serve clients on a global scale.

Now, following two consecutive years of triple-digit revenue growth, it is primed to expand into new markets.

Octupus, one of the largest and most active venture capital investors in the UK and Europe, was joined in the funding round by new investor BNP Paribas Fortis Private Equity and existing investors Fortino Capital and PMV.

ICON Corporate Finance director Ben Kolada and partner Eddie Harding worked with VaultSpeed on the transaction.

Ben said: “We’re immensely proud to have advised the VaultSpeed team on this transformational funding round.

“The high-speed expansion VaultSpeed is experiencing is proof that the advanced automation capabilities of VaultSpeed’s data transformation platform are just what the market is asking for.”

Eddie added: “Furthermore, Octopus Ventures’ deep sector experience and extensive international network makes them the perfect investor to partner with VaultSpeed for the company’s next growth stage.”

ICON, which specialises in mergers and acquisitions and fundraising in the tech sector, was founded in Bristol in 1999 and has since opened offices in London and San Francisco and closed more than 250 deals.

Its recent deals have included advising Bristol-founded TravelLocal, the leading brand and online marketplace platform for tailor-made holidays, on its £8.3m Series B funding round.

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