FiREapps, the leading provider of on-demand foreign exchange exposure management software solutions, has raised $8.75 million in new funding, including $7.5 in VC funding from Trilogy Equity Partners and return investor Ignition Partners, plus an additional loan facility from Silicon Valley Bank.
Under terms of the agreement, Trilogy's Charles Stonecipher has joined parent company Rim-Tec's board of directors. FiREapps also announced new key customers of the FiREapps solution, including CommScope, SPX, Plantronics and PharmaNet.
"At a time of unprecedented market uncertainty, FiREapps' ability to expand its customer base and secure investment to further expand its market presence is a testament to the strength of our offering," said FiREapps CEO Wolfgang Koester. "Our partnership with Trilogy Equity Partners, combined with our ongoing relationship with Ignition Partners, as well as Silicon Valley Bank, and the growing number of industry-leading companies who have embraced our solution, supports our firm belief that we offer the right product at the right time for companies who need to manage economic and accounting risks, reduce costs and preserve liquidity."
"Our organization scrutinizes hundreds of business opportunities, and FiREapps struck us as one that is uniquely positioned to flourish in today's economic climate," said Chuck Stonecipher, director, Trilogy Equity Partners. "FiREapps has delivered a proven solution to the marketplace that provides companies with a critical element in their struggle to manage foreign exchange risks at a time of unprecedented volatility. We are excited to invest in a company that offers proven, on-demand solutions to help organizations protect corporate value at a time when uncertainty is plentiful and credit is scarce."
Stonecipher joins former Microsoft CFO and current partner at Ignition Partners John Connors on the FiREapps board of directors.
"Managing foreign exchange risk is one of the toughest jobs in finance," said Connors, "For treasury organizations forced to do more with less, FiREapps provides the only solution that will reduce their FX risks while simultaneously lowering costs. The success they have accomplished during a period of economic challenges continues to build on our excitement and optimism."
An additional loan facility from Silicon Valley Bank provides FiREapps with additional cash to continue the expansion of its customer base.
"At a time when the market as a whole is sensitive to risk, we remain dedicated to our clients' success and are excited to provide FiREapps the financial resources it needs to address the risk of foreign currency exposures for multinational corporations," said Cindy Buell of Silicon Valley Bank's Phoenix office.