Mitigram Raises $11M in the Latest Funding Round to Accelerate the Firm’s Growth
- Fundraising News
- 06.06.2023 11:55 am
Mitigram, the leading digital platform in global trade financing, today announces it has secured an additional $11m from its latest funding round, bringing the total amount raised to $38m.
In 2014, Mitigram launched the world’s first digital exchange in global trade financing. Its advanced and interoperable digital platform is designed for corporations and financial institutions to price check and execute risk cover and financing transactions in cross-border trade. Current clients include Louis Dreyfus Company, Bridgestone, Vale, Ericsson, ArcelorMittal, Trafigura, Siemens Healthineers and over 150 banks.
The investment will enable Mitigram to move into its next phase of growth, executing its product roadmap, maximising the Software as a Service opportunity and drive further competitive advantage through network scaling.
As part of the firm’s next chapter, Milena Torciano will be stepping down as CEO to take on a new role as Founding Partner of a new private equity impact fund. Milena will remain a key member of the company board.
Malin Bäcklund, CEO of Moor Holding will take on the role of CEO on an interim basis.
Milena Torciano, Former CEO of Mitigram, comments: “We founded Mitigram with the mission to open up a closed market, and to streamline and augment global trade and I am incredibly proud of the tremendous growth that we have achieved since I joined six years ago. Today, we are trusted by more than 300 multinational corporations, leading commodity traders and financial institutions, and have facilitated $100bn+ in flows currently across 185 markets. This investment is an excellent opportunity to further build on the strong foundations we have established, and to deliver best practice for digitalized trade finance.”
Malin Bäcklund, Interim CEO of Mitigram, comments: “The lack of connectivity is trade finance’s biggest cost. Around 4 billion paper documents are manually generated, checked and transported in trade each year, which creates the perfect storm for high operating costs and a spiraling lack of control. At Mitigram, we are passionate about closing the gap that is estimated to cost the industry $4tn in total each year. This new funding round will allow us to continue doing exactly that.”
In addition, Kaj Head, an experienced entrepreneur and investor within the finance sector, joins as Chairman of the board, providing strategic guidance for the company’s financial objectives.
Kaj Hed, Chairman of Moor Holding and Mitigram, adds: “I am thrilled to be joining Mitigram at what is such an exciting time for the company. Mitigram is already the first market network by scale and the most interoperable trade finance platform by design, but with addition of fresh capital and the expertise of our global team, we are confident in our ambitions to be the number one network for trade finance professionals worldwide.
We express our gratitude to Milena for her outstanding contributions to Mitigram over the past six years, and wish her all the very best for her next adventure.”