EGAR Technology Gets $2.5 Million in First Venture Round
Sep 23, 2002
MOSCOW EGAR Technology, which provides financial application software development and customization, said it has raised $2.5 million in its first venture round of funding.
International Finance Corp. (IFC), contributed $1.5 million and led the round, while Delta Capital Management provided $1 million. The proceeds from this round will be used for sales and marketing, product development, and geographic expansion into Europe. The funding is expected to last between 18 and 24 months. EGAR has been cash-flow positive for two years.
In addition to the funding, Kirill Dmitrev, investment manager at Delta Capital Management, has taken a seat on the board of directors. IFC also has the right to appoint a board member. Existing board members include co-founder and CEO Ravi Jain; Mike Aiken, former head of business development at EGAR; and Gena Ioffe, co-founder, CTO, and chief strategist at EGAR.
EGAR's current offerings include Focus, a trading and risk management system that offers pricing, reporting, and risk-management features that support businesses trading of over-the-counter and exchange-traded derivatives, swaps, equities, metals, bonds, repos, commodities, and money market instruments.
Focus can be configured as a stand-alone desktop system for small trading firms or is scalable for multi-user and multi-site system needs. EGAR previously raised $500,000 from Midland Trading. The company has 138 employees in Moscow and New York and plans to add 25 more by year's end. http://www.egartech.com.
International Finance Corp. (IFC), contributed $1.5 million and led the round, while Delta Capital Management provided $1 million. The proceeds from this round will be used for sales and marketing, product development, and geographic expansion into Europe. The funding is expected to last between 18 and 24 months. EGAR has been cash-flow positive for two years.
In addition to the funding, Kirill Dmitrev, investment manager at Delta Capital Management, has taken a seat on the board of directors. IFC also has the right to appoint a board member. Existing board members include co-founder and CEO Ravi Jain; Mike Aiken, former head of business development at EGAR; and Gena Ioffe, co-founder, CTO, and chief strategist at EGAR.
EGAR's current offerings include Focus, a trading and risk management system that offers pricing, reporting, and risk-management features that support businesses trading of over-the-counter and exchange-traded derivatives, swaps, equities, metals, bonds, repos, commodities, and money market instruments.
Focus can be configured as a stand-alone desktop system for small trading firms or is scalable for multi-user and multi-site system needs. EGAR previously raised $500,000 from Midland Trading. The company has 138 employees in Moscow and New York and plans to add 25 more by year's end. http://www.egartech.com.